세계의 에틸렌글리콜(EG) 시장 : 수요 및 예측 분석(2018-2034년)

The global market for Ethylene Glycol (EG) is expected to grow significantly, increasing from about $23.3 billion in 2024 to nearly $54 billion by 2032. This corresponds to an average yearly growth rate of approximately 5.9% from 2025 to 2032. The rise in demand for EG is mainly due to its wide range of uses, particularly in making polyester fibers, antifreeze, and various industrial products. The growing production of polyester, especially in the Asia Pacific region, is a major factor driving this demand. Asia Pacific remains the largest market for EG, supported by new production facilities for downstream products.

Ethylene Glycol is produced through the reaction of ethylene oxide with water. It comes in three primary forms: Monoethylene Glycol (MEG), Diethylene Glycol (DEG), and Triethylene Glycol (TEG). Among these, MEG is the most widely manufactured and is primarily utilized in the production of polyester materials such as resins, fibers, and films. Over 85% of MEG goes into polyester production, making its demand closely linked to the polyester market.

China plays a key role in the global EG market, consuming more than half of the world's supply. The Asia Pacific region accounts for over 65% of the total demand, driven mainly by the need for polyester fibers used in synthetic clothing. North America and Western Europe also contribute to the global demand.

Supply and Demand

In 2024, the global capacity for producing Ethylene Glycol exceeded 57,000 kilo tons, which is a big increase from 2016. Asia Pacific holds more than 60% of this capacity. The operating rate for EG plants averaged around 76% in the past five years, helped by an 18,000-kiloton increase in capacity in China. Over the next five years, China is expected to add another 5,000 kilo tons of capacity, bringing its total to 31,500 kilo tons.

Global demand for EG in 2024 was about 36,000 kilo tons, with Asia Pacific consuming more than 75% of this amount. The growth of the polyester fiber industry, along with the need for surfactants and other chemicals, will continue to support market growth. The Asia Pacific region, especially China, South Korea, and India, will lead this expansion with a forecasted annual growth rate of about 4.8%.

Trade and Market Dynamics

China is moving toward producing more of its own ethylene glycol, reducing imports. EG imports to China fell by 20.1% in 2021 and dropped another 10.9% in 2024. Saudi Arabia is a major exporter of EG to China, supplying over 3,900 kilo tons on average in recent years. China accounted for more than half of Saudi Arabia's EG exports in 2024. Smaller amounts also come from Canada and the United States.

European producers face competition from cheaper EG imports from the U.S., which benefits from lower-cost ethane feedstock. Weak demand in the U.S. has increased EG exports, putting pressure on European producers' profit margins. New ethylene production capacity in the U.S. is expected to add further pressure.

Current Market Trends

In late 2023, the global EG market faces challenges such as oversupply and lower demand. The market for downstream products, like packaging materials, remains weak despite hopes for a rebound in early 2023. Europe and Asia Pacific regions, which rely on more expensive naphtha feedstock, are affected by fluctuating oil prices, while the U.S. and Middle East benefit from cheaper ethane feedstock.

The market is watching China closely for signs of increased demand, which could help balance supply. However, new ethylene production coming online in Asia might exceed demand by over 9% in the next few years, causing further market pressure.

Europe is also dealing with high energy costs and uncertainty from the Russia-Ukraine conflict, affecting the ethylene market negatively. Prices for MEG in Europe are currently very low, and demand for polyester products is weak as consumers try to save money amid rising inflation.

Despite efforts to protect the market with import duties, U.S. MEG shipments to Europe are expected to remain low due to these conditions.

Leading Companies

Major players in the Ethylene Glycol market include BASF, Dow, Shell, SABIC, INEOS Oxide, LyondellBasell, Lotte Chemical, Reliance Industries, Formosa Plastics, Sinopec, Sasol, Sibur-Neftekhim, Indian Oil Corporation, India Glycols, and others. MEGlobal (EQUATE) is a top producer with more than 3,200 kilo tons of installed capacity across Saudi Arabia, Canada, and the U.S.

Recent Developments

SABIC, Scientific Design, and Linde Engineering have teamed up to explore ways to reduce carbon emissions in the EG production process using new CO2 recovery technology.

INEOS recently acquired Eastman's Texas City plant for $500 million. Later, INEOS agreed to buy LyondellBasell's ethylene oxide business and related facilities in Bayport, Texas, for about $700 million. This deal includes plants with capacities of 420 kilo tons/year for ethylene oxide, 375 kilo tons/year for ethylene glycol, and 165 kilo tons/year for ethylene glycol ethers.

