According to TechSci Research report, “Glycol Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Glycol Market stood at USD 38.27 billion in 2023 and is anticipated to grow with a CAGR of 4.77% in the forecast period, 2025-2029. Initiatives taken by government based on glycol has led to favorable market conditions for the Global Glycol Market. Several factors contribute to the growth of various glycol products.
The World Health Organization (WHO) has urgently called upon countries to take action in order to prevent, detect, and respond to incidents of substandard and falsified medical products. This initiative has far-reaching implications, not only for the healthcare industry but also for the glycol market. In particular, polyethylene glycol (PEG), a versatile compound widely used in various medical applications, is expected to be significantly impacted.
In a similar vein, the Food and Drug Administration (FDA) has recently issued warnings regarding specific eye drop products that have been found to potentially cause infections. These particular products contain Polyethylene Glycol 400 0.4% and Propylene Glycol 0.3%. It is crucial for healthcare professionals and consumers to be aware of these warnings and make informed decisions regarding their use.
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In textile production, glycol plays a vital role as a critical component in the creation of polyester fibers and resins. Its unique properties enable it to control viscosity, enhancing the overall quality of adhesives and sealants. Additionally, glycol accelerates the dyeing process by facilitating the penetration and saturation of dyes into the fabric, resulting in vibrant and long-lasting colors.
Furthermore, the textile and apparel industry is experiencing a significant shift towards the dominance of polyester fiber. This growing trend has a direct impact on the sector, leading to an increased demand for MEG (monoethylene glycol). Consequently, the global glycol market is being propelled forward by this surge in demand, creating new opportunities for manufacturers and suppliers in the industry.
The Global Glycol Market is segmented into product, application, regional distribution, and company.
Based on its product, the ethylene glycol segment held the largest market share in the forecast period. Ethylene glycol, a versatile compound, is extensively employed as an antifreeze, coolant, and heat-transferring agent. Its remarkable ability to lower the freezing point of fluids makes it an indispensable component in various applications. Not only does it serve as a reagent in the production of polyesters, alkyd resins, synthetic waxes, and explosives, but it also finds usage in printing inks, paint solvents, and hydraulic fluids. The ethylene-based glycols, with their wide-ranging applications, play a crucial role in multiple industries, contributing to their efficiency and performance.
Based on region, Asia Pacific segment is expected to grow during the forecast period.
In recent years, the market has experienced a noteworthy shift in the production landscape, particularly towards Asian countries. Among these countries, China has emerged as a prominent manufacturing hub, both regionally and globally. Surprisingly, when considering the total global demand, these combined regions accounted for nearly 50.0% of the market share. This significant development has reshaped the dynamics of the global manufacturing industry, with Asia, and specifically China, playing a pivotal role in meeting the growing demands of various sectors.
Major companies operating in Global Glycol Market are:
- The Dow Chemical Company
- LyondellBasell Industries N.V.
- BASF SE
- Archer-Daniels-Midland Co
- Global Bio-chem Technology Group Company Limited
- DuPont Tate & Lyle Bio Products
- SKC Co Ltd
- Temix Oleo Srl
- INEOS Oxide Ltd
- Huntsman International LLC
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“With the aim of reducing environmental impact and promoting sustainability, there is a growing focus on glycol recycling and recovery. Manufacturers and end-users are exploring recycling technologies to recover glycols from waste streams and incorporate recycled glycols into their processes.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Global Glycol Market By Product (Ethylene Glycol, Propylene Glycol, Others), By Application (Automotive, HVAC, Textiles, Airlines, Medical, Pipeline Maintenance, Polyester Fibers and Resins, Food and Beverage, Others), By Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated the future growth potential of Global Glycol Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Glycol Market.
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