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Global Monoethylene Glycol Market Size and Forecast

Global Monoethylene Glycol Market size was valued at USD 27.97 Billion in 2024 and is projected to reach USD 37.99 Billion by 2031 , growing at a CAGR of 3.90% from 2024 to 2031. Monoethylene glycol (MEG) is a colorless, odorless, hygroscopic liquid that is largely utilized as a raw material in the manufacture of polyester fibers, resins, and antifreeze compositions. It is an essential ingredient in the production of polyethylene terephthalate (PET), which is used to make plastic bottles, packaging materials, and textiles. MEG is widely used in various industries, including textiles, automotive coolants, de-icing fluids, and industrial solvents. It is also an important element in the manufacture of polyester films and antifreeze agents.

MEG's future scope is predicted to expand due to rising demand from the polyester and automotive sectors, as well as increased use in bio-based MEG as industries seek sustainable options. Furthermore, expanding applications in the packaging and textile industries is projected to contribute to market expansion in the next years.

Global Monoethylene Glycol Market Dynamics

The key market dynamics that are shaping the global monoethylene glycol market include:

Key Market Drivers:

Growing Demand in Polyester Fiber Production:

The rising use of polyester fibers in the textile industry is a significant driver of the MEG market. According to the International Trade Centre (ITC), global polyester fiber production will reach 57.7 million tons in 2022, up 3.5% from the previous year. The Fiber Year Consulting Group predicts that polyester fiber demand would increase at a 3.8% CAGR from 2023 to 2028, owing to the rising textile industry in developing countries.

Rising Consumption in PET Bottle Manufacturing:

The increasing use of PET bottles in the beverage industry is driving MEG demand. According to Euromonitor International, global PET bottle consumption will reach 583 billion units in 2022, with a predicted 3.2% CAGR from 2023 to 2027. The Ellen MacArthur Foundation's New Plastics Economy initiative reported in 2023 that PET accounts for 55% of worldwide plastic bottle production, emphasizing the importance of MEG in this industry.

Expanding Automotive Antifreeze Market:

MEG, a crucial component in automotive antifreeze and coolants, is in high demand due to the expanding automotive industry. According to the International Organization of Motor Vehicle Manufacturers (OICA), worldwide vehicle production will reach 85.4 million units in 2022, up 5.7% from 2021. According to Verified market research reports on the antifreeze market is expected to grow at a CAGR of 5.70% between 2023 and 2031, with MEG-based products accounting for more than 60% of the market.

Increasing Use in Industrial Applications:

MEG's use in a variety of industrial processes, including natural gas dehydration and heat transfer fluids, is driving market expansion. According to the Energy Information Administration (EIA), natural gas output in the United States will hit a new high of 934 billion cubic meters in 2022, up 3.5% from 2021. This increase in natural gas supply is likely to boost MEG demand for gas dehydration operations. Furthermore, Verified market research projects that the worldwide heat transfer fluids market, in which MEG is commonly employed, will reach $595.51 Million by 2031, rising at a 3.12% CAGR between 2024 and 2031.

Key Challenges:

Volatility in Raw Material Prices:

MEG is manufactured from ethylene, a petrochemical product, hence its production is heavily reliant on crude oil prices. Fluctuations in oil prices have a direct impact on MEG production costs and market stability.

Environmental Issues:

The manufacture of MEG, particularly by conventional petrochemical processes, raises issues about carbon emissions and pollution. Regulatory demands for eco-friendly alternatives are increasing, driving greener industrial practices.

Overcapacity in Key Markets:

The global market, particularly in countries such as Asia Pacific, has seen an excess of MEG, resulting in lower profit margins for producers. This excess capacity can lead to pricing pressure and market instability.

Competition from Bio-Based Alternatives:

As sustainability becomes a priority, bio-based MEG made from renewable materials is gaining popularity. This tendency poses a threat to traditional MEG makers, who may face competition from ecologically friendly alternatives.

Key Trends:

Shift to Bio-based MEG:

Growing environmental concerns and regulatory pressures are increasing demand for bio-based MEG, which is made from renewable resources such as sugarcane or biomass. Companies are investing in sustainable production technology to lower their carbon footprint and meet consumers' growing demand for greener products.

Growing Demand from Textile and Packaging Industries:

Demand for MEG continues to be driven by the textile and packaging industries, particularly in emerging countries such as Asia Pacific. Its application in the manufacturing of polyester fibers and PET (polyethylene terephthalate) for packaging materials is growing as e-commerce and rapid fashion become more popular.

Technological Advancements in Production:

Innovations in MEG manufacturing, including as catalytic and bio-catalytic methods, are increasing efficiency while decreasing environmental effect. These improvements help manufacturers streamline production and reduce costs and adhere to tighter environmental regulations.

