Monoethylene Glycol Market Is Anticipated To Reach USD 41.95 Billion By 2032

The global monoethylene glycol market was worth around USD 25.91 billion in 2023 and is predicted to grow to around USD 41.95 billion by 2032, with a compound annual growth rate (CAGR) of roughly 5.50% between 2024 and 2032.

The monoethylene glycol (MEG) market revolves around producing, distributing, and selling a versatile chemical compound widely used in various industries. MEG plays a key role as a raw material in manufacturing polyester fibers, polyethylene terephthalate (PET) resins, antifreeze solutions, and several other industrial products. Its unique properties make it indispensable in both textile production and industrial applications. The monoethylene glycol industry's growth is primarily driven by rising demand across multiple sectors, particularly textiles and packaging. However, fluctuating prices and growing environmental concerns pose significant challenges to its expansion.

Browse the full “Monoethylene Glycol Market By Grade (Fiber Grade, Industrial Grade, And Antifreeze Grade), By Application (Fiber, PET, Film, Antifreeze & Coolant, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024-2032” Report at https://www.zionmarketresearch.com/report/monoethylene-glycol-market

Market Growth Factors

Several factors are accelerating the expansion of the monoethylene glycol market.

• Rising Demand for PET: The increasing use of PET in packaging, especially for food and beverages, is driving market growth.
• Expanding Textile Industry: High demand for polyester fibers in clothing and home textiles is boosting MEG consumption.
• Growth in Automotive Coolants: MEG is widely used in antifreeze and coolants, supporting market expansion in the automotive sector.

Restraints

• Price Volatility: Fluctuating raw material and energy costs create challenges for manufacturers.
• Environmental Concerns: Strict regulations push industries toward sustainable alternatives, affecting MEG demand.

Monoethylene Glycol Market: Report Scope

Market Segmentation

The monoethylene glycol market can be segmented into grade, application, end-user industry, and region.

Based on grade, the global market is segmented into industrial grade, antifreeze grade, and fiber grade. The fiber grade is expected to lead the market during the forecast period due to its widespread use in polyester fiber and PET production for textiles and packaging.

Based on the application, the monoethylene glycol industry is divided into polyester fibers, PET bottles, and antifreeze. Polyester fibers lead the market due to their high demand in the textile and apparel industry, especially in Asia-Pacific.

Based on the end-user industry, the market is segregated into textiles, packaging, automotive, and others. Textiles dominate the market due to increasing global demand for polyester-based clothing and home furnishings.

Asia-Pacific is expected to dominate the global monoethylene glycol market, driven by its strong manufacturing base and high demand for polyester and PET products. Countries like China, India, and South Korea play a crucial role in MEG consumption, as they are major producers of textiles, packaging materials, and automotive components. The rapid expansion of the textile and apparel industry, fueled by rising disposable incomes and urbanization, is further boosting demand. Increasing industrialization and infrastructure development drive MEG applications in antifreeze and construction-related materials. As consumerism continues to rise across the region, particularly in emerging economies, the market is expected to witness significant growth in the coming years.

Key Market Players

Some of the prominent companies operating in the monoethylene glycol market include:

• SABIC
• Formosa
• Dow DuPont
• BASF SE
• MEGlobal
• Sinopec
• Shell
• Reliance
• SIBUR
• PTTGC

Recent Developments

• In January 2024, SABIC expanded its monoethylene glycol (MEG) production capacity in Asia to cater to the rising demand for polyester and PET applications.
• In February 2024, BASF and Dow Chemical announced significant investments in MEG production and distribution networks following updated global trade policies, enhancing supply chain efficiency.

This report segments the global monoethylene glycol market into:

Global Monoethylene Glycol Market: Grade Analysis

• Fiber Grade
• Industrial Grade
• Antifreeze Grade

Global Monoethylene Glycol Market: Application Analysis

• Fiber
• PET
• Film
• Antifreeze & Coolant
• Others

Global Monoethylene Glycol Market: Regional Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

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