Triethylene Glycol Market Size, Share, Trends, Growth 2032

Triethylene Glycol Industry Prospective:

The global triethylene glycol market size was worth around USD 814.02 million in 2023 and is predicted to grow to around USD 1168.68 million by 2032 with a compound annual growth rate (CAGR) of roughly 4.1% between 2024 and 2032.       

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Triethylene Glycol Market: Overview

Alcohols include the chemical molecule triethylene glycol, which has the formula C6H14O4. It is a liquid when it is at room temperature. It is not very viscous, or transparent, and has a faint smell. In water, triethylene glycol dissolves. Because triethylene glycol is acidic, it can corrode materials. When utilizing triethylene glycol, care should be taken to reduce corrosion issues by using corrosion inhibitors, coatings, and the right materials. Triethylene glycol may corrode at high rates in high-temperature settings.

The market is being driven by several factors including growing demand from the oil & gas industry, rising chemical sector, growing demand for plastics and polymers, shift towards renewable energy sources, stringent environmental regulation, infrastructure development and others.

Key Insights

• As per the analysis shared by our research analyst, the global Triethylene Glycol market is estimated to grow annually at a CAGR of around 4.1% over the forecast period (2024-2032).
• In terms of revenue, the global Triethylene Glycol market size was valued at around USD 814.02 million in 2023 and is projected to reach USD 1168.68 million, by 2032.
• The growing demand from various end-use industries such as automotive, oil & gas and others are expected to influence the market revenue growth.
• Based on application, the Natural Gas Dehydration segment is expected to dominate the market over the forecast period.
• Based on the end-use industry, the oil & gas segment is expected to hold a prominent market share over the forecast period.
• Based on region, the Asia Pacific is expected to hold a prominent market share over the forecast period.

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Triethylene Glycol Market: Growth Drivers

The growing automotive industry drives market growth

The automobile sector uses triethylene glycol extensively as a coolant and antifreeze, which is fueling the market's expansion. Because of its characteristics, which include a high boiling point and a low freezing point that guarantee excellent engine performance in a range of temperatures, the automobile industry significantly depends on ethylene glycol for the production of radiator coolants. Additionally, the market is developing because of the expanding automobile industry, especially in emerging nations, which raises the need for triethylene glycol directly.

Triethylene glycol is utilized in battery cooling systems and other electrical components of electric vehicles (EVs), which is contributing to the market's expansion. Furthermore, the market is expanding because of the widespread use of EVs brought about by the growing changes towards eco-friendly and sustainable modes of transportation.

Triethylene Glycol Market: Restraints

Price volatility of raw materials hinders market growth

The market for triethyln glycol has numerous major obstacles, one of which is the price volatility of raw materials. Ethylene oxide must be oligomerized to generate trithyln glycol, and its price is influenced by fluctuations in the petrochemical feedstock market. Fluctuations in the pricing and availability of raw materials can directly impact the production costs of triethylene glycol companies, posing a challenge to stable and predictable pricing methods.

Global crises and economic downturns offer major difficulties for the triethylene glycol industry. The sector's expansion is significantly correlated with economic indicators such as GDP, industrial activity, and consumer demand. Industries may reduce output during uncertain economic times, cutting demand for chemicals such as triethylene glycol.

Triethylene Glycol Market: Opportunities

Increasing application of TEG as a solvent offers an attractive opportunity for market growth

Due to its high solubility, TEG, or triethylene glycol, is useful as a solvent for a variety of applications. This characteristic has made it an indispensable component in a wide range of industries, greatly contributing to market growth. TEG is clear and colorless, and because of its broad-spectrum dissolving properties, it mixes flawlessly with various organic solvents such as water; as a result, it is generally selected for a variety of applications, including aromatic hydrocarbon isolation, printing inks, and cleansers.

TEG's unique properties, such as low toxicity levels, high boiling point, and low volatility, have greatly contributed to increased product usage, prompting businesses to use long-lasting yet efficient options that are environmentally friendly while also being minimally harmful to human health, distinguishing triethylene glycol from other options available in the current scenario. Thus, offers an attractive opportunity for market growth.

