Impact of COVID-19 on Green Glycol Market : Implications on Business
Petrochemical-derived products, such as glycol, have been around for a long time. Glycol has significantly high commercial value as it is used to make antifreeze formulations and polymers. However, due to issues, such as global warming, climate change and ozone depletion, many companies have begun to look closely into the potential for a greener alternative and green glycol has provided them with a solution. Green glycol is a cost-effective biomass-derived chemical which works same as conventional glycols. Green glycols are now being prepared on a large commercial scale by several companies to cater to the increasing demand for natural products. The efficient and economical advantages of green glycols have made a significant impact on the business of bio-based green glycols. Bigger companies, such as Archer Daniels Midland, have now begun to look beyond the processing of green glycols, they have started looking for downstream value options that derivatives might offer. All these reasons combined are anticipated to boost the growth of green glycols over the forecast period.
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Reasons for Covering this Title
For the past few centuries, glycol manufacturing and supply has been influenced by natural gas and petroleum oil. However, the demand for cost-effective and fossil-free green glycols has increased over the years owing to the rising cost of conventional glycol, environment degradation and the need for better-performing glycols. Green glycols offer identical or better performance than petroleum-based materials. They also emit far fewer greenhouse gases and thus, are helping the industry successfully address emission concerns. This is a key factor boosting the demand for green glycols across industries.
- In the year 2007, Archer Daniels Midland began to investigate a bio-derivative — “green” glycol — produced using biodiesel’s co-product glycerine as a feedstock and today the company is producing 100,000 tons of these glycols in its manufacturing plant situated at Decatur, Illinois
- In 2016, S2G Biochemicals Inc. started large-scale production of bio green glycols to replace chemicals used in PET/PEF containers, resins and cosmetics, among others
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Global Green glycol: Market Segmentation
On the basis of source, the market has been segmented as –
- Soy
- Corn
- Others
On the basis of type, the global market has been segmented as –
- Epichlorohydrin Glycol
- Propylene Glycol
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Global Green Glycol Market: Key Players
Some of the key players operating in this market are E. I. du Pont de Nemours and Company, BP p.l.c., S2G BioChemicals Inc., Archer Daniels Midland, Global Bio-chem, Ashland, BASF SE, Cargill Inc., Diester Industrie S.A.S., Air Liquide S.A., Orison Marketing, Hawkins Inc. and India Glycols Limited, among others.
The presence of several large and small-scale vendors in the green glycol market makes it a highly competitive market. The large players in the market are forming strategic alliances with small vendors to enhance their business in the green glycol market through technological innovations and product applications.
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