(MENAFN- GlobeNewsWire - Nasdaq) The triethylene glycol market size is anticipated to grow from USD 806.30 Million in 2022 to USD 1,148.40 Million in 10 years. The market ought to witness a positive growth rate owing to growing demand of triethylene glycol across end-user industries.
Newark, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global triethylene glycol market will grow from USD 806.30 Million in 2022 to USD 1,148.40 Million by 2032. Within the product category of ethylene glycol is an organic chemical compound known as triеthylеnе glycol. Physically, it is a liquid with transparency, solubilization in water, odour lessness, and viscosity. It has benefits when lower volatility than diethyl glycol is required and when the product's high boiling point or molecular weight is desired. It is also well known that triethylene glycol has moisturizing properties that make it advantageous in hygroscopic applications. One important use for triethyl glycol is in the dehydration of natural gas. Triethylene glycol is also used to remove moisture in applications involving HVAC systems.
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Key Insight of the Triethylene Glycol Market
North America region is expected to hold the second largest market share during the forecast period.
During the forecast period, North America is expected to hold the second largest market share during the forecast period. The North America region will significantly expand. With a major contribution to production and consumption, North America is a prominent player in the worldwide triеthylene glycol market. End-use sectors, including petroleum and natural gas processing, strongly drive the region's market share. Triеthylеnе glycol is a major component in gas dehydration applications used by North America's natural gas processing sector. The region is expected to see an increase in triethylene glycol usage as the demand for natural gas rises due to factors including the shift to cleaner energy sources and the shale gas boom. Further, by employing triеthylеnе glycol to produce plasticizers and other chemical derivatives, the pharmaceutical industry in North America-specifically in the United States-contributes significantly to the market share.
The plasticizers segment is expected to hold the second largest market share during the forecast period.
The application segment is bifurcated into natural gas dehydration, solvents, plasticizers, humectants and others. The plasticizers segment is expected to hold the second largest market share during the forecast period. Triеthylеnе glycol is used across end-user industries and is essential to producing plasticizers. Plasticizers are additives that increase plastic's functionality and flexibility. Triеthylеnе glycol, for example, has a special molecular structure that makes polymer materials flow better. The market share of triеthylеnе glycol in plasticizer applications is directly impacted by consumer demand for flexible PVC (polyvinyl chloride) items like hoses, cables, and other products. The expansion of the plastics industry and the rising demand for plastic products in the construction, automotive, and packaging industries boost the segment's growth and development within the global industry.
The construction segment is expected to grow at the highest CAGR during the forecast period.
The end-user segment is bifurcated into construction, automotive, textile and others. The construction segment is expected to grow at the highest CAGR during the forecast period. Triеthylеnе glycol's usage in manufacturing building and construction products like sealants, adhesives, and coatings accounts for a sizable portion of the sector's market share. Owing to its solubility properties and compatibility with various polymers, triethylene glycol is essential in forming some sealants and adhesives. These compounds are widely used for bonding and sealing applications in construction. Triеthylеnе glycol also plays a part in coatings, which increases its market share in the building sector. It is used in concrete surface coating formulations to resist moisture, corrosion, and environmental elements. Triеthylеnе glycol-containing coatings' market share in construction applications is influenced by their versatility and durability.
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Impact of Covid-19 Pandemic:
Lockdowns, transport restrictions, and industrial closures implemented to stop the virus's spread caused major supply chain disruptions in the triethyl glycol industry. Triеthylеnе glycol supply in the market was impacted by logistical and transportation restrictions that made moving completed goods and raw materials more difficult. It was difficult for manufacturers to stick to consistent manufacturing schedules, which caused supply chain delays and uncertainty. The epidemic caused manufacturing facilities all over the world to face production difficulties. Labour shortages, social distancing measures, and health and safety regulations affected production units' regular operations. Due to these difficulties, the capacity for producing triеthylеnе glycol was impacted, resulting in supply-demand fluctuations and increased market uncertainty.
Market Dynamics
Driver: Demand from Natural Gas Processing Industry
The triethylene glycol market is heavily influenced by the natural gas processing industry due to its extensive use in dehydrating natural gas. this dehydration process plays a crucial role in eliminating water vapour and protecting pipelines from corrosion, making it an important step for ensuring clean energy sources like natural gas are viable. given the growing demand for cleaner fuel options and increased exploration of natural gas, there's been a surge in demand for triеthylеnе glycol for gas dehydration purposes since this helps eliminate issues associated with excessive moisture levels, such as decreasing heating values or difficulties during storage/transportation processes that can lead to equipment breakdowns related only specifically when you talk about moisture-related hazards these concerns underline why combating water vapour presence within processed gases must remain at utmost priority level; therefore, brands should look towards triethylene glycol applications which possess exceptional capacity regarding absorbing any excess humidity amounts found amongst already-treated stream flows commonly encountered throughout most production regimes ranging anywhere between oil & gas exploration facilities through standardized industrial units involved directly with the natural gas processing. this factor is stimulating the market growth and development.
Restraint: Regulatory Uncertainties and Economic Downturns
Regulatory issues significantly restrain the market for triеthylеnе glycol. Changing compliant requirements, safety standards, and strict environmental rules impact the transport, use, and production of chemicals. Following these rules requires constant execution of safety precautions, process changes, and research and development, all raising operational expectations. More recently, regulatory framework modifications may create uncertainty and necessitate prompt industry participant adaptation. Trade disarmaments and geopolitical concerns throughout the world add another layer of difficulty to the triеthylеnе glycol industry. Trade restrictions, political unpredictability, and tariffs can alter market dynamics, raise production costs, and disrupt the supply chain. Manufacturing companies with operations in different locations may be subject to risks of geopolitical instability, which could impact their competitiveness and global marketing practices. This factor is restricting the market growth and development.
Opportunity: Growth in Automotive Industry
The automotive sector also fulfils the market for triеthylеnе glycol. In particular, coolants and antifrееzе solutions are made with triethylene glycol for automotive applications. The demand for triеthylеnе glycol in automotive applications is rising due to the automotive sector's continuing growth, fuelled by rising vehicle ownership, technological advancements, and a focus on sustainable transportation. Technological developments in applications and production processes support the marked expansion of triethylene glycol. Triеthylеnе glycol's efficiency and viability are improved by advances in production technology, formulation techniques, and new applications, creating new opportunities for market growth.
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Some of the major players operating in the triethylene glycol market are:
. SABIC
. Reliance Industries Ltd.
. LyondellBasell
. Eastman Chemicals
. ExxonMobil
. Mitsubishi Chemical Company
. The Dow Chemical Company
. Huntsman Corporation
. Sinopec
. China Petroleum & Chemical Corporation
. Clariant.
. INEOS Group Ltd.
. Royal Dutch Shell
. BASF
Key Segments Cover in the Market:
By Application:
. Natural Gas Dehydration
. Solvents
. Plasticizers
. Humectants
. Others
By End-user:
. Textile
. Construction
. Automotive
. Others
By Region
. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
About The Brainy Insights:
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