Glycol Market Expected to Register Health Growth of 6.2% by 2029|SABIC, Sinopec, DowDuPont, Royal Dutch Shell, Reliance Industries
The global glycol market is valued at $31.5 billion 2018 and is expected to register health growth of 6.2% over the forecast period from 2019-2029. With increase in the consumption of glycol in various applications including automotive, HVAC, and Medical especially in APAC region is expected to fuel the demand of overall market in forecast period. Growing stringent government regulations regarding the use of glycol as rising health and environmental concern may hamper the growth of overall market in coming years. This will lead to manufacturers to bring the best alternative into the market which will further create the opportunities.
APAC region is expected to be the largest market for glycol and accounted for more than 45% of market share in 2018. The major demand for glycol is coming from China, Japan, and India. India offered highest growth due to the favourable economic growth, increase in end use industries, and various supportive government initiatives. China and India are the major consumer of glycol and is expected to maintain their leadership in coming years also.
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Ethylene glycol holds the largest share in overall glycol market and is expected to be the largest one in the forecast period as well. Ethylene glycol is an organic compound used primarily for the production of polyester fibers and for formulations of antifreeze. It is a viscous liquid that is odorless, colorless, and sweet-tasting. Propylene glycol is gaining popularity due to the toxicity of ethylene glycol in antifreeze applications.
Leading companies featured in the Glycol Market Report 2019-2029 report include SABIC, Sinopec, DowDuPont, Royal Dutch Shell, Reliance Industries, Huntsman, BASF SE, Kuwait Petroleum Corp., AkzoNobel, Clariant AG among others. Mergers & acquisitions and joint ventures constitute some of the industry players’ common strategies for reducing product price overall and maintaining extremely competitive conditions. In order to guarantee continued raw material supplies and ease of installation services, many actors in the sector create alliances with raw material providers and third-party installers.
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The comprehensive report provides market estimates and forecasts for leading domestic markets across the world for the period from 2019 to 2029. In addition, the report includes dedicated leading companies covering 10 leading glycol industry producers.
The report on the Glycol Market Report 2019-2029 will appreciate anyone who wants to better understand the market in various end use industries. It will be useful for companies that want to better understand the part of the market in which they are already involved or those that want to enter or expand into another regional or technical part of the glycol industry.
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This post was originally published on Aerospace Industry