Ethylene Glycol Market: Snapshot
One of the key factors boosting the growth of the Chinese ethylene glycol market is the increasing demand for PET bottles from the packaging industry. As food brands are seeking safer and healthier packaging alternatives, demand for PET packaging is increasing, which in turn is driving the growth prospects of the Chinese ethylene glycol market. PET containers can help retain the food aroma, flavor, and appearance. As PET bottles are easy to handle, light in weight, and can be re-sealed without any inconvenience, their demand will continue to grow, which in turn will boost the growth of the ethylene glycol market. The lead author of the report has stated that the flourishing growth of the automotive industry will also be a driving factor for the growth of the ethylene glycol market in China.
The demand for polyesters fibers for coated fabrics, seat belts, conveyor belt fabrics, in China will boost the growth of the market. This is because ethylene glycol is required for the manufacturing of polyester fibers. The Chinese ethylene glycol market is fragmented with the presence of small and large players. This is expected to create intense market competition among players. China has feedstock advantages and closer proximity to end-user markets, and this will drive the ethylene glycol in the country. The demand for ethylene glycol will rise from the downstream applications and textile industries. Fabrics made using polyester are extensively used in home furnishings, apparels, blankets, computer mouse pads, bed sheets, and upholstered furniture.
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China Ethylene Glycol Market: Overview
The China ethylene glycol market is likely to experience a tremendous growth, primarily due to the burgeoning demand for polyester fibers across the globe. Polyester fibers are widely used in the textile industry in the manufacturing of carpets, upholstery, conveyer belts, and seat belts. Ethylene glycol is an organic compound primarily used in the manufacturing of polyester fibers and polyethylene terephthalate. Globally, Asia Pacific is one of the key consumer as well as manufacturer of ethylene glycol. China is one of the important growth sites of the Asia Pacific market.
At present, China uses conventional processes for the production of ethylene glycol. Manufacturers are shifting their focus from conventional petrochemical route to coal. The country is expected to commercialize its coal-based manufacturing processes in the forthcoming years across all projects. Several manufacturers in the country produce ethylene glycol using syngas, a mixture of oxygen, hydrogen, and carbon monoxide.
The report is a complete, professional study for existing as well as new manufacturers in the China ethylene glycol market. It provides essential insights into the industry chain structure along with an extensive understanding of the upstream raw materials and downstream demand chain and import and export statistics. It also sheds light on the currently available production capacities and the efficiency at which they are utilized. The competitive landscape of the market has been derived using tools such as Porter’s five force analysis and market attractiveness analysis. It offers a detailed overview of drivers, restraints, opportunities, and trends of the China ethylene glycol market.
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China Ethylene Glycol Market: Drivers and Restraints
The growing demand for PET resin from the food and beverage industry for the manufacturing of water bottles and food containers is driving the China ethylene glycol market. The rising demand for antifreeze agents is also bolstering the growth of the market. Ethylene glycol is used as antifreeze in the automotive industry. Moreover, it is extensively used in medical sterilization and as heat transfer agent and coolant in geothermal pumps and air conditioning systems. The increasing production capacity for ethylene glycol is favoring the growth of the market.
On the flip side, the efficiency of the existing production setups is low and therefore, the output has not increased as significantly as production capacities have increased. Volatile prices and transportation of raw materials, particularly ethylene dioxide are primary concerns for players in the market.
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China Ethylene Glycol Market: Regional Segmentation
East China will be a prominent regional segment during the forecast period. Zhejiang, Anhui, and Jiangsu are the major revenue contributors to the growth of the region, primarily due to high ethylene glycol consumption in these provinces. Hebei province located in North China also serves as a major hub for the China market. Shijiazhuang Lanyang Chemicals Co. Ltd. and Shijiazhuang Panjiang Chemicals Ltd. are among the major producers of ethylene glycol in the province.
China Ethylene Glycol Market: Key Manufacturers Mentioned in the Report
Some of the prominent players in the China ethylene glycol market are Jiangsu Tianyin Chemical Co. Ltd., Hebei Qilong Chemicals Co. Ltd., Royal Dutch Shell, Sinopec, China National Petroleum Corporation, and Anhui XinYuan Chemical Co. Ltd.