EthyleneGlycol Market Introduction
· Ethylene glycol is an organic compound with the formula(CH2OH)2. It is a toxic, colorless, practically odorless, low-volatility,viscous, hygroscopic liquid. It is completely miscible with water and manyorganic liquids. Hydroxyl groups on glycols undergo the usual alcoholchemistry, giving a wide variety of possible derivatives.
· Ethylene glycol is primarily used as a raw material in themanufacture of polyester fibers; and for antifreeze formulations
· In terms of application, the globalethylene glycol market can be segmented into PET, polyester fiber,antifreeze, and films. The polyester fiber segment is expected to expand at asignificant pace during the forecast period owing to rise in usage of ethyleneglycol as a raw material in the preparation of polyester fibers.
Key Drivers of Ethylene Glycol Market
· Growth in usage of ethylene glycol as an intermediate in a wideof range of chemical reactions is expected to augment the ethylene glycolmarket during the forecast period. Hydroxyl groups on glycols undergo the usualalcohol chemistry, giving a wide variety of possible derivatives. Thischemistry permits ethylene glycol to act as an intermediate in a wide range ofreactions, especially resin formation.
· Rapid expansion in textile and PET resin products industries isanticipated to boost the consumption of ethylene glycol during the forecastperiod. Ethylene glycol is used as feedstock in many textile manufacturingprocesses. It is majorly used in the production of PET bottle resins, polyesterfiber, and films. Other uses include ethylene glycol as dewatering agent,antifreeze, coolant, and heat transfer agent, hydrate inhibition, runwayde-icing fluids, and precursor to polymers.
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Restraints of Ethylene Glycol Market
· Fluctuation in prices of raw materials is projected to hamperthe global ethylene glycol market. Raw materials such as ethylene oxide,ethylene, and other chemicals are used in the preparation of ethylene glycols.These raw materials are experiencing unstable prices, as the supply chain hasbeen disrupted due to the COVID-19 pandemic. These raw materials alsoexperience periodic fluctuation in demand. This significantly affects theirprices.
· Dearth of universal directives pertaining to applications ofethylene glycol is also likely to hamper the market in the near future. Everycountry has different directives and legislations pertaining to the use ofethylene glycol. Companies find it difficult to meet these country-wisedirectives and legislations. This can discourage investment in the ethyleneglycol market, thereby adversely affecting the market.
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Covid-19Impact on Ethylene Glycol Market
· Ethylene glycol oils play an important role in various end-userindustries such as plastic manufacturing, chemicals, and textiles. Manyproduction facilities of these end-user industries have come to a standstilldue to the COVID-19 pandemic. This has adversely affected the demand forethylene glycol across the globe.
· Key players operating in the ethylene glycol market areprimarily tier I and tier II manufacturers and suppliers. Manufacture andsupply chain facilities of these manufacturers are spread across variouscountries in Asia Pacific, Europe, North America, Latin America, and MiddleEast & Africa. Many of these players have halted their production outputover the last few months due to the COVID-19 pandemic. The pandemic hasnegatively impacted the demand and supply chain of these materials.
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Asia Pacific to Hold Major Share of Global Ethylene GlycolMarket
· In terms of region, the global ethylene glycol market can besplit into North America, Asia Pacific, Europe, Middle East Asia& Africaand Latin America
· Asia Pacific is projected to hold significant share of theglobal ethylene glycol market in terms of consumption during the forecastperiod. End-user industries such as plastic manufacturing, chemicals, andtextiles are rapidly expanding in the region. Rise in disposable income andimprovement in standard of living in many countries in Asia Pacific areboosting the consumption of plastics and resins. This, in turn, is augmentingthe demand for ethylene glycols. Ethylene glycol is also used in themanufacture of automotive components. Rise in production and sale of passengervehicles in China, India, Japan, and South Korea is estimated to drive theconsumption of ethylene glycol in automotive applications, thereby boosting themarket in these countries.
· North America is projected to account for vital share of theglobal ethylene glycol market during the forecast period owing to presence ofmajor automotive players and flourishing PET resin industry in the U.S. andCanada
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Prominent Players in Global Ethylene Glycol Market
Majorplayers operating in the global ethylene glycol market are adopting variousorganic and inorganic growth strategies such as joint ventures, mergers &acquisitions, expansion, collaborations, new product launches, strategicalliances, and research and development to increase their regional presence andbusiness operations. Key players operating in the market include:
· Reliance Industries Ltd.
· Huntsman Corporation
· SABIC
· BASF SE
· Kuwait Petroleum Corporation
· AkzoNobel
· Clariant
· Formosa Plastics Group
· Exxon Mobil Corp.
· Ineos Oxide
· Ultrapar Participacoes Sa
· Lyondellbasell Industries
· Honam Petrochemical Corporation
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