H1 2023: Triethylene Glycol prices exhibited mixed pattern in Asia Pacific region in H1 2023. In the Chinese market, prices spiked up in April and then declined. Triethylene Glycol (TEG) prices experienced a downward trend in the period of April-June 2023. This decline was influenced by a significant drop of in the prices of upstream ethylene oxide, contributing to reduced production costs of TEG in Asia. The demand from industries relying on TEG, such as dehumidifying and disinfectants, was subdued due to hazy purchasing behaviour amid economic uncertainties. Similarly, demand from the packaging and polyurethane sectors remained weak, impacting TEG prices as it is a byproduct of mono and diethylene glycol. The presence of ample inventories coupled with low demand resulted in the accumulation of large inventory volumes, leading to discounted sales and further depreciation of TEG prices. The economic slowdown in China likely played a role in the overall decline, with expectations of a further decrease in buying activity and leading to decline of TEG prices till June 2023. Similarly, in the US Market, TEG prices inclined in the first three months of 2023 followed by an depreciation of prices till June 2023. In the second quarter of 2023, Triethylene Glycol (TEG) prices experienced a decline in a market attributed to decreasing prices of upstream ethylene oxide. The devaluation of feedstock prices contributed to cost relief in production. The market observed substantial production, surpassing demand, leading to the accumulation of significant inventories in the US.
The global Triethylene Glycol market stood at approximately 880 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 3.8% during the forecast period until 2032. Triethylene Glycol (TEG), also known as Triglycol or 2-[2-(2-Hydroxyethoxy) ethoxy] ethanol, is a transparent and non-evaporative liquid with the chemical formula C6H14O4. Renowned for its hygroscopic characteristics and adeptness in dehumidifying fluids, TEG is industrially synthesized as a byproduct during the high-temperature oxidation of ethylene in the presence of a silver oxide catalyst. Subsequently, the ethylene oxide undergoes hydration to produce mono-, di-, and triethylene glycols.
Triethylene glycol (TEG) plays a multifaceted role across diverse industries. Recognized for its hygroscopic properties, TEG functions as a desiccant in gas and air-drying processes. In heating, ventilation, and air conditioning systems, it serves as a crucial component in heat transfer fluids, regulating temperature. Widely employed in the oil and gas sector, TEG acts as a dehydration agent, mitigating the risk of hydrate formation and corrosion in natural gas pipelines. Its versatility extends to the realm of plastics and resins, where it acts as a plasticizer, enhancing flexibility and durability. TEG's application as a solvent is notable in the production of inks, facilitating the dissolution of colorants and improving ink consistency. Additionally, it finds a place in personal care products, functioning as a humectant to retain moisture in lotions and creams. In the oil and gas industry, TEG acts as a natural gas hydrate inhibitor, preventing the formation of hydrates that could lead to pipeline blockages. Furthermore, TEG serves as a chemical intermediary in the synthesis of various compounds, showcasing its significance as a versatile and indispensable chemical in numerous industrial processes.
The Triethylene Glycol (TEG) market is propelled by a confluence of factors that underscore its pivotal role in various industries. Its widespread use in natural gas processing, petrochemicals, and plastics production makes it indispensable in sectors where dehumidification is a critical requirement. The hygroscopic nature of TEG positions it as a preferred agent for moisture removal, particularly in gas dehydration units and air conditioning systems. The burgeoning demand for natural gas globally further amplifies the need for TEG in gas processing facilities, solidifying its position in the market. Additionally, TEG plays a crucial role in the synthesis of chemicals, contributing to its demand within the broader chemical manufacturing sector. As the plastics industry continues to expand to meet diverse consumer and industrial applications, TEG remains a key component in the production of specific types of plastics. The global energy sector's reliance on TEG for gas processing and related applications establishes it as an integral player in the energy market, with developments and expansions in this sector directly impacting the TEG market. Moreover, technological advancements and evolving consumer trends, such as the demand for packaged and processed foods necessitating dehumidification, further shape the trajectory of the TEG market. In essence, the multifaceted drivers of the TEG market encompass industrial necessities and broader trends in energy consumption and environmental sustainability. The global Triethylene Glycol market size is anticipated to reach nearly 1300 thousand tonnes by 2032.
Geographically, Asia Pacific region is poised to maintain a leading position in the global Triethylene Glycol market, driven by strategic factors. The Asia Pacific region is strategically positioned to uphold its preeminence in the global Triethylene Glycol (TEG) market, driven by key business dynamics. With robust industrial expansion in pivotal sectors such as petrochemicals, natural gas processing, and plastics manufacturing, the region sustains a consistent demand for TEG. As a significant player in the global energy landscape, Asia Pacific's escalating requirement for natural gas solidifies TEG's integral role in the region's energy infrastructure. The surging growth in the plastics industry, fuelled by consumer goods, packaging, and construction applications, amplifies the demand for TEG as an indispensable component in plastics production. Concurrently, ongoing infrastructural developments in the construction and automotive sectors present lucrative avenues for TEG applications, ensuring its enduring prominence and market leadership in the dynamic business landscape of the Asia Pacific region.
Based on the end-user industry, the global Triethylene Glycol market is divided into Plasticizer, Natural gas Dehydration, Polyester, Solvent, and Others. However, Natural gas Dehydration industry dominates the global Triethylene Glycol market followed by Titanium Metal industry. TEG serves as a dehumidification agent in both the oil and gas industry and air conditioning systems due to its hygroscopic properties.
Major players in the Global Triethylene Glycol market are Prominent companies in the sector include Huntsman Corporation, China Petroleum & Chemical Corporation, LyondellBasell, SABIC, Indorama Ventures, The Dow Chemical Company, Lotte Chemical Corporation, INEOS Group Limited, Reliance Industries Ltd, Royal Dutch Shell, Eastman Chemical Company, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Triethylene Glycol which covers production, demand and supply of Triethylene Glycol market in the globe.
• To analyse and forecast the market size of Triethylene Glycol
• To classify and forecast Global Triethylene Glycol market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Triethylene Glycol market in the globe.
To extract data for Global Triethylene Glycol market, primary research surveys were conducted with Triethylene Glycol manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Triethylene Glycol market over the coming years.
ChemAnalyst calculated Triethylene Glycol demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Triethylene Glycol. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Triethylene Glycol manufacturers and other stakeholders
• Organizations, forums and alliances related to Triethylene Glycol distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Triethylene Glycol manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Triethylene Glycol market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
880 thousand tonnes
Market size Volume in 2032
1300 thousand tonnes
Growth Rate
CAGR of 3.8% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Plasticizer, Natural gas Dehydration, Polyester, Solvent, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Triethylene Glycol in terms of volume in 2022?
Ans:
The global market size of Triethylene Glycol had reached approximately 880 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Triethylene Glycol?
Ans:
Asia Pacific region is the leading consumer of Triethylene Glycol globally.
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