Factors contributing to the growing CAGR include, usage of monoethylene glycol in producing polymer fabrics and PET resins, especially in evolving economies, worldwide
Monoethylene Glycol Market Size – USD 27.79 Billion in 2020, Growth - CAGR of 4.70%, Trends – Product launches and research for advanced technological developments
According to the current analysis of Reports and Data, The global Monoethylene Glycol Market was valued at USD 27.79 Billion in 2020 and is expected to reach USD 39.98 Billion by year 2028, at a CAGR of 4.70%. Monoethylene glycol is primarily used in the manufacturing of PET and polyester resins. Monoethylene glycol is produced from ethylene via ethylene oxide, which is hydrated through thermal or catalytic process. Monoethylene glycol (MEG) is a colorless, odorless, syrupy liquid with sweet taste. Mono-ethylene Glycol (MEG) can be used for applications that require chemical intermediates for resins, solvent couplers, freezing point depression, solvents, humectants and chemical intermediates. The increasing use of monoethylene glycol in polyester fiber and polyethylene terephthalate (PET) industries is propelling the growth of the global monoethylene glycol market.
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Top Companies: LyondellBasell, The Dow Chemical Company, ME Global, SABIC, ExxonMobil Corporation, Formosa Plastic Group, AkzoNobel and Honam Petrochemical Corporation
Further key findings from the report suggest:
- Polyester fabrics are extensively used in apparels, home furnishings, yarns ropes and other industrial applications including conveyer belts and insulating tapes which are likely to drive the demand for MEG over the forecast period.
- The production of Polyester fibers in the past years has been increasing. This increasing trend will also be observed during the forecast period. Roughly, 0.345 Kg of MEG is used to make 1 Kg of Polyester
- The growing demand for monoethylene glycol in the production of polyester fiber is the major factor influencing the market growth. Interpreting to the technology, naphtha-based segment recorded the highest share in the market of approximately 47.1%
- The increasing industrial sector in countries such as China and India are the driving the market growth. The Asia Pacific holds the largest market share of 37.5% in the global mono-ethylene glycol market due to the rising demand for polyester fiber in the region
- New Catalytic process utilizes 20% less steam and 30% less water than the traditional thermal conversion process, which reduces the carbon dioxide emission per ton of MEG produced
- North America witnessed a stable growth in the market over the past few years and will continue to do so during the forecast period whereas
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
Market Segmentation:
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The global Monoethylene Glycol market is segmented into:
Technology (Revenue, USD Million; 2018–2028)
- Naphtha-Based
- Coal-And Natural Gas-Based
- Bio-Based Monoethylene Glycol Production
- Technology Providers
Application (Revenue, USD Million; 2018–2028)
- Fiber
- PET
- Film
- Antifreeze Coolant
- Others
End use (Revenue, USD Million; 2018–2028)
- Packaging
- Automotive
- Textiles
- Chemicals
- Paper
- Leather
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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