Glycol Global Market Report 2024

The glycol market size has grown strongly in recent years. It will grow from $39.22 billion in 2023 to $42.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The expansion in the historical period can be linked to the growth and development of industries, the urbanization and enhancement of infrastructure, the expansion of the automotive sector, and the progress in refrigeration and air conditioning, along with the manufacturing of consumer products.

The glycol market size is expected to see strong growth in the next few years. It will grow to $56.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the upcoming period can be ascribed to an emphasis on renewable feedstocks, an increasing demand for bio-based glycols, a rise in demand within HVAC systems, the expansion of LNG infrastructure, and the growth of the electronics industry. Major trends expected in the forecast period encompass technological advancements in glycol production, initiatives supporting the circular economy, the introduction of smart glycol solutions, heightened collaboration in research and development, and the utilization of glycol for energy storage.

The anticipated growth in the glycol market is expected to be driven by the expanding automotive industry. The automotive industry encompasses activities related to the development, production, marketing, and sale of motor vehicles, including automobiles, trucks, motorcycles, and other vehicles. Within this sector, glycol plays a crucial role as a key ingredient in engine coolants and antifreeze formulations. It aids in controlling engine temperature by preventing overheating in warm weather and freezing in cold weather. For example, a report from the European Automobile Manufacturers' Association (ACEA) in May 2023 indicated that the global production of motor vehicles reached 85.4 million units in 2022, reflecting a 5.7% increase from 2021. Similarly, data from the International Organization of Motor Vehicle Manufacturers, a 36-national trade association, showed that the total production of cars and commercial vehicles rose from 80,145,988 in 2021 to 85,016,728 in 2022. Hence, the expanding automotive industry is a significant driver of the glycol market.

The factor contributing to the growth of the glycol market is the increasing use of cosmetics. Cosmetics encompass a wide range of products applied to the body, face, hair, or nails to enhance or alter appearance. Glycol is a versatile ingredient in the cosmetics industry, utilized for its properties as a solvent, humectant, and viscosity regulator in the formulation of skincare and beauty products. A report from the Soil Association, a UK-based charity organization, highlighted that the sales of Soil Association-certified organic and natural beauty and wellbeing products in the UK experienced a 15% growth in 2021, reaching approximately $170 million. Therefore, the rising use of cosmetics is a significant driver of the glycol market.

The glycol market is witnessing a key trend of product innovations, with companies in the sector focusing on the development of new products and solutions to maintain their market positions. A notable example is Valvoline Inc., a manufacturer of automotive oil, additives, and lubricants, which introduced Valvoline Advanced Coolant in August 2022. This glycol-based full-antifreeze coolant is designed to provide protection in extreme hot and cold climate conditions, guarding against overheating and freezing to ensure optimal engine performance. The coolant is backward compatible with all cooling systems utilizing OAT coolants, featuring a sophisticated formulation with ethylene glycol that employs non-depleting organic-acid technology to potentially extend engine life, making it suitable for challenging conditions.

Major players in the glycol market are strategically partnering to incorporate PET glycol (PETG) resin, accelerating the integration of renewable materials into plastic applications. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. For instance, UPM Biochemicals GmbH, a chemical company based in Germany, partnered with Selenis NA, a U.S.-based plastics resin manufacturer, in June 2023. The collaboration aims to produce sustainable PETG (polyethylene terephthalate glycol) using forest-sourced materials from Germany for plastic packaging applications, contributing to carbon emission reduction.

In December 2021, PTT Global Chemical Public Company Limited, a petrochemical company based in Thailand, acquired Allnex Holding GmbH for an undisclosed amount. This acquisition aligns with the growth strategy of the GC Group, aiming to diversify its business toward the specialties sector, with a focus on maximizing profits and capitalizing on growth opportunities in the High-Value Business (HVB) sector, aligning with global megatrends. Allnex Holding GmbH, based in Germany, is a producer of glycol resins.

Major companies operating in the glycol market report are ADEKA Corporation, Shell PLC, Chevron Phillips Chemical Company, Mitsubishi Chemical Corporation, The Archer-Daniels-Midland Company, Repsol S.A., The Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries N.V., Global Bio-chem Technology Group Company Limited, Honeywell International Inc., Sumitomo Chemical Co. Ltd., INEOS Group Limited, Indorama Ventures, LOTTE Chemical Corporation, Solvay SA, Mitsui Chemicals Inc., DuPont, Akzo Nobel, Eastman Chemical Company, Celanese Corporation, Lanxess AG, Huntsman International LLC, Formosa Plastics Corporation, Nouryon Chemicals, Clariant AG, BASF SE, India Glycols Limited, SKC Inc., Meglobal International FZE.

Asia-Pacific was the largest region in the glycol market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the glycol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the glycol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The principal types of glycols include ethylene glycol, propylene glycol, and others. Ethylene glycol, a member of the glycol family of chemical compounds, is a tasteless, colorless, and minimally viscous liquid. Glycols find applications in various sectors, serving purposes such as antifreeze and coolants, production of polyester fibers, manufacturing PET bottles and packaging, acting as solvents and humectants, serving as dehydrating agents, and functioning as chemical intermediates. These glycols cater to diverse end-users, including the automotive and transportation industry, packaging sector, food and beverage industry, cosmetics, textiles, and others.

The glycol market research report is one of a series of new reports that provides glycol market statistics, including glycol industry global market size, regional shares, competitors with a glycol market share, detailed glycol market segments, market trends and opportunities, and any further data you may need to thrive in the glycol industry. This glycol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The glycol market consists of sales of hydraulic brake fluids, certain stamp pad inks, ballpoint pens, solvents, paints, plastics, films, and cosmetics. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.