What Has Driven the Growth of the Monoethylene Glycol Market in Recent Years?
The monoethylene glycol market has seen considerable growth due to a variety of factors.
• The market size of monoethylene glycol has shown robust growth in the past few years. It is projected to inflate from $35.55 billion in 2024 to $38.31 billion in 2025, marking a compound annual growth rate (CAGR) of 7.8%.
The burgeoning growth during the historic period is credited to the production of polyester, antifreeze and coolants, fiber manufacturing, industrial solvents, and glycol ethers.
What is the Market Size Forecast for the Monoethylene Glycol Market?
The monoethylene glycol market is expected to maintain its strong growth trajectory in upcoming years.
• The monoethylene glycol market is predicted to witness significant expansion in the upcoming years, with its worth estimated to reach $54.06 billion in 2029, growing at a compound annual growth rate (CAGR) of 9.0%.
Factors contributing to the forecasted growth include the use in automotive electrification, renewable chemicals, textile recycling, medical and pharmaceutical applications, cosmetic and personal care industries. Key trends of the period forecast include the development of advanced coatings, the rise of clean energy technologies, biodegradable plastics, sustainability initiatives in packaging, and advancements in PET (polyethylene terephthalate) bottle manufacturing.
What Are The Core Factors Supporting Growth In The Monoethylene Glycol Market?
The expansion of the packaging sector is markedly fueling the progress of the mono ethylene glycol market. Packaging involves the envelopment or safeguarding of goods for purposes such as distribution, storage, selling, and utilization. Consequently, a surge in the packaging sector translates to increased mono ethylene glycol demand. For example, the Indian packaging sector is witnessing a yearly growth of 14-15%, in 2022, projected to double within the forthcoming two years. The Indian Packaging Institute has estimated the sector's worth at USD 14 billion, growing more than 15% annually. Hence, the boom in the packaging sector is propelling the progression of the mono ethylene glycol market.
What Are The Major Segments Within The Global Monoethylene Glycol Market?
The monoethylene glycol market covered in this report is segmented –
1) By Production Process: Gas-Based, Naphtha-Based, Coal-Based, Methane-to-Olefins (MTO), Bio-Based
2) By Application: Polyester Fiber, Polyethylene Terephthalate (PET) Resins, Polyethylene Terephthalate (PET) Film, Antifreeze, Other Applications
3) By End Users: Textiles and Leather, Packaging, Adhesives and Sealants, Paints and Coatings, Chemical, Other End Users
Subsegments:
1) By Gas-Based: Steam Cracking, Oligomerization
2) By Naphtha-Based: Catalytic Cracking, Hydrocracking
3) By Coal-Based: Gasification, Liquefaction
4) By Methane-to-Olefins (MTO): Direct MTO Process, Indirect MTO Process
5) By Bio-Based: Ethanol-Based Process, Renewable Feedstocks Process
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Which Trends Are Expected To Transform The Monoethylene Glycol Market?
Strategic alliances have become a significant trend within the mono ethylene glycol market, with leading companies pursuing partnerships to strengthen their market presence. For example, Japan's Sojitz Corporation entered into a partnership with Braskem S.A., a Brazilian petrochemical firm, in March 2022. The aim was to generate biomass-derived monoethylene glycol (bioMEG) and monopropylene glycol (bioMPG). This partnership led to the formation of a joint venture tasked with the production of bioMEG and bioMPG. Market leader Braskem, recognized for their large-scale biopolymer production, has been working alongside Haldor Topsoe A/S to create innovative procedures for the production of bioMEG and bioMPG using Haldor Topsoe A/S's crucial technology. The companies initiated a demonstration plant in 2020, and the recent alliance between Sojitz and Braskem aims to commercialize this production process. Sojitz is focusing on promoting these eco-friendly materials through its extensive international customer base across diverse sectors like chemicals, F&B, and clothing.
Who Are the Key Players in the Monoethylene Glycol Market?
Major companies operating in the monoethylene glycol market include:
• BASF SE
• Dow Inc.
• LyondellBasell Industries Holdings B.V.
• Royal Dutch Shell plc
• MEGlobal B.V.
• Reliance Industries Limited
• Mitsubishi Chemical Corporation
• Indian Oil Corporation Limited
• Lotte Chemical Corporation
• Nan Ya Plastics Corporation
• India Glycols Limited
• ExxonMobil Corporation
• Formosa Plastics Corporation
• China Petroleum & Chemical Corporation
• SIBUR International GmbH [No information found]
• Nouryon Holding N.V.
• Libyan Norwegian Fertiliser Company
• AkzoNobel N.V.
• Saudi Basic Industries Corporation
• Vigo Chemicals FZE
• Krada CPS Industry S.L.
• Bredox B.V.
• Chemie-Handel Schneider GmbH
• ICC Chemical Corporation
• EQUATE Petrochemical Company
• INEOS Group Limited
• National Iranian Oil Company
• SHAZAND Petrochemical Complex Company
• Oriental Union Chemical Corporation
What Is The Most Dominant Region In The Monoethylene Glycol Market?
Asia-Pacific was the largest region in the mono ethylene glycol market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the monoethylene glycol market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
