Report Code: A09014 | Pages: NA | Mar 2023 | 862 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Glycol Market
Request Now !Glycol is an organic compound with the chemical formula (CH2OH) 2. Glycol is primarily used for two purposes, it is used as a raw material in the production of polyester fibers and for antifreeze preparations. Properties of glycol are odorless, colorless chemical, sweet tasting, and gluey liquid. Furthermore, glycol is used as antifreeze in automobile cooling systems, synthetic fibers, brake fluid, and low-freezing explosives. Glycol is non-hazardous, sweetened, which is used in nutrients, oral hygiene, and personal products as an antibacterial, moisture-retaining agent, and solvent. In addition, glycol is used in several applications such as food packaging, film, toys, food containers, bottles, pipes, antifreeze, carpets, insulation, and animal feeds.
COVID-19 impact analysis
The use of glycol extents across a variety of industries and the cooling properties of the compound help in completing various tasks. The organic feature of glycol has a major role in the growth of the global glycol market in recent times. The use of ethylene glycol in HVAC has developed as a key reason behind the growth of the global glycol market. Furthermore, increase in use of organic composite in food & beverage packaging drives the market growth.
Surge in demand for monoethylene glycol in manufacturing of the PET and polyester resins boosts the market growth. In addition, polyester fabrics are widely used in apparels, yarns & ropes, home furnishings, and other industrial applications such as insulating tapes and conveyer belts.
Increase in demand for glycol in the automotive industry is a foremost element expected to drive revenue growth of market. Ethylene glycol prevents automotive engine from freezing during the winter season, due to its much lower freezing point than water and acts as a coolant to decrease overheating in the summer. Furthermore, ethylene glycol is used in an automobile to absorb heat from the engine.
Technological developments in the packaging industry are expected to expand the variety of suitability of food products that include frozen, chilled, shelf-stable, microwavable, and prepared mixes. Rise in consumer spending in personal care and hygiene products such as moisturizers and sunscreen creams will boost the market growth.
However, fluctuations in the availability and prices of raw material such as ethylene, ethylene glycol, and acetaldehyde are hindering the growth of the market. Instability in oil prices are further hampers the glycol market growth.
The global glycol market by region is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered a higher share of the glycol market across the globe. Increase in demand for textile and leather products is expected to boost the market for glycol in Asia-Pacific. Moreover, demand for glycol is growing in cosmetics and personal care industries in China and India, which is likely to boost the market in Asia-Pacific. Among all the end-use industries, the furniture industry is increasingly using polyester fibers as a cushioning material in comforters, pillows, and upholstery padding. The rising demand for polyester fibers and films for several textiles and fibers industries applications will be a substantial element that contributes toward the growth of the ethylene glycol market.
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Questions answered in the global glycol market research report:
Glycol Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Eastman Chemicals, ExxonMobil, LyondellBasell, Reliance Industries Ltd., SABIC, BASF, China Petroleum & Chemical Corporation, Clariant, Formosa Plastics, Huntsman Corporation, Indorama Venture, INEOS Group Ltd., Royal Dutch Shell, Sinopec, Dow Chemical Company |
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