Glycol Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Glycol Market is Segmented by Type (Ethylene Glycol, Propylene Glycol, and Other Types), End-user Industry (Automotive and Transportation, Packaging, Food and Beverage, Cosmetics, Pharmaceuticals, Textile, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, Middle-East and Africa). The report offers market size and forecasts for glycol in volume (kilo tons) for all the above segments.

Glycol Market Size

Glycol Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: 5.97 %

Major Players

Glycol Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Glycol Market Analysis

The Global Glycol Market size is expected to grow from 46,581.48 kilotons in 2023 to 62,248.36 kilotons by 2028, at a CAGR of 5.97% during the forecast period (2023-2028).

  • The COVID-19 pandemic has been a significant challenge for the glycol market due to directly affecting the manufacturer's supply chain across the globe and shutting down production facilities to minimize the risk of spreading the virus.
  • Over the short term, increasing demand for polyester films and PU adhesives and increasing ethylene glycol consumption from china's textile industry are some factors stimulating the market demand.
  • The toxic ethylene glycol and unfavorable conditions from the COVID-19 outbreak hinder the market growth.
  • The growing popularity of bio-based glycols will likely create opportunities for the market in the coming years.
  • The Asia-Pacific region represents the largest market and is expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.

Glycol Industry Segmentation

Glycol is a class of chemical compounds in the alcohol family. Two hydroxyl (OH) groups are bonded to distinct carbon atoms in the glycol molecules. The word is frequently applied to the simplest member of the class, ethylene glycol. The glycol is a colorless, odorless, flammable, sweet-tasting viscous liquid. It can be toxic to humans if taken in high concentrations. The glycol market is segmented by type, end-user industry, and geography. The market is segmented by ethylene glycol, propylene glycol, and other types. By end-user industry, the market is segmented into automotive and transportation, packaging, food and beverage, cosmetics, pharmaceuticals, textile, and other end-user industries. The report also covers the market sizes and forecasts for the glycol market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilo tons).

Ethylene Glycol
Monoethylene Glycol (MEG)
Diethylene Glycol (DEG)
Triethylene Glycol (TEG)
Polyethylene Glycol (PEG)
Propylene Glycol
Other Types
End-user Industry
Automotive and Transportation
Food and Beverage
Other End-user Industries
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Glycol Market Trends

This section covers the major market trends shaping the Glycol Market according to our research experts:

Increasing Usage in the Textile Industry

  • Glycols find application in producing polyester fibers, leather, and cellophane. Ethylene glycol is one majorly used in product textile applications.
  • Global fiber production was hit hard in 2020 due to the COVID-19 pandemic and witnessed a fall from 111 million tons to 109 million tons. However, it largely recovered in 2021 with improvement in the market activities following the active pickup in the global economy.
  • China, the European Union, and India are among the three largest exporters of textiles, holding a share of over 65% across the global market.
  • China’s textile industry witnessed commendable growth in the first ten months of 2021. Combined revenue from major enterprises showcased a rise of around 14% Y-o-Y, reaching USD 650 billion.
  • The Indian textile industry is one of the fastest-growing industries across the globe. Textile exports rose by around 31% from April to December 2021 compared to the previous year. Investments in the Indian textile sector have showcased prominent growth since the outbreak of COVID-19. In Budget 2021-22, the government announced a scheme for developing mega textile parks in India to make it globally competitive and boost employment.
  • According to the Government of India, the Indian textiles and apparel industry stood at USD 152 billion in 2021. Further, the domestic consumption of USD 75 billion was divided into apparel at USD 55 billion, technical textiles at USD 15 billion, and home furnishings at USD 5 billion.
  • To boost textile production in the United States, in 2021, the government declared a new waiver process on the Buy America Act. The new waiver process aims to provide more transparency in the procurement process, which will likely benefit textile companies as they can better understand the potential business opportunities and work to modify and provide made-in-America products.
  • Based on all these factors, the glycol market will likely grow globally during the forecast period.
Glycol Market, Volume CAGR (%), by End-user Industry, Global, 2022-2027

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific is expected to dominate the market for glycol consumption. It is also likely to be the fastest-growing market during the forecast period, with increasing demand from end-user industries such as packaging, food and beverage, cosmetics, textile, etc., in countries such as China, India, South Korea, Japan, and Southeast Asian nations.
  • The packaging market in the Asia-Pacific region is driven by increasing demand for packaged foods and growing demand for fast-moving consumer goods, including E-commerce. The use of engineering plastic products in the packaging sector (PET containers, bottles, etc.) is increasing tremendously, owing to their advantages.
  • The demand from industries like food and beverage, consumer goods, and others for packing materials is increasing in the region owing to rising exports and domestic consumption. PET is produced from ethylene glycol, dimethyl terephthalate (DMT), or terephthalic acid.
  • The Asia-Pacific food additive market is expected to register a CAGR of about 6% during the forecast period. Propylene glycol is one of the most common glycols used as a food additive.
  • The Asian cosmetics market is gaining popularity worldwide. It is expected to witness a CAGR of more than 5%, during the forecast period, with Japan, Singapore, South Korea, Hong Kong, and China being the top 10 global cosmetics exporters. Propylene glycol is used in moisturizers to enhance the appearance of skin by reducing flaking and restoring suppleness. Other uses include as a skin-conditioning agent, viscosity-decreasing agent, solvent, and fragrance ingredient.
  • Polyester fiber is heavily used in the textile industry. China, Bangladesh, Vietnam, India, and Hong Kong are amongst the largest exporters of textiles worldwide. This ensures regular demand for Mono Ethylene Glycol (MEG) in the Asia-Pacific region, which is used to manufacture polyester fiber.
  • According to the National Bureau of Statistics of China, the textile production volume in China accounted for 12.4 billion meters in the first four months of 2022, compared to 11.8 billion meters during the same period in the previous year.
  • According to the OICA, in 2021, the global total vehicle production was about 80,145,988, including cars and commercial vehicles.
  • Thus, rising demands from the above-mentioned end-user industries are expected to drive growth in the Asia-Pacific region.
Glycol Market - Growth Rate by Region, 2022-2027

