The monoethylene glycol (MEG) market is a rapidly growing industry that provides a versatile chemical with applications in various industries, including textiles, packaging, and automotive. MEG is a clear, colorless, and odorless liquid that is commonly used as a raw material for the production of polyester fibers, resins, and films. The market for MEG is expected to continue to grow in the coming years due to the increasing demand for polyester fibers and resins in the textile and packaging industries. MEG is also used as a coolant in automotive engines, which is expected to further drive the demand for MEG.
The nation’s economy is said to have a significant impact on the use of monoethylene glycol. Even though the economies of Asia are growing cyclically, there will still be a high demand for monoethylene glycol for uses like polyester fibers and PET. Over the past few years, the monoethylene glycol market has been driven by expansion in the packaging industry. This has a significant impact on the market for monoethylene glycol as well as the demand for it, along with urbanization, shifting consumer lifestyles, rising disposable income, and other factors.
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Key Segments
- 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 TAKEAWAYS:
- The polyester fibre segment of the application sector in monoethylene glycol market is projected to expand at a CAGR of 5% through 2032.
- Textile sector of the end use industry segment in monoethylene glycol market, to develop with a 4.9% CAGR through 2032.
- The monoethylene glycol market in the United States is expected to reach US$ 22.1 Billion by 2032, growing at a CAGR of 5.2% during the forecast period.
- The UK monoethylene glycol market is anticipated to be worth US$ 2.9 Billion by 2032, with a CAGR of 3.6% through 2032.
- South Korea is expected to reach a market size of US$ 2.5 Billion in monoethylene glycol by 2032; with a CAGR of 4.3% over the forecast period.
- China is estimated to reach a market size of US$ 4.7 Billion in monoethylene glycol by 2032, with a CAGR of 4.8% over the forecast period.
- Japan’s monoethylene glycol market is expected to be worth US$ 4.1 Billion by 2032, with a CAGR of 4.6% throughout the forecast period.
RECENT DEVELOPMENT:
- ExxonMobil and SABIC declared that Gulf Coast Growth Ventures’ top-notch manufacturing facility in San Patricio County, Texas, would successfully begin operations in January 2022. The new facility’s operations include a monoethylene glycol unit with a 1.1 million metric tonnes annual capacity.
- The Ethylene Glycol Plant – 3 at SABIC’s manufacturing subsidiary, Jubail United Petrochemical Company (United), is scheduled to begin operating in November 2021 with a capacity to produce 700,000 metric tonnes of monoethylene glycol annually.
Key Market Players
- Nouryon
- BASF SE
- Dow
- India Glycols Limited
- LACC
- Mitsubishi Chemical Corporation
- Nan Ya Plastics Corporation
- Reliance Industries Limited
- Royal Dutch Shell PLC
- SABIC
- Solventis
What is the Regional Demand Analysis in the U.S. Monoethylene Glycol Market?
In the United States, monoethylene glycol is widely used as a raw material for the manufacture of fabric and polyester fibers, as well as a coolant, anti-freeze, dewatering agent, chemical intermediate, humecant, and anti-corrosion agent.
Additionally, a variety of applications for monoethylene glycol, such as those in the manufacture of cosmetics, food and beverages, pharmaceuticals, and tobacco products, have been driving up demand for the product in the United States. During the forecast period, the U.S. monoethylene glycol market is expected to expand at a CAGR of 5.2%.
In summary, the MEG market is expected to grow in the coming years due to the increasing demand for polyester fibers and resins and the demand for sustainable and eco-friendly products. However, the industry may face challenges due to the volatility of raw material prices and the availability of substitutes