Triethylene Glycol Market: Challenges

The presence of alternatives poses a major challenge to market expansion

While TEG is commonly employed as a dehydration agent in natural gas processing, additional options include solid desiccants and various glycols (e.g., diethylene glycol and triethylene glycol dimethyl ether). End-users may prefer other agents over TEG based on cost-effectiveness, efficiency, and special application requirements, which might have an impact on market demand.

Triethylene Glycol Market: Segmentation

The global Triethylene Glycol industry is segmented based on Application, End-use Industry and region.

Based on application, the global Triethylene Glycol market is bifurcated into Plasticizers, Natural Gas Dehydration, Solvents, Humectants and Others. The Natural Gas Dehydration segment is expected to dominate the market over the forecast period. Natural gas infrastructure, such as pipelines, liquefied natural gas (LNG) terminals, and gas processing facilities, is constantly expanding to meet rising worldwide demand. This development increases demand for TEG as a dehydration agent since more gas must be treated to fulfil transportation and distribution quality standards. For instance, according to the International Energy Agency, Global natural gas consumption is predicted to expand at an annual average rate of 0.8% from 2022 to 2025, reaching roughly 4,240 billion cubic meters (bcm) by the conclusion of this prediction, a modest 3.4% increase (140 bcm) over 2021. Thus, the aforementioned stats drive the segment expansion.

Based on the end-use industry, the global Triethylene Glycol industry is segmented into Construction, Textile, Automotive, Oil & Gas and Others. The oil & gas segment is expected to hold a prominent market share over the forecast period. The oil and gas sector makes substantial use of TEG for natural gas dehydration. When natural gas is collected from reservoirs, it frequently contains large levels of water vapor, which can cause pipeline corrosion and hydrate formation. TEG is used in dehydration units to eliminate water vapor and ensure that natural gas fulfils quality criteria for transit, processing, and distribution. Moreover, TEG is also used in gas sweetening operations. Sour gases, which contain hydrogen sulphide (H2S) and carbon dioxide (CO2), are treated to eliminate the acidic and corrosive chemicals. TEG can selectively absorb H2S and CO2, making it an effective solvent for gas sweetening activities. Thus, these applications propel the segment's growth.

Triethylene Glycol Market: Report Scope

Regional Analysis

The Asia Pacific is expected to hold a prominent market share during the forecast period

The Asia Pacific is expected to hold a prominent market share during the forecast period due to increased industrialization and economic expansion. Furthermore, the area leads the textile sector, with a high demand for polyester fibers, which drives triethylene glycol use. In addition, the burgeoning food and beverage (F&B) industry and rising consumer spending are driving up demand for PET in packaging, which contributes to market growth. Furthermore, the booming automobile industry in Asia Pacific creates significant demand for ethylene glycol as a coolant and antifreeze.

For instance, according to Invest India, Exports of passenger vehicles increased from 404,397 to 577,875 units between April 2021 and March 2022 (a positive growth of 42.9%); exports of commercial vehicles increased from 50,334 to 92,297 units; exports of three-wheelers increased from 393,001 to 499,730 units; and exports of two-wheelers increased from 3,282,786 to 4,443,018 units during the same period last year. Therefore, this is expected to drive the market growth in the region.

Triethylene Glycol Market: Competitive Analysis

The global Triethylene Glycol market is dominated by players like:

• ACURO ORGANICS LIMITED
• PTT Global Chemical Public Company Limited
• Dow
• LyondellBasell Industries Holdings B.V.
• SGS & Company
• The Chemical Company
• ORLEN
• Shell
• Solventis
• Vizag Chemicals Yumpu.com
• Tokyo Chemical Industry Pvt. Ltd.

The Global Triethylene Glycol market is segmented as follows:

By Application

• Plasticizers
• Natural Gas Dehydration
• Solvents
• Humectants
• Others

By End-use Industry

• Construction
• Textile
• Automotive
• Oil & Gas
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa