Global Glycol Market 2017-2021
Glycol is a colorless liquid derived from petrochemicals. It is sweet in taste. It is used as an anti-freeze agent mainly in automobile cooling systems. It is a water-miscible coolant used in various heat transfer and cooling applications also. Glycol is used in various applications such as HVAC systems, automobiles, polyester fiber and resins, textile, airlines, and others.
Technavio’s analysts forecast the global glycol market to grow at a CAGR of 6.48% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global glycol market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Glycol market 2017-2021
Technavio recognizes the following companies as the key players in the global glycol market: Akzo Nobel, BASF, SABIC, Shell, and The Dow Chemical Company
Other Prominent Vendors in the market are: DuPont, HaiKe Chemical Group, Huntsman International, India Glycols Limited, INEOS, ME Global, Repsol, and Reliance Industries
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Trend of bio-based glycols. The demand for bio-based glycols is expected to grow at a CAGR of above 8% during the forecast period. As various governments are taking initiatives toward mitigating environmental concerns, they are utilizing non-perishable resources. Many initiatives have been taken toward the release of hazardous petrochemical process pollutants during the various production process. These initiatives are expected to raise the demand for bio-based products that includes bio-based glycols.”
According to the report, one of the major drivers for this market is Growing consumption in automobiles. Glycols are used as an important anti-freezing agent in automobiles. It lowers the freezing point of a water-based liquid and increases its boiling point when mixed with water. Once glycol is added to water, its freezing temperature goes down below 32⁰ Fahrenheit. Thus, it is also known as engine coolant.
Further, the report states that one of the major factors hindering the growth of this market is Volatile petrochemical prices. Polyethylene is mainly derived from crude oil. It can also be extracted from natural gas and coal. The prices of crude oil, polyethylene, and ethylene are inter-dependent. Crude oil prices across the globe fluctuate according to the varying market demand. Fluctuations in oil prices affect the price of ethylene. So, when the crude oil prices are high, polyethylene producers use natural gas in the place of crude oil to produce ethylene to increase their profit margin. Thus, even though there might be a weak co-relation between crude oil prices and polyethylene, t ethylene prices are still dependent on prices of crude oil.
Akzo Nobel, BASF, SABIC, Shell, The Dow Chemical Company, DuPont, HaiKe Chemical Group, Huntsman International, India Glycols Limited, INEOS, ME Global, Repsol, and Reliance Industries
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