Monoethylene Glycol Market - Global Market Share, Trends, Analysis and Forecasts, 2023 - 2032
The Global monoethylene glycol market was estimated to be US$ 30.64 Billion in 2022 and is expected to reach US$ 63.14 Billion by 2032 at a CAGR of 7.5%.
Monoethylene Glycol (MEG) is a versatile organic compound widely used in various industries. It is a colorless, odorless, and viscous liquid with a sweet taste. MEG is primarily produced through the ethylene glycol process, which involves the reaction of ethylene oxide with water. It is a vital raw material for the production of polyester fibers, resins, and polyethylene terephthalate (PET) resin used in the packaging industry.
MEG is also utilized in antifreeze and coolant formulations for automotive applications. Furthermore, it finds application as a solvent, chemical intermediate, and in the production of deicing fluids. MEG's excellent properties, including its low volatility, high boiling point, and hygroscopic nature, contribute to its widespread use across multiple industries.
Monoethylene Glycol Market Drivers
Growing demand for antifreeze and engine coolants is driving the market growth
The global Monoethylene Glycol (MEG) market is driven by several key factors. Firstly, the rising demand for polyester fiber, particularly in the textile industry, is a significant driver. Polyester fiber is widely used in apparel, home furnishings, and industrial textiles due to its versatility, durability, and affordability. The growing global population and improving living standards contribute to the increasing demand for textiles, thereby fueling the demand for MEG.
Secondly, the growing demand for antifreeze and engine coolants is another driving factor for the MEG market. As the automotive industry expands worldwide, particularly in regions with extreme weather conditions, the need for antifreeze to prevent freezing and overheating becomes essential.
The demand for antifreeze, which relies on MEG as a key component, is influenced by factors such as the expansion of the automotive market and the prevalence of cold climates in certain regions.
Furthermore, the increasing demand for non-ionic surfactants also contributes to the growth of the MEG market. MEG plays a vital role in the production of non-ionic surfactants, which are favored for their mildness, stability, and eco-friendliness. Industries such as personal care, household cleaning, and industrial applications require non-ionic surfactants, and the rising preference for sustainable and biodegradable options drives the demand for MEG. These factors collectively shape the MEG market, with the demand for polyester fiber, antifreeze, and non-ionic surfactants serving as major drivers of its growth.
Application Segmentation of Global Monoethylene Glycol Market
Polyester fiber holds the largest share of the MEG market
Based on application, the polyester fiber segment holds the largest share in the MEG market primarily due to the significant demand for polyester fibers in various sectors, including the textile industry. Polyester fibers are widely used in the production of apparel, home textiles, carpets, and industrial fabrics.
The popularity of polyester fibers can be attributed to their desirable characteristics such as durability, versatility, and cost-effectiveness. They offer excellent resistance to wrinkles, shrinkage, and abrasion, making them suitable for a wide range of applications.
Furthermore, the growing population, rising disposable incomes, and changing consumer preferences for affordable and stylish textiles have fueled the demand for polyester fibers. The expanding fashion and apparel industry, especially in emerging economies, has been a key driver for the polyester fiber market. Additionally, the increased use of polyester fibers in non-textile applications such as geotextiles and automotive textiles has further boosted their demand.
Overall, the widespread usage of polyester fibers in textiles, coupled with their favorable properties and growing market demand, makes the polyester fiber segment the largest application segment in the MEG market.
Regional Trends of the Global Monoethylene Glycol Market
Asia-Pacific is the largest and fastest-growing market for monoethylene glycol
Geographically, the global monoethylene glycol market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Following are some of the major trends in these regions –
North America: In North America, the MEG market is driven by various factors. The region has a strong presence of key end-use industries such as textiles, packaging, and automotive. The demand for MEG in the packaging industry is high due to the growing preference for sustainable and recyclable packaging materials.
The automotive sector also contributes to the market demand through the production of antifreeze and coolants. Additionally, technological advancements, investments in capacity expansions, and a focus on research and development activities further support the growth of the MEG market in North America.
Europe: Europe has a well-established MEG market with significant demand from industries such as textiles, packaging, and chemicals. The region places a strong emphasis on sustainability, leading to the increasing use of MEG in the production of eco-friendly materials and packaging solutions.
The automotive industry also plays a role in the demand for MEG through the production of antifreeze and coolants. Furthermore, stringent regulations and initiatives promoting the use of renewable resources and reducing carbon emissions drive the market growth in Europe.
Asia-Pacific: Asia-Pacific is the largest and fastest-growing MEG market. The region is driven by the presence of major manufacturing hubs, particularly in China and India. The textile industry in Asia-Pacific, fueled by a large population and growing middle class, contributes significantly to the demand for MEG in polyester fiber production.
The packaging industry, driven by the rising consumption of packaged goods, also propels the market growth. Moreover, increasing industrialization, infrastructure development, and construction activities in emerging economies further boost the demand for MEG in Asia-Pacific.
