By According to report by Expert Market Research, the global diethylene glycol market to reach a volume of 2.7 million metric tons in 2020. The market is expected to further grow at a CAGR of 4.9% in the forecast period of 2023-2028 to attain a volume of 3.45 million metric tons by 2026.
Market Overview: Diethylene Glycol Industry at a Glance
Diethylene glycol, a colorless and odorless organic compound, is widely used as a solvent, coolant, humectant, and chemical intermediate. Its versatility and applications in various industries, including plastics, textiles, adhesives, lubricants, and personal care products, have contributed to its increasing demand and market growth.
Market Size: Steady Expansion in the DEG Industry
The global DEG market size has been on an upward trajectory, owing to its widespread use and an increase in end-user industries. The market is expected to continue expanding at a significant rate, fueled by emerging applications and technological advancements.
Market Share: Key Players Dominating the DEG Landscape
The DEG market is characterized by the presence of numerous global and regional players. Some of the prominent companies in the industry include Dow Chemical Company, SABIC, BASF SE, Royal Dutch Shell, and Huntsman Corporation. These market leaders have been focusing on strategic acquisitions, expansions, and collaborations to maintain their competitive edge and increase their market share.
Market Price: Factors Influencing DEG Pricing
The pricing of DEG is influenced by various factors such as raw material prices, demand and supply dynamics, and market competition. Fluctuations in crude oil prices, which impact the cost of raw materials like ethylene glycol, directly affect the pricing of DEG. Additionally, increasing demand from end-user industries and the rise of niche applications contribute to variations in DEG prices.
Market Trends: Evolving Market Dynamics and Emerging Applications
Rising demand for bio-based DEG: With growing concerns over the environment and sustainability, there is a shift towards bio-based DEG. The development and commercialization of bio-based DEG, derived from renewable feedstocks, offer an eco-friendly alternative to conventional DEG.
Technological advancements: Innovations in production technologies, such as continuous processes, have resulted in improved efficiency and reduced production costs. These advancements are expected to support market growth by providing cost-effective DEG alternatives.
Expanding applications in emerging markets: The increasing demand for DEG in developing economies, driven by rapid industrialization and urbanization, is expected to provide new growth opportunities for the market.
Market Growth: A Promising Outlook for the DEG Industry
The global DEG market is anticipated to exhibit robust growth between 2023 and 2028, driven by the factors mentioned above. Furthermore, the market is projected to benefit from the recovery of the global economy, following the COVID-19 pandemic, as various industries regain momentum.
Market Segments: A Closer Look at DEG Applications
Solvents: DEG is widely used as a solvent in paints, coatings, and printing inks, contributing to a significant market share in this segment.
Coolants: The automotive and industrial sectors utilize DEG as a coolant in antifreeze formulations, heat transfer fluids, and air conditioning
FAQ’s
What is diethylene glycol (DEG) and what are its primary applications?
DEG is a colorless, odorless organic compound used as a solvent, coolant, humectant, and chemical intermediate in various industries such as plastics, textiles, adhesives, lubricants, and personal care products.
What factors contribute to the growth of the global DEG market?
The growth of the DEG market is driven by its widespread use in numerous industries, emerging applications, technological advancements, and the increasing demand from developing economies.
Who are the key players in the global DEG market?
Prominent companies in the DEG market include Dow Chemical Company, SABIC, BASF SE, Royal Dutch Shell, and Huntsman Corporation.
What are the primary trends shaping the DEG market?
Major trends in the DEG market include the rising demand for bio-based DEG, technological advancements in production processes, and expanding applications in emerging markets.
How is the DEG market expected to perform from 2023 to 2028?
The global DEG market is anticipated to exhibit robust growth between 2023 and 2028, driven by factors such as the increasing demand from end-user industries, technological advancements, and the recovery of the global economy post-COVID-19.
