Rising Textile Industry To Boost The Glycol Market Growth

Glycol Market
Glycol Market

Glycol Market 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 by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Glycol Market is estimated to be valued at US$ 43.74 in 2023 and is expected to exhibit a CAGR of 7.02 % over the forecast period as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Glycol is an organic compound which is chiefly used for two reasons, one as a raw material in the production of polyester fibers and the other is for the antifreeze formulations. Glycol is a liquid which is odorless, toxic, colorless, and viscous and sweetener. Glycol is made from the ethylene through the intermediate ethylene oxide. Ethylene oxide reacts with water to form ethylene glycol chemically. The acids or bases act as catalysts in the reaction or can take place at neutral pH temperatures. The huge produce of the glycol takes place at acidic or the neutral pH with huge amount of water.

Competitive Landscape:

Key players involved in the growth of global Glycol Market are Reliance Industries Ltd, Shell PLC, Indorama Ventures Public Company Limited, MEGlobal International FZE, and PETRONAS Chemicals Group (PCG).

Market Key Drivers:

The rise in textile industry is projected to increase the employment across the globe which is expected to boost the growth of the global for market. For instance, Textile exports rose by over 31% from April to December 2021.

The rising production of vehicles is also one of the factors anticipated to propel the growth of global Glycol Market. For instance, as per the OICA, in 2021, the total vehicle production was over 80,145,988, including cars and commercial automotive across the globe.

Covid-19 Impact Analysis:

The Covid-19 outbreak had adversely affected the growth of global for market due to the surge in pandemic which led to the imposition of strict lockdown and shutdown. Rising cases have led to the interruption in supply chain and halt in supply of products, closure and delay in manufacturing units and lack of labor has impeded the market growth.

Key Takeaways:

The global Glycol Market is expected to exhibit a CAGR of 7.02 % during the forecast period owing to the rising approvals, mergers and acquisitions. For instance, In March 2022, Petro Rabigh entered into an agreement with Gulf Cryo to stop Carbon dioxide emissions from the MEG plant located at the Petro Rabigh complex.

Among regions, North America, Asia Pacific and Europe anticipated to witness robust growth in the global glycol for market due to rising demand of textile industry, increasing adoption of vehicles, rising use of glycol in food and beverage industry. For instance, as per the Government of India, the Indian textiles stood at US$ 152 billion in 2021.

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