Middle East and Africa: The Middle East and Africa region have a considerable presence in the MEG market, primarily driven by the petrochemical industry. The region has abundant availability of raw materials, particularly ethylene, which is crucial for MEG production.
The construction industry and the growing population in the region contribute to the demand for MEG in various applications. Additionally, the presence of large petrochemical companies and their investments in expanding production capacities support the growth of the MEG market in the Middle East and Africa.
South America: South America has a growing MEG market driven by industries such as textiles, packaging, and chemicals. The region's textile industry, especially in countries like Brazil and Argentina, drives the demand for MEG in polyester fiber production. The packaging industry is also expanding, with increasing consumer awareness of sustainable packaging solutions.
Additionally, the automotive sector contributes to the market through the production of antifreeze and coolants. Investments in infrastructure development and industrial growth further stimulate the demand for MEG in South America.
Key players and market strategies:
Companies operating in the Global Monoethylene Glycol (MEG) market adopt various growth strategies to enhance their market position and capitalize on opportunities.
Here are some major growth strategies commonly observed in the industry, along with relevant industry examples:
Expansion of Production Capacity: Companies expand their production capacities to meet growing market demand. For instance, SABIC, a global leader in chemicals, announced the expansion of its MEG production capacity in Jubail, Saudi Arabia, by 2022 to cater to increasing customer requirements.
Product Portfolio Diversification: Companies diversify their product portfolios to cater to a wider range of customer needs. Mitsubishi Chemical Corporation expanded its MEG derivatives portfolio by introducing new specialty chemicals used in the automotive, electronics, and construction industries.
Geographic Expansion: Companies target new geographic markets to tap into emerging opportunities. Lotte Chemical Corporation expanded its presence in the MEG market by establishing a joint venture in Russia, aiming to enhance its market share in the growing Russian and European markets.
Technological Advancements and Research & Development: Companies invest in research and development activities to develop advanced production technologies and enhance product quality. Dow Chemical Company focuses on technological advancements to improve the efficiency and sustainability of MEG production processes.
Mergers and Acquisitions: Companies pursue mergers and acquisitions to consolidate their market position and gain access to new markets or technologies. In 2020, Reliance Industries Limited acquired the assets of a MEG manufacturing facility in Malaysia, expanding its global MEG production footprint.
BASF SE, Dow Chemical Company, Formosa Plastics Corporation, Huntsman Corporation, Indorama Ventures Public Company Limited, LOTTE Chemical Corporation, Mitsubishi Chemical Corporation, Nan Ya Plastics Corporation, Reliance Industries Limited, Royal Dutch Shell plc, SABIC, Sinopec, SIBUR, Sumitomo Chemical Co., Ltd., The Kuwaiti Petrochemical Industries Company (PIC) and many more.
Global Monoethylene Glycol Market Segmentation:
By Production Process:
- Gas-based
- Naphtha-based
- Coal-based
- Methane-to-Olefins
- Bio-based
By Application:
- Polyester Fiber
- Polyethylene Terephthalate (PET) Resin
- Antifreeze and Coolants
- Chemical Intermediates
By End-Use Industry:
- Textiles
- Packaging
- Automotive
- Construction
- Chemicals
By Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global Monoethylene Glycol Market
- Global Monoethylene Glycol Market Qualitative Analysis
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- COVID-19 impact
- Porter’s Five Forces
- Trends
- Global Monoethylene Glycol Market Analysis and Forecast, by Production Process
- Overview and definitions
- Key segment analysis
- Global Monoethylene Glycol Market Size Estimates (US$ Mn), by Production Process, 2019 – 2032
- Gas-based
- Naphtha-based
- Coal-based
- Methane-to-Olefins
- Bio-based
- Global Monoethylene Glycol Market Analysis and Forecast, by Application
- Overview and definitions
- Key segment analysis
- Global Monoethylene Glycol Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Polyester Fiber
- Polyethylene Terephthalate (PET) Resin
- Antifreeze and Coolants
- Chemical Intermediates
- Global Monoethylene Glycol Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Overview and definitions
- Key segment analysis
- Global Monoethylene Glycol Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Textiles
- Packaging
- Automotive
- Construction
- Chemicals
- Others
- Global Monoethylene Glycol Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global Monoethylene Glycol Market Size Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Monoethylene Glycol Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America Monoethylene Glycol Market Size Estimates (US$ Mn), by Production Process, 2019 – 2032
- Gas-based
- Naphtha-based
- Coal-based
- Methane-to-Olefins
- Bio-based
- North America Monoethylene Glycol Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Polyester Fiber
- Polyethylene Terephthalate (PET) Resin
- Antifreeze and Coolants
- Chemical Intermediates
- North America Monoethylene Glycol Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Textiles
- Packaging
- Automotive
- Construction
- Chemicals
- Others
- North America Monoethylene Glycol Market Size Estimates (US$ Mn), Country, 2019 – 2032
- The U.S.
