Increasing Demand for Triethylene Glycol - The primary driver of the global triethylene glycol market is the increasing demand for triethylene glycol across end-user industries. The global triethylene glycol market is growing due to the increasing demand for plastics across multiple industry sectors. The usage of plastics has become widespread in industrial applications and consumer goods, developing a requirement for plasticizers. Plasticizers are chemical compounds that can enhance their performance attributes/properties, such as durability and flexibility. Triethylene glycol is expected to play an important role in meeting this demand by serving as a key component among conventional/traditional options. As manufacturers seek sustainable alternatives with improved ecological benefits amid heightened customer interest towards eco-friendly choices, bio-based triethylene glycol made from renewable resources is one viable solution deserving consideration - further supporting its growth potential within the industry sector. This is the primary factor for the market growth and development.
Price Fluctuations of Raw Materials – The market for triеthylеnе glycol has several significant obstacles, one of which is the price volatility of raw materials. Ethylene oxide must be oligomerized in order to produce triеthylеnе glycol, and the price of ethylene oxide is subject to changes in the market for petrochemical fееdstock. Stable and predictable pricing strategies can be challenged by fluctuations in the pricing and availability of raw materials, which can directly affect the production costs of triethylene glycol producers. Global crises and economic downturns pose significant obstacles to the triethylene glycol business. The sector's expansion strongly correlates with economic variables, including GDP, industrial activity, and consumer demand. Industries may cut output during uncertain economic times, lowering demand for chemicals like triethylene glycol. This factor can restrain the market growth and development.
Increasing Application of Triethylene Glycol as Solvent - TEG, or triethylene glycol, serves multiple purposes as a solvent due to its excellent solubility. This attribute has made it an integral component in diverse sectors, contributing significantly to market expansion. TEG is transparent and colorless and blends perfectly with different organic solvents such as water because of its broad-spectrum dissolving capabilities; therefore, it is widely preferred for various applications, including isolating aromatic hydrocarbons, printing inks & cleansers. The special features of TEG, like low toxicity levels, high boiling point, and low volatility, have contributed immensely towards increased usage of the product, leading companies to use durable yet efficient options that are eco-friendly while being minimally detrimental to human health too, making triethylene glycol stand out among other options available in the present scenario. This factor is propelling the market growth and development.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global triethylene glycol market based on below-mentioned segments:
Global Triethylene Glycol Market by Application:
Global Triethylene Glycol Market by End-user:
Global Triethylene Glycol Market by Region:
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