The global monoethylene glycol market is predicted to rise at a CAGR of 5.4% during 2022-2032. The monoethylene glycol market share is estimated to reach US$ 65 Bn by 2032 from US$ 38.4 Bn in 2022.The growing use of PETs in a variety of industries is expected to propel the global demand for monoethylene glycol forward. The market’s expansion is being stifled by the volatility of crude oil prices and the implementation of environmental restrictions. Various technological advances in monoethylene glycol production are projected to generate monoethylene glycol (MEG) market growth possibilities.
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By Application :
- Polyester Fiber
- PET Bottle
- PET Film
By End User :
- Automotive and Transportation
- Other End User Industries
By Region :
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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Recent Developments in the Monoethylene Glycol Market :
ExxonMobil and SABIC announced in January 2022 that Gulf Coast Growth Ventures’ world-class manufacturing facility in San Patricio County, Texas, had successfully launched. A mono-ethylene glycol unit with an annual capacity of 1.1 million metric tonnes is part of the new facility’s activities.
SABIC announced the start-up of the Ethylene Glycol Plant – 3 at its manufacturing subsidiary, Jubail United Petrochemical Company (United), in November 2021, with an annual mono-ethylene glycol production capacity of 700,000 metric tonnes.
Nouryon, BASF SE, Dow, India Glycols Limited, LACC, Mitsubishi Chemical Corporation, Nan Ya Plastics Corporation, Reliance Industries Limited, Royal Dutch Shell PLC, SABIC, and Solventis are the key players in the monoethylene glycol market.
In the foreseeable period, rising consumption across end-use industries, combined with technological advances, is expected to drive the demand for monoethylene glycol. Anti-corrosion agents, anti-freeze, coolant materials, dewatering agents, and a variety of other chemical intermediates can all be made with this product.
The monoethylene glycol can also be used to make various hygroscopic materials that are employed in a variety of industries, including textiles, packaging, and automobiles. Furthermore, capacity expansion in China and the Middle East is expected to drive product and monoethylene glycol market expansion. Together, Mitsubishi Chemicals and Reliance Industries control more than 40% of the global monoethylene glycol market.
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Which Segment is Likely to Lead the Monoethylene Glycol Market By Application?
Due to enhanced strength and impact resistance, rising demand for PET containers from various commercial and industrial end-use markets, including packaging, is likely to boost the monoethylene glycol market in the coming years. Polyester fabrics are widely used in apparels, home furnishings, yarns and ropes, and other industrial applications such as conveyor belts and insulating tapes, all of which are expected to drive demand for monoethylene glycol over the projected period.
Polyester resin and PET were the most popular application segments, accounting for more than half of global consumption. Because of the booming textile industries in China and India, polyester resin is predicted to be the fastest growing monoethylene glycol market over the forecast period.