- Canada
- Rest of North America
- Europe Monoethylene Glycol Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe Monoethylene Glycol Market Size Estimates (US$ Mn), by Production Process, 2019 – 2032
- Gas-based
- Naphtha-based
- Coal-based
- Methane-to-Olefins
- Bio-based
- Europe Monoethylene Glycol Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Polyester Fiber
- Polyethylene Terephthalate (PET) Resin
- Antifreeze and Coolants
- Chemical Intermediates
- Europe Monoethylene Glycol Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Textiles
- Packaging
- Automotive
- Construction
- Chemicals
- Others
- Europe Monoethylene Glycol Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific Monoethylene Glycol Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific Monoethylene Glycol Market Size Estimates (US$ Mn), by Production Process, 2019 – 2032
- Gas-based
- Naphtha-based
- Coal-based
- Methane-to-Olefins
- Bio-based
- Asia Pacific Monoethylene Glycol Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Polyester Fiber
- Polyethylene Terephthalate (PET) Resin
- Antifreeze and Coolants
- Chemical Intermediates
- Asia Pacific Monoethylene Glycol Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Textiles
- Packaging
- Automotive
- Construction
- Chemicals
- Others
- Asia Pacific Monoethylene Glycol Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa Monoethylene Glycol Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa Monoethylene Glycol Market Size Estimates (US$ Mn), by Production Process, 2019 – 2032
- Gas-based
- Naphtha-based
- Coal-based
- Methane-to-Olefins
- Bio-based
- Middle East & Africa Monoethylene Glycol Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Polyester Fiber
- Polyethylene Terephthalate (PET) Resin
- Antifreeze and Coolants
- Chemical Intermediates
- Middle East & Africa Monoethylene Glycol Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Textiles
- Packaging
- Automotive
- Construction
- Chemicals
- Others
- Middle East & Africa Monoethylene Glycol Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East
- South America Monoethylene Glycol Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America Monoethylene Glycol Market Size Estimates (US$ Mn), by Production Process, 2019 – 2032
- Gas-based
- Naphtha-based
- Coal-based
- Methane-to-Olefins
- Bio-based
- South America Monoethylene Glycol Market Size Estimates (US$ Mn), by Application, 2019 – 2032
- Polyester Fiber
- Polyethylene Terephthalate (PET) Resin
- Antifreeze and Coolants
- Chemical Intermediates
- South America Monoethylene Glycol Market Size Estimates (US$ Mn), by End Use Industry, 2019 – 2032
- Textiles
- Packaging
- Automotive
- Construction
- Chemicals
- Others
- South America Monoethylene Glycol Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Brazil
- Rest of South America
- Competition Analysis – Monoethylene Glycol Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- BASF SE
- Business overview
- Geographic presence
- Financial facts
- Relevant news and strategic view
- Dow Chemical Company
- Formosa Plastics Corporation
- Huntsman Corporation
- Indorama Ventures Public Company Limited
- LOTTE Chemical Corporation
- Mitsubishi Chemical Corporation
- Nan Ya Plastics Corporation
- Reliance Industries Limited
- Royal Dutch Shell plc
- SABIC
- Sinopec
- SIBUR
- Sumitomo Chemical Co., Ltd.
- The Kuwaiti Petrochemical Industries Company (PIC)
- BASF SE
- Conclusion & Recommendations
Frequently asked questions about this report
How big is monoethylene glycol market?
The monoethylene glycol market size is expected to reach US$ 63.14 Billion by 2032.
What is the monoethylene glycol market growth?
The monoethylene glycol market is expected grow at a CAGR of 7.5% from 2023 to 2032.
What was the size of the global monoethylene glycol market in 2022?
The monoethylene glycol market size was estimated to be US$ 30.64 Billion in 2022.
What are the major drivers for the global monoethylene glycol market?
The global monoethylene glycol (MEG) market is driven by the rising demand for polyester fiber, growing demand for antifreeze and engine coolants and increasing demand for non-ionic surfactants.
Which prime monoethylene glycol players are profiled in this analysis?
BASF SE, Dow Chemical Company, Formosa Plastics Corporation, Huntsman Corporation, Indorama Ventures Public Company Limited, LOTTE Chemical Corporation, Mitsubishi Chemical Corporation, Nan Ya Plastics Corporation, Reliance Industries Limited, Royal Dutch Shell plc, SABIC, Sinopec, SIBUR, Sumitomo Chemical Co., Ltd., The Kuwaiti Petrochemical Industries Company (PIC) among others, are the players in this market.
Which application segment holds the largest share in the monoethylene glycol market?
The polyester fiber segment holds the largest share in the monoethylene glycol market primarily due to the significant demand for polyester fibers in various sectors, including the textile industry.
Which is the largest and fastest-growing market for monoethylene glycol?
Asia-Pacific is the largest and fastest-growing market for monoethylene glycol. Increasing industrialization, infrastructure development, and construction activities in emerging economies further boost the demand for MEG in Asia-Pacific.
How can I get a sample report for the monoethylene glycol market?
The sample report for the monoethylene glycol Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.