Monoethylene Glycol (MEG) Demand to Surge at 5.4% CAGR Amid Burgeoning Demand for Polyester Fibre
Polyester Fiber and PET Film Application to Collectively Account for Over 50% of MEG Sales
Fact.MR's latest report on the monoethylene glycol market provides a 10-year forecast through 2022 & beyond. The report further explicates crucial dynamics such as drivers, challenges, and opportunities shaping the market. To present the information in a vivid way, the report has been segmented into application, end user, and region.
NEW YORK, Sept. 6, 2022 /PRNewswire/ -- The global monoethylene glycol market size is estimated to grow from US$ 38.4 Bn in 2022 to US$ 65 Bn by 2032, with sales surging at 5.4% CAGR throughout the forecast period. Rising usage of monoethylene glycol across diverse industries such as textile, packaging, plastic, and automotive is driving demand in the global market.
Over the years, end uses for monoethylene glycol have significantly widened from clothing and other textiles, through packaging to kitchenware, engine coolants, and antifreeze.
It has become a vital ingredient for the production of polyester fibres and film, engine coolants, antifreeze formulations, and polyethylene terephthalate (PET) resins. Thus, increasing demand for these products will continue to propel the global monoethylene glycol market forward.
Monoethylene glycol is being increasingly used in the manufacturing of coolants for automotive engines. The importance of monoethylene glycol-based liquids for automotive heat transfer in vehicle engines has also caught the interest of industry leaders.
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Monoethylene glycol has low volatility and is fully miscible in water, alcohol, and other organic fluids. These characteristics have helped it gain appeal in a variety of industries.
Many sectors, including construction, automotive, consumer products, textiles, pharmaceuticals, and chemical processing, use monoethylene glycol.
Due to the rising need for polyester fibre in the textile sector and growing usage of polyethylene terephthalate (PET) in significant consumer goods items, such as bottles and food containers, the market will showcase a steady growth rate during the next ten years.
Together, polyester resin and PET are the most popular application segments, accounting for more than half of global consumption.
In addition to this, increased acceptance of bio-based monoethylene glycol (MEG) is expected to create opportunities for monoethylene glycol manufacturers during the forecast period.
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.
Growth Drivers:
- 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.
Restraints:
- Fluctuation in raw material prices is a major challenge restraining growth of the global monoethylene glycol market
- Toxic nature of MEG is also likely to reduce its consumption during the forecast period.
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Competitive Landscape:
The global monoethylene glycol market is highly competitive in nature due to presence of a large number of regional and local market players. In order to capitalize and increase their revenue share, key players are focusing on increasing production capacity, establishing new manufacturing plants, and partnering and collaborating with other companies. For instance,
- 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.
Key Companies Profiled by Fact.MR
- Nouryon
- BASF SE
- Dow
- India Glycols Limited
- LACC
- Mitsubishi Chemical Corporation
- Nan Ya Plastics Corporation
- Reliance Industries Limited
- Royal Dutch Shell PLC
- SABIC
- Solventis
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
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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?
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About Fact.MR
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