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Alkylene Glycol Market
Alkylene Glycol market is being pushed on an upward growth trajectory with increasing adoption in electric vehicle batteries
SEATLE, WA, UNITED STATES, March 10, 2022 /EINPresswire.com / -- Global Alkylene Glycol Market , By Type (Propylene Glycol, Polyethylene Glycol, Ethylene Glycol, and Others), By Application (Polyether, Polyesters, PET, and Antifreeze), and By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), is projected to attain a valuation and is anticipated to grow at a CAGR during the forecast period (2021-2028), as mentioned in a new report published by Coherent Market Insights.
Overview
The alkylene glycol mixture is commonly known as polyethylene. It is a liquid that is made from petroleum. The hydrocarbons are a derivative of ethylene. Moreover, the hydrocarbons are made from propylene and butylene. The two types of polyethylene are not interchangeable and are used for different purposes. They are also useful for the production of plastics. A monoester is formed when the two alkylene glycols are joined in a ring structure. This is referred to as a monoester, and it is still a polyol, but with only one hydroxyl group. The other type is called a diol, and it is also useful for making plastics. This polymer has the same properties as ethylene, and is used in plastics.
Competitive Landscape
Major companies contributing to the global alkylene glycol market include Shell Chemical, Honam Petrochemicals, Dow Chemical Company, Ineos, SABIC, Formosa Plastics Group, and Sinopec.
Drivers
Growing adoption in plastic packaging, textile, and automotive applications owing to its favorable properties is expected to augment the growth of the alkylene glycol market during the forecast period.
Moreover, wider acceptance of alkylene glycol in HVAC (heating, ventilation, and air-conditioning) systems in the form of heat transfer liquids is expected to supplement the growth of the alkylene glycol market over the forecast period.
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Summary of the COVID-19 Aftermath
The global alkylene glycol market has witnessed a decent fall in its growth graph due to the prevalence of the COVID-19 crisis. While demand from the residential and commercial building sectors maintained a moderate pace, the automotive sector struggled to retain its credibility at pre-pandemic levels. On the contrary, the reopening of industrial plants to their fullest capacity is creating a complete reverse scenario for the market.
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Key Takeaways
The alkylene glycol market is anticipated to grow at a CAGR during the forecast period owing to the increasing adoption of electric vehicles. For instance, in February 2022, a study published in the journal Nature Sustainability revealed that replacing zinc with alkylene glycol in batteries can improve the overall performance of electric vehicles.
By expanding the horizons, the North American region is becoming a major destination for the global alkylene glycol market on account of growing adoption in SSPs (space shuttle programs) and the healthcare sector.
Coupled with this, the Asia Pacific region is another profit hub for the global alkylene glycol market, at the helm of high investments in the residential and commercial building sectors along with wider acceptance in the automotive industry.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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