Scienza e Tecnologia
Prismane Consulting Projects Global Ethylene Glycol Market to surpass USD 30 Billion by 2032
The analysis provided in the study considers a range of crucial factors, including macroeconomic elements such as population, GDP, and global economic integration, coupled with economic and energy forecasts. Additionally, the report delves into industry and policy advancements, offering insights into end-use sectors and application markets. Detailed reasoning and assessment, comparative analysis, informative commentary, market dynamics, latest trends, and strategic considerations & recommendations are provided in the report.
https://prismaneconsulting.com/report_request_sample?report_id=102
Ethylene Glycol is produced through the reaction of ethylene oxide and water. It can be categorized into three types: monoethylene glycol (MEG), diethylene glycol (DEG), and triethylene glycol (TEG). MEG, the most extensively produced type, is predominantly utilized in the polyester (PET) market, where over 85% of MEG is employed in the manufacturing of polyester resins, fibers, and films. Consequently, the demand for MEG is closely linked to the growth of the PET market, making it a key driver for the overall ethylene glycol market.
For several decades, the demand for polyester has been a major factor influencing the ethylene glycol market. China , with a strong presence in the polyester market, accounts for more than half of the global ethylene glycol consumption. The Asia-Pacific region contributes over 65% to the ethylene glycol market, driven by high demand for polyester fibers used in the production of synthetic apparel. Other notable regions fueling demand include North America and Western Europe .
Global Ethylene Glycol supply crossed 57,000 kilo tons in 2023, with the Asia Pacific dominating the market share. Projections suggest significant increases in capacity in China , driven by the nation's strategic initiative for self-sufficiency and subdued imports. In reaction to China's capacity expansions, manufacturers in Western Europe and North America have realigned their production capacities accordingly. Major contributors in the Ethylene Glycol market include prominent chemical industry players such as Dow Chemical, BASF, Shell, SABIC, and INEOS.
In 2023, global demand for Ethylene Glycol crossed 32,000 kilo tons, with the Asia Pacific region emerging as the primary consumer, accounting for more than 40% of the total demand. The surge in demand for ethylene glycol, attributed to its integral role in the production of polyester fibers, surfactants, and diverse chemicals, is anticipated to be a key driver for market growth. China's substantial capacity expansions in the past decade, fuelled by the rising demand for ethylene glycol and its derivatives, have significantly contributed to the overall global demand upswing.
The Ethylene Glycol market is poised for expansion due to its increasing utilization across various industries such as construction, automotive, textiles, and healthcare. This growth is further propelled by rapid urbanization and ongoing infrastructure projects in developing nations. The cumulative effect of these factors is expected to sustain the upward trajectory of the Ethylene Glycol market in the forecast period.
In the wake of expanding domestic production capabilities, China has experienced a reduction in ethylene glycol imports, indicating a trend toward self-sufficiency in the market. In 2020, ethylene glycol imports amounted to 10,547 kilo tons, but by the close of 2021, there was a 20.1% decline, followed by an additional 10.9% decrease in 2022. Projections from Prismane Consulting suggest a further decline in imports by the end of 2024.
European producers are anticipated to face heightened competition from the influx of discounted ethylene glycol and related derivatives from the United States , where the availability of more affordable ethane feedstock provides a competitive advantage. Furthermore, subdued demand in the United States has resulted in an excess of ethylene in the market available for export. The anticipated establishment of new ethylene capacities in the U.S. is expected to exert additional pressure on the profit margins of European producers.
https://prismaneconsulting.com/checkout?_token=Rg83ZRmQ5xpGkhMuNLN1RLYONKyPVWv6dKlyGJOM&report_id=102&single_user_license=Single
:
Global Polyacrylamide (PAM) Market Demand & Forecast Analysis, 2024-2032
Polybutylene Terephthalate (PBT) Demand Analysis, By Types, By Applications and Market Forecast Analysis, 2032
Unsaturated Polyester Resins Market Analysis By Demand, By Region, By Applications and Forecast Report, 2032
Liquid Crystal Polymers (LCP) Demand-Supply Analysis, By Application and Forecast Analysis
Prismane Consulting is a unique global research & consulting firm serving businesses in the field of Chemicals, Energy and Environment offering in-depth technical & strategy reports and consulting services. Our Strategy and Market study reports cover information on complete value chains, supply- demand analysis, trade, supplier profiles, target markets, business opportunity assessments, new technologies and emerging trends.
Logo - https://mma.prnewswire.com/media/2197595/4735451/Prismane_Consulting_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/prismane-consulting-projects-global-ethylene-glycol-market-to-surpass-usd-30-billion-by-2032-302159900.html