During the years 2022–2032, the global monoethylene glycol market is expected to grow at a CAGR of 5.4%. According to estimates, the market share for monoethylene glycol will increase from US$ 38.4 billion in 2022 to US$ 65 billion by 2032.
The demand for monoethylene glycol is anticipated to increase due to the expanding use of PETs in numerous sectors. The erratic price of crude oil and the imposition of environmental controls are impeding the market’s growth. The manufacture of monoethylene glycol is expected to benefit from a number of technological developments, which could lead to market expansion for monoethylene glycol (MEG).
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Market Participants
- Nouryon
- BASF SE
- Dow
- India Glycols Limited
- LACC
- Mitsubishi Chemical Corporation
- Nan Ya Plastics Corporation
- Reliance Industries Limited
- Royal Dutch Shell PLC
- SABIC
- Solventis
Key Takeaways:
- Based on application, polyester fiber segment is expected to grow at the highest CAGR of 5% during the forecast period.
- By end user, textile segment is likely to grow at 4.90% CAGR through 2032.
- The U.S. monoethylene glycol market is forecast exhibit a CAGR of 5.2% between 2022 and 2032.
- With rapid expansion of textile, packaging, and plastic industries, Asia Pacific will remain one of the most lucrative markets for monoethylene glycol.
- Demand for monoethylene glycol in China is anticipated to grow at a steady pace during the assessment period.
- Rising demand for polyester fibre, antifreeze agents, and polyethylene terephthalate (PET) resin is boosting market growth.
- Increasing usage of MEG in the production of coolants and antifreeze materials which will push sales in the market during the forecast period.
- Growing demand for non-ionic surfactants and expanding textile and fibre industries are likely to create lucrative opportunities for monoethylene glycol manufacturers during the next ten years.
Recent Trends
- In November 2021, The Jubail United Petrochemical Company (United), a manufacturing subsidiary of SABIC, announced the launch of the Ethylene Glycol Plant – 3’s initial starting operations. This plant has an anticipated annual production capacity of 700,000 metric tons of mono-ethylene glycol.
- In January 2022, ExxonMobil and SABIC announced that Gulf Coast Growth Ventures’ top-notch manufacturing plant in San Patricio County, Texas, has successfully begun operations. A mono-ethylene glycol plant with a 1.1 million metric tons yearly capacity is one of the new facility activities.
More Valuable Insights on Monoethylene Glycol Market
In the latest study, Fact.MR offers a detailed study on global monoethylene glycol market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of monoethylene glycol through detailed segmentation as follows:
By Application:
- Polyester Fiber
- PET Bottle
- PET Film
- Antifreeze
- Industrial
By End User:
- Textile
- Packaging
- Plastic
- Automotive and Transportation
- Other End User Industries
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Key Questions Covered in the Monoethylene Glycol Market Report
- What is the projected value of the monoethylene glycol market in 2022?
- At what rate will the global monoethylene glycol market grow until 2032?
- Which are the factors hampering the growth in the monoethylene glycol market?
- Which region is expected to lead in the global monoethylene glycol market during 2022-2032?
- Which are the factors driving the monoethylene glycol market during the forecast period?
- What is the expected market value of the monoethylene glycol market during the forecast period?
What makes Fact.MR report stand out from others?
Fact.MR follows a six-point mechanism known as E.V.O.L.V.E. (Evaluate. Visualize. Overcome. Leverage. Verify. Eradicate.). This mechanism focuses on almost all the factors in a definite manner to provide the best research report for the market stakeholders.
• Evaluate: A Fact.MR report evaluates every small aspect that can prove to be a growth generator for the market, thus, making it different and special from other reports.
• Visualize: The authors involved in the research activities visualized the post-COVID-19 era so that the key stakeholders of market get an overview and helps them take certain steps to ensure continuous growth during the forecast period.
• Overcome: The report scrutinizes on points that can prove to be an achilles heel to the market and assists to create strategies to overcome the obstacles that may hinder the growth of the market.
• Leverage: The market can leverage certain aspects that can prove beneficial for the increase in growth rate. Fact.MR covers all the points on which the key stakeholders can leverage upon.
• Verify: Research is done systematically to assure validation of all the aspects covered in the report. All the points are rechecked and verified thoroughly to avoid flaws and fake information.
• Eradicate: Last but not the least, this aspect helps the key stakeholder eradicate all the obstacles that come between the growth rate and the market.
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