The size of the global monoethylene glycol (MEG) market was worth USD 30.37 billion in 2023. The global market is anticipated to reach USD 44.39 billion by 2029 from USD 32.35 billion in 2024, growing at a CAGR of 6.53% from 2024 to 2029.
Monoethylene glycol is also given the word ethylene glycol, which is sweet in the tasting, colorless, and odorless composite. Monoethylene glycol is obtained from ethylene, a downstream composite of crude oil and natural gas. It is a key raw material employed in different industrial implementations. It is broadly employed in the manufacturing of films, fibers, and polyester resin. It is also employed as a coolant composite, dewatering agent, aircraft deicer and anti-icer, anti-freeze, and chemical transmitter. MEG is gained through an industrial procedure from ethylene oxide that is hydrated through the thermal procedure. The ethylene employed in the production of MEG is produced by different sources like naphtha, synthesis gas, coal, and biomass, whereas gas-based technology is highly employed in the market. The call for the biomass-based production procedure for MEG is gaining popularity due to its renewability and decreasing dependence on naphtha and coal-based sources.
In addition to that, monoethylene glycol is a bio-degradable compound owing to which the aquatic organisms are less impacted. This factor is also attributed to the expansion of the global market. Exposure to MEG is very harmful to humans; ingestion of this may highly impact the kidneys, heart, and central nervous systems, which is hindering the expansion of the market.
The rising demand for non-ionic surfactants and Y-O-Y growth in the textile & fiber industries are further boosting the growth of the monoethylene glycol market. The rising employment of monoethylene glycol as a raw material for manufacturing polyester fiber and polyethylene terephthalate (PET) will probably boost the monoethylene glycol market. Enhanced standard of living, in addition to the modern fashion tendency of the customers for newly made attires, is estimated to drive the polyester fiber call, directly raising the product industry size in the foreseen period. The product further finds uses in many industrial employments like antifreeze, hydrate inhibitors in gas pipelines, and as a heat transfer agent, which is estimated to manufacture so many prospects from different end-use businesses.
MEG is one of the broadly employed raw materials for the making of polyester fibers and polyethylene terephthalate (PET) resins. PET resins are employed in the making of different products, including textiles, tire cords, PET bottles, and water containers. MEG is employed in so many applications like stabilizers against gel formation, heat transfer fluids (gas compressors, ventilating, procedure chillers, and also in air conditioning), and water-based formulations. The antifreeze grade MEG is initially employed in the making of automotive antifreeze and coolants. Monoethylene glycol is mainly employed in the making of PET and polyester resins. In addition to that, polyester fabrics are broadly employed in apparel, yarns and ropes, home furnishings, and other industrial applications like insulating tapes and conveyor belts.
MARKET RESTRAINTS
Fluctuations in the prices of crude oil and volatilities in the availability of raw materials are hampering the growth of the monoethylene glycol market. Environmental concerns regarding glycol production, stringent regulations on emissions and waste disposal and competition from alternative materials are impeding the global market growth. Limited infrastructure for distribution and storage and the impact of global health crises on industrial activity are further hindering the growth of the global market.
REPORT COVERAGE
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
6.53% |
Segments Covered |
By Application, Technology and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe Asia Pacific, Latin America, Middle East & Africa. |
Market Leaders Profiled |
SABIC (Saudi Arabia), Formosa Plastic Group (Taiwan), The Dow Chemical Company (US), Sinopec (China), BASF, MEGlobal, Shell (Netherlands), Reliance Industries (India), SIBUR (Russia), ExxonMobil Corporation, Royal Dutch, Mitsubishi Chemical, LyondellBasell, AkzoNobel, Honam Petrochemical Corporation, Sinopec Zhenhai Refining & Chemical Company, and Others. |
SEGMENTAL ANALYSIS
Global Monoethylene Glycol (MEG) Market Analysis By Application
Fiber is estimated to be the biggest sector of application owing to the huge call of monoethylene glycol in the textile end-use market for producing artificial fiber and polyester fiber. Antifreeze & Coolant is estimated to rise at the highest CAGR throughout the forecast period owing to their call-in automotive and chemical end-use businesses.
Global Monoethylene Glycol (MEG) Market Analysis By Technology
The naphtha-based sector is estimated to rise at the highest CAGR during the foreseen period.
REGIONAL ANALYSIS
Asia-Pacific accounted for the biggest share of the worldwide market in 2023, wherein China accounted for over 35.5% of the global market share. The regional market is estimated to show the highest CAGR during the foreseen period due to the growing textile and packaging businesses in the regional market. The packaging market in the region is the biggest worldwide and is further determined to multiply on account of the rise in per capita disposable expenditure and the increasing call for hygienic packaging in the pharmaceutical and food businesses. Also, growing the automotive business in the region is further estimated to propel the expansion of the regional market. The automotive market in the economies of India, China, Japan, South Korea, and Thailand are estimated to be the key customers of the MEG in the regional market in the future.
Europe is estimated to be the second biggest regional market and is mainly credited to the high call for bio-based MEG for the making of bio-PET. Rising employment of bio-PET in the packaging business in the regional market due to the strict environmental rules and the escalated emphasis on the shift from crude oil-obtained products to bio-based products. A similar trend is estimated to be seen in the North American market during the outlook period.
KEY PLAYERS IN THE GLOBAL MONOETHYLENE GLYCOL (MEG) MARKET
Companies playing a prominent role in the global monoethylene glycol (meg) market include SABIC (Saudi Arabia), Formosa Plastic Group (Taiwan), The Dow Chemical Company (US), Sinopec (China), BASF, MEGlobal, Shell (Netherlands), Reliance Industries (India), SIBUR (Russia), ExxonMobil Corporation, Royal Dutch, Mitsubishi Chemical, LyondellBasell, AkzoNobel, Honam Petrochemical Corporation, Sinopec Zhenhai Refining & Chemical Company, and Others.
RECENT HAPPENINGS IN THE GLOBAL MARKET
DETAILED SEGMENTATION OF THE MONOETHYLENE GLYCOL (MEG) MARKET INCLUDED IN THIS REPORT
This research report on the global monoethylene glycol (meg) market has been segmented and sub-segmented based on application, technology, and region.
By Technology
By Application
By Region
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