Table of Contents

1. Introduction

• Scope
• Market Coverage
  • Type
  • Application
  • Regions
  • Countries
• Years Considered
  • Historical - 2018 - 2023
  • Base - 2024
  • Forecast Period - 2025 - 2034
• Research Methodology
  • Approach
  • Research Methodology
  • Prismane Consulting Market Models
  • Assumptions & Limitations
  • Abbreviations & Definitions
  • Conversion Factors
  • Data Sources

2. Market Synopsis

• Market Evolution
• Demand-Supply Overview
• Industry Structure
• Strategic Issues
• End-use Trends
• Growth Forecast

3. Economic & Energy Outlook

• GDP and Demographics
• Monetary & Fiscal Policies
• Crude Oil Production and prices
• Natural Gas
• Electricity Prices

4. End-use Sector Performance

• Chemicals
• Industrial
• Others

5. Capacity (Plants & Projects) Analysis

• Capacity, by Company
• Capacity, by Country and by Region
• Capacity Overview, By Region and Country

6. Introduction to Ethylene Glycol (EG) and Market Overview

• Product Description
• Grades & Properties
• Raw Material
• Manufacturing Process
• Environmental Issues
• Value Chain
• Applications

7. Market Dynamics and Industry Trends

• Market Dynamics
  • Drivers
  • Restraints
  • Opportunities
  • Challenges

8. Global Ethylene Glycol (EG) Demand-Supply Analysis, By Type, By Application (Volume, Value) (2018-2034)

• Strategic Issues
• Demand-Supply Analysis and Forecast (2018 - 2034)
  • Capacity
  • Capacity Utilization (%)
  • Production
  • Imports
  • Exports
  • Net Exports
  • Demand
  • Demand Growth Rate (%)
  • Driving Force Analysis
• Global Ethylene Glycol (EG) Market, By Type
• Monoethylene Glycol (MEG)
• Diethylene Glycol (DEG)
• Triethylene Glycol (TEG)
• Global Ethylene Glycol (EG) Market, By Application
• Chemical Intermediates

Polyester

Solvents

Others

• Antifreeze & Coolants
• Others

9. Demand-Supply Analysis and Market Review, By Region, By Country (Volume, Value), (2018- 2034)

• Strategic Issues
• Capacity
• Capacity Utilization (%)
• Production
• Imports
• Exports
• Net Exports
• Demand
• Demand Growth Rate (%)
• Ethylene Glycol (EG) Market, By Type
• Ethylene Glycol (EG) Market, By Application

Note: Demand-Supply Analysis has been provided for all major Regions / Countries as mentioned below. The demand (consumption) split by type and by Application has been provided for each of the countries / regions in Volume (Kilo tons) and Value (USD Million).

• North America
• USA
• Canada
• Mexico
• Western Europe
• Germany
• France
• Italy
• United Kingdom
• Spain
• Rest of Western Europe
• Central & Eastern Europe
• Russia
• Poland
• Rest of Central & Eastern Europe
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Rest of Asia-Pacific
• Central & South America
• Middle East & Africa

Note: CAGR will be calculated for all the type and application to arrive at the regional / global Demand-Supply growth for the forecast period (2025 - 2034)

10. Pricing Analysis

• Average Ethylene Glycol (EG) Prices, USD/Kg
• Average prices, by region
• Price Forecast

11. Key Strategic Issues

12. Business Opportunity Assessment

• Market Attractiveness Assessment
• Prospective & Target Market Study

13. Strategic Recommendation & Suggestions

14. Company Analysis

• Ethylene Glycol (EG) Manufacturers Profiles/ Company Analysis
  • Basic Details
  • Headquarter, Key Markets
  • Ownership
  • Company Financial
  • Manufacturing Bases
  • Global Turnover
  • Total Employee
  • Product Portfolio / Services / Solutions
  • Key Business Strategies adopted and Prismane Consulting Overview
  • Recent Developments
  • Companies Covered -
• BASF SE
• DowDuPont
• Huntsman Corporation
• Shell
• SABIC
• Akzo-Nobel N.V.
• INEOS Corporation
• LyondellBasell
• Lotte Chemical
• Reliance Industries Limited
• Formosa Plastics
• Sinopec
• Other Manufacturers

Note: This section includes company information, company financials, manufacturing bases and operating regions. Company financials have been mentioned only for those companies where financials were available in SEC Filings, annual reports, or company websites. All the reported financials in this report are in U.S. Dollars. Financials reported in other currencies have been converted using average currency conversion rates. Company profiles may include manufacturers, suppliers, and distributors.

15. Appendices

• Demand-Supply - Regions
• Demand-Supply - Countries
• Capacities, 2018-2034