The global glycols market size is anticipated to reach USD 49.36 billion by 2026 growing at a CAGR of 5.1% from 2018 to 2026 according to a new report published by Polaris Market Research. The report ‘Glycols Market Share, Size, Trends, Industry Analysis Report, By Product (Propylene Glycol, Ethylene Glycol (Mono-ethylene Glycol, Di-ethylene Glycol, Tri-ethylene Glycol), By Applications (Textiles, Automotive, HVAC, Medical, Airline, Others), By Regions: Segment Forecast, 2018 – 2026’ provides insights on the current market scenario and the future prospects. Increasing demand for ethylene and propylene glycol is owing to its increasing demand from a many primary end-use industries.
Large volumes of ethylene glycols are consumed for manufacturing of automotive coolant or antifreeze. Ethylene glycols are non-corrosive, stable chemicals with high flash points. Propylene glycols are relatively nontoxic liquids that are practically odorless and colorless. Some of its primary applications include heat transfer fluids, paints coatings, antifreeze coolants, functional fluids and plasticizers.
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The hygroscopicity of these products makes it an important conditioning agent in in vinyl floor tiles, cork, adhesives, cellulose sponges, synthetic rubbers, printing inks and paper products. Ethylene glycol is also used in formulations development of the alkyd-type resins that has linear chain structures and even in unsaturated polyester resins. It is also used in the dehydration of natural gas. Apart from these the product has several applications in polyester, textile, HVAC, medical, airline and food beverage industry.
MEG is the largest volume product produced of all the ethylene glycols. Polyester grade EG are among the leading application-based product production. This product grade is used in manufacturing of PET resins, fibers and several other substances such as tire cords, textiles, soft drinks, video tapes and water containers.
The high purity and industrial grade EG are utilized in formulation of various products that require hygroscopic, solvent, or high boiling point physiognomies. Some of these end-use products include printing inks, paints, cleaners, heat transfer fluids, hydraulic fluids, and electronics. The antifreeze grade EG is one of the major primary components in manufacturing of engine coolants especially for automotive.
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Diethylene glycol (DEG) has excellent solvent properties and has higher boiling point, specific gravity and viscosity. Some of the primary applications of DEG include adhesives, heat transfer fluids, cement processing and cleansers. Moreover, it is also used as a chemical intermediate in the production of polyurethanes and unsaturated polyester resins.
Application segments of these products has increased significantly over the years as a synchrony or as a result of development and production of high quality of customer specific grades of these products and hence demand for these products has been increasing and is also anticipated to increase further in the near future.
However, owing to constant price volatility in petrochemicals production over the past few years, prices of ethylene and propylene glycol has also been fluctuating over the past two years across all the regional markets. This was owing to the different demand supply trends of the product in all the regional markets and as an attempt to meet that, product prices have been significantly affected.
In 2017, Asian Pacific glycols industry faced a few challenges in terms of longer supply terms and slower market growth in the downstream polyester terephthalate (PET), polyester fiber and yarn sectors. The listing of monoethylene futured as a product in the China’s Dalian Commodity Exchange (DCE) and added certain uncertainty to MEG price movements. In 2016 as well, the Asia Pacific market experienced volatility and was a challenging market space.
However, the average global prices of MEG saw gains in the first quarter of 2017 though it stabilized by the end of the year. It was mainly due to the increase in demand for polyester fibers from other regional markets and an overall reduction in production output from the major global suppliers of MEG.
The worldwide glycols market is a competitive marketspace with moderate degree of integration across the value chain by several market players.
Some of the lading market participants include:
ExxonMobil Corporation, Saudi Basic Industries Corporation (SABIC), Dow Dupont, Royal Dutch Shell plc, LyondellBasell Industries, Total S.A., and China Petroleum Chemical Corporation.
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