The report titled 'Global Monoethylene Glycol Market - Growth, Share, Opportunities, and Competitive Analysis, 2022 - 2032' offers strategic visions into the global monoethylene glycol market along with the market size (Revenue - US$ Bn and Volume - Kilo Ton).
The said research study covers in-depth analysis of multiple market segments based on grade, application, and study across different topographies. The report is also inclusive of competitive profiling of the leading monoethylene glycol vendors, and latest developments. Monoethylene glycol (MEG) is an important raw material for industrial applications. A primary use of MEG is in the manufacture of polyester (PET) resins, films and fibers. In addition, MEG is important in the production of antifreezes, coolants, aircraft anti-icer and deicers and solvents.
The Monoethylene glycol market in terms of revenue is expected to reach US$ 43.45 Bn by 2024 expanding at a CAGR of 6.4% from 2018 to 2024.
The increasing use of monoethylene glycol in polyester fiber and polyethylene terephthalate (PET) industries is propelling the growth of the global monoethylene glycol market. However, volatility in crude oil prices and regulation for environmental protection are expected to restrain the growth of the global monoethylene glycol market. The increasing demand for non-ionic surfactant and growing textile & fiber industries are expected to create ample opportunities for the growth of the global monoethylene glycol market, during the forecast period. In addition, bio-based monoethylene glycol is expected to create ample opportunities for the augmentation of the global monoethylene glycol market.
The global monoethylene glycol market is segmented on the basis of grade, application and geography. Based on the grade, the market is segmented into polyester grade, industrial grade, antifreeze grade and low conductivity grade, among others. Among these, the industrial and antifreeze grades sub-segments account for the largest share of the market. On the basis of application, the global monoethylene glycol market is segmented into polyester resin, polyester fibers, antifreeze and coolants, chemical intermediates, heat transfer fluids and others. By geography, the market is fragmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Growing chemicals industries in APAC regions have helped the market to flourish in this region. Moreover, the North America and Europe are expected to closely follow Asia-Pacific. Asia Pacific has by far the leading demand for monoethylene glycol among all key regions. By the end of 2023, Asia Pacific is expected to garner 69% of the globally produced volume of monoethylene glycol. China, India, and Taiwan are attributed as the leading consumers of monoethylene glycol, owing to their extremely high demand for polyester fiber and polyethylene terephthalate. The demand for monoethylene glycol is also increasing at a significant rate in Latin America and MEA due to increasing consumption of polyester and PET. Meanwhile, the remand for monoethylene glycol in North America and Europe looks to be in a state of decline over slow economic growth and concerns over sustainability of the material.
Some of the key players operating in the monoethylene glycol market with most significant product development include and are not limited to SABIC, The Dow Chemical Company, Royal Dutch Shell Plc., Reliance Industries Limited, Nan Ya Plastics (Huizhou), and Zhenhai Refining & Chemicals among others.
