Monoethylene Glycol Market size is estimated to surpass USD 38 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of monoethylene glycol was USD 27 Billion. The growth of the market can be attributed to the escalating use of monoethylene in several end-use industries, such as automotive, construction, and so on, which is fueling up the demand for monoethylene glycol. Furthermore, the dynamic expansion of the chemical industry worldwide, and the surge in research and development activities are also anticipated to boost the market growth over the coming years. For instance, the Indian chemical industry was valued at roughly USD 170 billion in 2019 and is expected to be worth around USD 300 billion by 2025.
In addition to these, factors that are believed to fuel the market growth of monoethylene glycol include the rise in the demand for consumer goods, the soaring demand for polyethylene terephthalate (PET), and the increasing demand as a result of its being a biodegradable compound that does not put any hazardous effects on the environment. Besides this, monoethylene glycol is being used to manufacture polyester fibers as a raw material. This raw material works effectively as a coolant in automobile engines. Further, as a heat transfer agent, it helps in cooling down the parts of a vehicle. Furthermore, mixing monoethylene glycol with water has the added benefit of preventing corrosion, acid degradation, and the growth of certain bacteria. Thus, the rise in the number of vehicles across the world is anticipated to garner high revenues in the global monoethylene glycol market by 2033. For instance, recent reports estimated that by the end of the first quarter of 2022, approximately 1.50 billion vehicles were on the roads worldwide.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 27 Billion |
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Forecast Year Market Size (2033) |
~ USD 38 Billion |
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Regional Scope |
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End-user (Textile, Automotive, Packaging, Oil & Gas, Transportation, Medical)
The global monoethylene glycol market is segmented and analyzed for demand and supply by end-user into textile, automotive, packaging, oil & gas, transportation, medical, and others. Out of these segments, the textile segment is expected to hold the highest market growth by the end of the year 2033. The growth of the segment can be attributed to the dynamically surging demand for textiles throughout the world, coupled with the rising demand for polyester fiber in the textile sector that has initiated the increased manufacturing of monoethylene glycol. For instance, the global textile sector was valued at roughly USD 1.6 trillion in 2022, and it is expected to expand at a rate of 4 - 5% each year over the next coming years. Such outstanding growth in the textile industry is estimated to immensely drive the growth of the market during the forecast period.
Application (Polyester Fibers, PET, Antifreeze & Coolants, Films)
The global monoethylene glycol market is also segmented and analyzed for demand and supply by application into polyester fibers, PET, antifreeze & coolants, films, and others. Amongst these five segments, the PET segment is expected to garner a soaring share owing to its high tensile strength, effective UV resistance, sound optical clarity, and so on. Furthermore, this segment is also estimated to grasp a large market share backed by the growing use of polyethylene terephthalate (PET) in the production of several types of consumer goods, followed by the highly increasing use of PET in the packaging industry as a result of its high effectivity as a vapor barrier. On the other hand, the polyester fibers segment is projected to witness a significant CAGR during the forecast period, owing to its widespread utilization in industries such as electronics for electrical insulation, resins, the textile industry, and so on.
Our in-depth analysis of the global market includes the following segments:
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By Application |
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By End-User |
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APAC Market Statistics
The Asia Pacific monoethylene glycol market is projected to hold the largest revenue share by the end of 2033. The growth of the market can be attributed majorly owing to the increasing growth in numerous end-use industries, including textile, automotive, packaging, and so on, where monoethylene glycol has been used to prepare products as of its better strength, great stability, and high gloss. Furthermore, increasing investment in various industries in the region is another major factor, which is estimated to drive market growth in the region over the forecast period. For instance, India's textile industry is expected to bring in investments worth USD 125 billion and boost exports to nearly USD 350 billion by 2025. Further, the presence of key manufacturers of PET and polyester fiber in emerging nations such as Malaysia, India, and China, along with significant expansion of the electronic sector in the region is another key factor that is anticipated to drive the market growth further during the projected time frame.
North American Market Forecast
In addition, the North America monoethylene glycol market is estimated to display notable market growth by the end of 2033. The major factors that contribute to the expansion of the market in this region are the rapidly increasing textile industry in the region. In addition to this, the use of monoethylene glycol is highly extending as of its extensive use in the production of apparel, home furnishing products, technical textile, and so on. Moreover, the growing export value of textile products is another factor that is estimated to further drive the market growth in the region. For instance, the U.S. industry has become the second-largest exporter of textile-related products in the world. Fiber, textile, and apparel exports combined were USD 29 billion in 2021.
·Reliance Industries Limited
Reliance Industries Ltd – Reliance Industries Ltd agreed to acquire a majority stake in SenseHawk Inc. for a total transaction value of USD 32 million.
LOTTE Chemical Corporation – LOTTE Chemical Corporation joined hands with joint tests Syzygy and Sumitomo for ammonia photolysis. This partnership will execute the world’s largest ammonia pyrolysis technology test.
Author Credits: Smruti Ranjan, Rajrani Baghel
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