The global TEG market size is projected to reach a valuation of USD 870.6 million by 2025, owing to its excellent hygroscopic properties which have aggravated the demand of triethylene glycol in a wide number of applications. The increasing need for plasticizers in end-use industries is another factor contributing towards the growth of the global triethylene glycol market.
TEG is used by the oil & gas industry to “dehydrate” natural gas. Triethylene glycols, which have a high boiling point and water affinity, are used as a liquid desiccant for natural gas dehydration. Dehydration is the removal of water vapor from the refinery tower so that dry hydrocarbon gasses can leave the tower’s top. It can also be used to dehydrate other gasses, including CO2, H2S and other gases oxygenated. Natural gas dehydration is projected to be the fastest growing application holding a valuation of approximately USD 526.1 million by 2025.
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Growth in natural gas production on account of increasing industrialization and power demand in emerging Asian countries as well as in Africa have boosted the demand for natural gas dehydration. A higher degree of purity, lower vapor losses, and operating costs are the advantages offered by TEG which have driven the global triethylene glycol market. In addition, improving gas import, transport and utility infrastructure in countries such as China, India, and Brazil is likely to fuel the global triethylene glycol market growth over the predicted period. Favorable government policies backing the use of natural gas as a cleaner fuel is anticipated to assist the global triethylene glycol (TEG) market share over the forecast period.
Middle East & Africa are projected to witness a demand volume exceeding 70 kilo tons by 2025, growing in tandem with the global growth during the forecast period. Natural gas, being one of the cleanest burning fossil fuels, is in high demand as governments are finding cost-effective ways to reduce their dependence on coal and oil burning power plants. As a result of this increasing global demand, governments and industries throughout the Middle East are now expanding infrastructure for the production of natural gas to extract and monetize the region’s large supply.
Alongside Russia and Iran, Qatar has the world’s third largest proven natural gas reserve. The World Energy Outlook also predicted that by 2020, the Middle East will become the second largest gas consumer. The biggest consumption increase comes from the electricity sector. In Saudi Arabia, the growing demand for electricity is mainly as a result of population growth and the ongoing drive to meet its current supply gap. Bharat Petroleum forecasts that by 2040, the Middle East, which represents the largest natural gas reserves, in particular offshore Iran and Qatar, will see an expansion in the production of natural gas by 60%, thus leading to the need for dehydration. Growth in the capacity additions is likely to have a positive impact on the growth of the global TEG market size over the forecast years.
The nature of the global triethylene glycol market is fragmented with the presence of a large number of established players. The primary participants include Dow Chemical Company, Huntsman Corporation, BASF AG, Royal Dutch Shell, Eastman Chemical Company, Exxon Mobil Corporation, Saudi Basic Industries Corporation, INEOS, LyondellBasell Industries Holdings B.V., and LOTTE Chemical Corporation among others.
Key segments of the Global Triethylene Glycol (TEG) market
Application Overview, 2015-2025 (Kilo Tons) (USD Million)
- Natural Gas Dehydration
- Polyester Resins
Regional Over view, 2015-2025 (Kilo Tons) (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- Gulf Council Cooperation (GCC) Countries
Companies including in the Triethylene Glycol (TEG) Market report:
- The Dow Chemical Company
- Huntsman Corporation
- BASF AG
- Royal Dutch Shell
- Eastman Chemical Company
Major Points from TOC of the Triethylene Glycol (TEG) Industry:
- Executive Summary
- Research Methodology
- Market Outlook
- Global Triethylene Glycol (TEG ) Market Overview, By Application
- Global Triethylene Glycol (TEG) Market Overview, By Region
- Competitive Landscape
- Company Profiles
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