Market Research Future (MRFR) has published on the “Global Glycol Market”.
The Glycol market is estimated to register a CAGR of 7.30% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Glycol market— Dow, LyondellBasell Industries N.V., BASF SE, ADM, Global Bio-chem Technology Group Company Limited, DuPont Tate & Lyle Bio Products, SKC, Temix Oleo, INEOS Oxide, Huntsman International LLC, ADEKA CORPORATION, Chaoyang Chemicals, Inc., Manali Petrochemicals Limited, Haike Chemical Group Co., Ltd. Arch Chemicals Inc., Repsol.
The global Glycol market is accounted to register a CAGR of 7.30% during the forecast period and is estimated to reach USD 77.6 billion by 2032.
Glycols are highly valued for their ability to dissolve a wide range of substances, making them essential in applications such as paints, coatings, and inks, where they improve the flow, consistency, and stability of these products. Additionally, glycols are known for their low volatility and ability to reduce the evaporation of volatile organic compounds (VOCs), which is crucial in meeting stringent environmental regulations and improving air quality. Moreover, the expanding automotive and construction sectors drive the demand for glycols due to their use in formulations of automotive coatings, antifreeze solutions, and adhesives. The glycols are also finding increasing use in the manufacture of cleaning and degreasing products, particularly in industrial settings.
Access full report @ https://www.marketresearchfuture.com/reports/glycol-market-12611
The global Glycol market has been segmented based on product, application and end user.
On the basis of product, the market is segmented into Ethylene Glycol and Propylene Glycol. The ethylene glycol segment was attributed to holding the largest market share in 2022, due to its extensive use in the automotive industry as a key component of engine coolant and antifreeze.
Based on application, the global Glycol market has been segmented into Automotive, HVAC, Textiles, Airlines, Medical, Pipeline Maintenance, Polyester Fibers and Resins, Food and Beverage and Others. The transportation segment was expected to hold the largest market share in 2022, due to its essential role in maintaining the optimal operating temperature of vehicles.
Based on end user, the global Glycol market has been segmented into Automotive and Transportation, Packaging, Food and Beverage, Cosmetics, Pharmaceuticals, Textile and Other. The automotive & transportation segment was expected to hold the largest market share in 2022, as as Glycols, particularly ethylene glycol, are extensively used as antifreeze and engine coolant in the automotive industry to prevent freezing and overheating.
The global Glycol market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Glycol market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Glycol market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Glycol market comprises of Middle East, Africa, and Latin America.
The largest market share for Glycol was maintained by the North American regional sector. This increase is attributed to the strong presence of key industries, including automotive, construction, and chemicals, which extensively use glycols in various applications such as antifreeze, coatings, and solvents. Additionally, the region's stringent environmental regulations and the growing emphasis on reducing volatile organic compounds (VOCs) in products contribute to the demand for glycols, as they offer low VOC solutions, aligning with sustainability and regulatory requirements.
Moreover, the Europe market has been persistently growing over the forecast period. The demand for Glycol is driven by the region's strong emphasis on environmental regulations and sustainability in various industries. Glycols, with their low VOC properties and versatility as solvents and additives, are sought after as eco-friendly solutions in applications like paints, coatings, and cleaning products, aligning with Europe's commitment to reducing environmental impact and enhancing air quality.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period due to the region's expanding industrial and manufacturing sectors, particularly in industries such as automotive, electronics, and chemicals, where glycols are used as solvents, coolants, and anti-freeze agents. Additionally, the increasing focus on environmental sustainability and stricter regulations on the use of volatile organic compounds (VOCs) has led to a growing demand for glycols, as they offer eco-friendly and low-VOC solutions in various industrial and commercial applications, aligning with the region's environmental goals.
Furthermore, the rest of the world's Glycol market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's expanding petrochemical and oil and gas industries, where glycols are used in various applications, including gas dehydration, pipeline maintenance, and petrochemical processes.
Key Findings of the Study