Monoethylene Glycol (MEG) Market Size & Share, by Application (Polyester Fibers, PET, Antifreeze & Coolants, Films); End-user (Textile, Automotive, Packaging, Oil & Gas, Transportation, Medical) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4650
  • Published Date: Feb 23, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2033

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.


Monoethylene Glycol Market
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Monoethylene Glycol Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~5%

Base Year Market Size (2022)

~ USD 27 Billion

Forecast Year Market Size (2033)

~ USD 38 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Monoethylene Glycol Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Rapid Expansion in Textile Industry – Monoethylene glycol is essential for producing polyester fabrics. These polyester fabrics are used in textile and apparel production, as well as garment production, home furnishings, carpets, and rugs. As a result, the expansion of the textile sector is anticipated to generate significant market potential. For instance, with a consistent CAGR of close to 5%, the worldwide textile sector is anticipated to reach roughly USD 1,230 billion by 2024.
  • Increasing Expansion of Chemical Industry across the Globe – The demand for various types of chemicals in various end-use sectors has been rising. Several industries, such as construction, color and coatings, textiles, packaging, and so on, are highly rely on various chemicals to get the raw materials for their final products. Therefore, the rising expansion of the chemical industry throughout the world is another major factor that is estimated to push the market growth further in during the forecast period. For instance, the global chemical industry garnered revenue of nearly USD 4 trillion around the world in the year 2021.
  • Increasing Research Expenditure – According to research reports, since 2000, global research and development expenditure has more than tripled in real terms, rising from approximately USD 680 billion to over USD 2.5 trillion in 2019.
  • Increasing Government Support in the Chemicals Sector – For instance, within the Union Budget 2022-23, the Indian government allocated approximately USD 27 million to the Department of Chemicals and Petrochemicals.
  • Rise in Demand and Production of Vehicles – For instance, the global production of vehicles was 80,145,988 units in 2021. This is a boost from 77,711,729 units in 2020.

Challenges

  • Fluctuating Prices of Raw Materials of Monoethylene Glycol  The fluctuation in the prices of raw materials of monoethylene glycol as a result of crude oil costs and other feedstock is estimated to hinder the growth of the monoethylene glycol market over the projected time frame.
  • Stringent Regulatory Policies
  • High Manufacturing Costs


Monoethylene Glycol Segmentation

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:

 

           By Application

  • Polyester Fibers
  • PET, Antifreeze & Coolants
  • Films
  • Others

 

           By End-User

  • Textile
  • Automotive
  • Oil & Gas
  • Medical
  • Others

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Monoethylene Glycol Industry - Regional Synopsis

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.

Research Nester
Monoethylene Glycol Market Size
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Companies Dominating the Monoethylene Glycol Landscape

top-features-companies

    ·Reliance Industries Limited

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
    • Kuwait Petroleum Corporation
    • Akzo Nobel N.V.
    • Clariant International Ltd
    • LOTTE Chemical Corporation
    • Formosa Plastics Corporation, U.S.A.
    • Exxon Mobil Corporation
    • Huntsman International LLC
    • Saudi Basic Industries Corporation (SABIC)
    • BASF SE

In-the-news

In The News

  •  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


  • Report ID: 4650
  • Published Date: Feb 23, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rapid extension in textile industry, increasing expansion of chemical industry across the globe, rise in demand and production of vehicles are some major factors driving the growth of the market.

The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023-2033.

Fluctuation in prices of raw materials of monoethylene glycol, stringent regulatory policies, and high manufacturing costs are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Reliance Industries Limited, LOTTE Chemical Corporation, Akzo Nobel N.V., Clariant International Ltd, Formosa Plastics Corporation, U.S.A., Exxon Mobil Corporation, Huntsman International LLC, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by application, by end user, and by region.

The textile segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Monoethylene Glycol Market Report Scope
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