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Ethylene glycol is a colorless chemical without any smell but has an unexpectedly sweet taste (It should be noted.....
Ethylene glycol is a colorless chemical without any smell but has an unexpectedly sweet taste (It should be noted that it is hazardous.) it can be biodegraded. This compound, derived from ethylene via ethylene oxide, has a representation of molecular structure as HOCH2CH2OH. At 197.3°C boiling point, ethylene glycol has high vaporization resistance. Conversely, at -12.9°C freezing point, ethylene glycol withstands extremely cold conditions before solidifying to ice cubes. But a proper knowledge is needed which can be attained by Feasibility Study to Set Up an Ethylene Glycol Plant.
The Indian glycol market is experiencing strong growth driven primarily by the expanding polyester and automotive industries. The country’s domestic production together with strategic exports to Asia Pacific, Europe and America have made India a major global player. However, fierce competition from established petrochemical giants particularly in the Middle East and China necessitates innovative processes and cost management for a competitive advantage.
Production of glycol and its byproducts
Get all Insights on Glycol Market in India, Glycol production requires the conversion of ethylene or propylene using catalysts to their respective oxides, which then react with water to form a basic glycol. By this process also, byproducts such as diethylene glycol (DEG), triethylene glycol (TEG), dipropylene glycol (DPG) and tripropylene glycol (TPG) are inevitably produced.
These by-products have industrial uses of their own and can be separated from one another through distillation or some other kind of purification technique. Therefore, the worldwide market for glycols reached USD 42.5 billion USD in 2023 and is projected to grow at an annual average rate of 7.02% as per Feasibility and Market Study for Chemical Sector. In addition, ethelyne Glycol accounts for 73.1% of the total market share while DEG trails closely at a 9.6% share in terms of revenue generated in 2023.
It means that alongside TEG, DPG and TPG amongst others, DEG is not wastage but valuable commodities having distinct characteristics useful across various industries globally. Hence, they have different characteristics which make them useful for various industries. Consequently, there has been increasing realization about the usefulness leading to corresponding high demand, making their efficient recovery and purification crucial for overall process sustainability and economic viability. Know more about it through Feasibility and Market Study for Chemical Sector.
Market drivers of the segment:
Major Indian players in the market
: India Glycols specializes on providing specialty and performance chemicals to leading pharmaceutical brands. They manufacture glycols, ethoxylates and PEGs, glycol ethers and other speciality chemicals. They also provide services to oil and gas, paints, paper, personal care, & textile industries. The company generated a revenue of USD 960 million in 2023 making an identity among top 10 global manufacturers of glycol. Enter the market easily through Feasibility Study to Set Up an Ethylene Glycol Plant.
: The Indorama Ventures Public Company Limited operates in glycol market globally. The firm is a leading producer of polyethylene terephthalate (PET) resins, one of the major applications for ethylene glycol. With a large production network spread across different continents, it has played an important role in ensuring sufficient supply of glycols worldwide.
: Kanoria Chemicals & Industries Ltd (KCI) is a well-known Indian manufacturer producing speciality chemicals along with chemical intermediaries for infrastructure as well as construction sectors. This company manufactures various other chemicals in addition to Glycols. In 2023 Kanoria’s net income was USD 84.4 million.
: The Indian chemical industry, particularly in terms of glycol, is dominated by Reliance Industries Limited (RIL). Their various operations yielded them a revenue of USD 1.5 billion in 2023 as per Market Research for Chemical Sector in India. RIL is a key global player among the biggest integrated petrochemical makers with several glycols produced such as Monoethylene Glycol (MEG), Diethylene Glycol (DEG), and Triethylene Glycol (TEG). In turn, this underpins India’s chemical exports to Asia Pacific, Europe, and Americas.
The landscape of petrochemicals in India also includes glycol production by PSUs such as IOCL (Indian Oil Corporation Limited) and GAIL (Gas Authority of India Limited). As fully fledged energy giants, they have adequate infrastructure and capacity to produce glycols as part of their diverse product lines.
Some other small scales emerging players are also making a footprint in the lucrative market. Some of them are, Matangi Industries, Vizag Chemical, Meru Chem Private Limited etc. Get more insights through Feasibility Study for Chemical Industry.
Global scenario of Glycol Consumption
Glycol’s diverse uses across industries continue to drive the market globally. With factors like mature automotive industry, strong construction sector and well-established chemical production, the market is dominated by North America especially USA for over a decade. Europe also has a significant share in the market with Germany and France being prominent players due to their strong base in chemicals industry and sustainable focus. Asia Pacific emerged as market leader in 2023 with 39.93% of the total revenue share as per Market Research for Chemical Sector in India. China and India from the region are growing fastest on account of rapid industrialization, urbanization and increased car making.
Other notable players from Asia pacific are Vietnam and Indonesia. Latin America is smaller but emerging with developing economies as well as infrastructure projects. On the other hand, Middle East and Africa have reserves of hydrocarbon resources thus becoming potential markets for glycol such as South Africa or Saudi Arabia among others. It is predicted that global market will witness a substantial growth in the next years because of high levels of urbanization, population increase and higher demand for products including glycol by consumers.
If you are a business house, investor, or a business owner looking to enter Glycol production and/ or other ancillary business in the value chain, The India Watch can assist you with market & Feasibility Study for Chemical Industry. For any further query feel free to drop us a mail at info@theindiawatch.com
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