Glycol Industry Overview

The glycol market is fragmented in nature. Some of the major players in the market include Shell PLC, MEGlobal International FZE, Indorama Ventures Public Company Limited, Reliance Industries Ltd, and PETRONAS Chemicals Group (PCG), among others (not in any particular order).

Glycol Market Leaders

  1. Shell PLC

  2. MEGlobal International FZE

  3. Indorama Ventures Public Company Limited

  4. Reliance Industries Ltd

  5. PETRONAS Chemicals Group (PCG)

*Disclaimer: Major Players sorted in no particular order

Glycol Market Concentration

Glycol Market News

  • In October 2022, the Ministry of Environment, Forests, and Climate Change panel nodded to Reliance Industries Ltd's Hazira manufacturing complex's INR 100 billion (USD 1.33 billion) expansion and debottlenecking. The HMD complex of Mukesh Ambani's RIL was commissioned in 1991-92 to manufacture MonoEthylene Glycol, Vinyl Chloride Monomer (VCM), and others, along with utilities.
  • In March 2022, Petro Rabigh signed an agreement with Gulf Cryo to capture Carbon dioxide emissions from the Mono Ethylene Glycol MEG plant situated at the Petro Rabigh complex. The project aligns with Saudi Arabia's Circular Carbon Economic Concept and the Saudi Vision 2030's ambitious programs, aiming to reduce carbon emissions in the Kingdom.

Glycol Market Report - Table of Contents

  1. 1. Introduction

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. Research Methodology

  3. 3. Executive Summary

  4. 4. Market Dynamics

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Polyester Films and PU Adhesives

      2. 4.1.2 Increasing Ethylene Glycol Consumption From China's Textile Industry

    2. 4.2 Restraints

      1. 4.2.1 Toxic Nature of Ethylene Glycol

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. Market Segmentation (Market Size in Volume)

    1. 5.1 Type

      1. 5.1.1 Ethylene Glycol

        1. Monoethylene Glycol (MEG)

        2. Diethylene Glycol (DEG)

        3. Triethylene Glycol (TEG)

        4. Polyethylene Glycol (PEG)

      2. 5.1.2 Propylene Glycol

      3. 5.1.3 Other Types

    2. 5.2 End-user Industry

      1. 5.2.1 Automotive and Transportation

      2. 5.2.2 Packaging

      3. 5.2.3 Food and Beverage

      4. 5.2.4 Cosmetics

      5. 5.2.5 Pharmaceuticals

      6. 5.2.6 Textile

      7. 5.2.7 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa

  6. 6. Competitive Landscape

    1. 6.1 Merger & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BASF SE

      2. 6.4.2 China Sanjiang Fine Chemical Co. Ltd

      3. 6.4.3 Dow

      4. 6.4.4 Huntsman International LLC

      5. 6.4.5 India Glycols Limited

      6. 6.4.6 Indian Oil Corporation Ltd

      7. 6.4.7 Indorama Ventures Public Company Limited

      8. 6.4.8 INEOS

      9. 6.4.9 Lotte Chemical Corporation

      10. 6.4.10 Lyondellbasell Industries Holdings BV

      11. 6.4.11 Meglobal International FZE

      12. 6.4.12 Mitsubishi Chemical Holdings Corporation

      13. 6.4.13 Nouryon

      14. 6.4.14 Petro Rabigh

      15. 6.4.15 Petronas Chemicals Group Berhad

      16. 6.4.16 Reliance Industries Limited

      17. 6.4.17 SABIC

      18. 6.4.18 Shell PLC

      19. 6.4.19 Sinopec Zhenhai Refining & Chemical Company

    5. *List Not Exhaustive
  7. 7. Market Opportunities and Future Trends

    1. 7.1 Growing Popularity of Bio-based Glycols

**Subject to Availability
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Glycol Market Research FAQs

The Glycol Market is studied from 2018 - 2028.

The Glycol Market is growing at a CAGR of 5.97% over the next 5 years.

The Glycol Market is expected to reach 46,581.48 kilotons in 2023 and grow at a CAGR of 5.97% to reach 62248.36 kilotons by 2028.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

Asia Pacific holds highest share in 2021.

Shell PLC, MEGlobal International FZE, Indorama Ventures Public Company Limited, Reliance Industries Ltd, PETRONAS Chemicals Group (PCG) are the major companies operating in Glycol Market.

Glycol Industry Report

Statistics for the 2023 Glycol market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Glycol analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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