Expansion of Polyester Applications:

The expanding use of polyester in a variety of industries, including automotive, construction, and consumer goods, is driving up MEG demand. As polyester grows more common in industrial and daily uses, MEG's importance as a raw material expands globally.

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Global Monoethylene Glycol Market Regional Analysis

Here is a more detailed regional analysis of the global monoethylene glycol market:

Asia-Pacific:

Asia Pacific dominates the Monoethylene Glycol (MEG) market due to its large industrial base and rising demand in key areas. The region's strong position is reinforced by the high utilization of MEG in polyester fiber and PET manufacture. For example, in August 2024, Indorama Ventures announced an expansion of its polyester fiber manufacturing in India to meet rising demand from the region's thriving textile and packaging industries. This expansion demonstrates Asia Pacific's critical position in worldwide MEG use, as the area continues to be a major hub for textile and packaging manufacture.

Furthermore, in July 2024, Mitsubishi Chemical announced an investment in bio-based MEG production technology in Japan, showing the region's dedication to sustainable practices and technical innovation. These activities underline Asia Pacific's critical relevance in the global MEG industry, which is fueled by industrial growth and favorable government regulations.

North America:

North America is seeing the fastest growth in the Monoethylene Glycol (MEG) market, owing to rising demand across many sectors and improvements in sustainable technology. The region's growth is fueled by a significant emphasis on the automotive and packaging industries, where MEG plays an important role in the production of polyethylene terephthalate (PET) and antifreeze. In July 2024, DOW Chemical announced the opening of a new MEG production facility in the United States to fulfill increased demand from the North American automotive and packaging sectors. This development demonstrates the region's commitment to improving MEG production capacity to meet increasing industrial demand.

For instance, in June 2024, the US Department of Energy announced a new grant program to assist research and development in sustainable chemical processes, such as MEG manufacturing. This program seeks to enhance green technology and increase the efficiency of chemical manufacture, in line with the larger goals of decreasing environmental impact and supporting sustainable business practices. These efforts highlight North America's expanding importance in the MEG industry, which is fueled by both industrial demand and supporting government legislation.

Global Monoethylene Glycol Market: Segmentation Analysis

The Global Monoethylene Glycol Market is segmented on the basis of By Technology, By Application, By End-User and By Geography.

Global Monoethylene Glycol Market, By Technology

• Gas-Based
• Naphtha-Based
• Coal- Based
• Bio-Based

Based on Technology, the Global Monoethylene Glycol Market is segmented into Gas-Based, Naphtha-Based, Coal- Based, and Bio-Based. The naphtha-based sector is dominant because it relies on standard petrochemical processes sourced from crude oil, making it the most widely utilized technology for MEG synthesis. The fastest-growing segment is bio-based, which is being driven by rising environmental concerns and demand for sustainable manufacturing methods. The trend toward greener options is driving firms to use bio-based technology to cut carbon emissions and comply with environmental requirements.

Global Monoethylene Glycol Market, By Application

• Polyester Fiber
• Polyethylene Terephthalate (PET)
• Antifreeze
• Chemical Intermediate

Based on Application, the Global Monoethylene Glycol Market is segmented into Polyester Fiber, Polyethylene Terephthalate (PET), Antifreeze, and Chemical Intermediate. The polyester fiber sector is prominent because MEG is a key raw material in the production of polyester, which is widely utilized in the textile and garment industries, notably in fast fashion. The fastest-growing segment is polyethylene terephthalate (PET), which is being driven by expanding demand for PET in packaging, particularly for plastic bottles and food containers, as well as increased use in the global beverage and packaging industries.

Global Monoethylene Glycol Market, By End-User

• Packaging
• Automotive
• Textiles
• Chemicals

Based on End-User, the Global Monoethylene Glycol Market is segmented into Packaging, Automotive, Textiles, and Chemicals. The textiles section is dominant because MEG is extensively employed in the production of polyester fibers, which are widely used in the textile industry for clothes, home furnishings, and industrial materials. The Packaging section is the fastest-growing, driven by rising demand for polyethylene terephthalate (PET) in the production of plastic bottles, containers, and packaging materials, owing to the expansion of the e-commerce and consumer goods industries.

Global Monoethylene Glycol Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World
• On the basis of Geography, the Global Monoethylene Glycol Market are classified into North America, Europe, Asia Pacific, and Rest of World. Asia Pacific is the leading region due to its large textile and packaging sectors, particularly in China and India, where MEG is essential for polyester fiber and PET manufacture. North America is the second fastest-growing area, driven by rising demand in the automotive and packaging industries, as well as increased investment in bio-based MEG production to satisfy sustainability targets.

Key Players

• The "Global Monoethylene Glycol Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are
• BASF SE, Dow Chemical Company, LyondellBasell Industries NV, SABIC, Formosa Plastics Corporation, ExxonMobil Corporation, Chevron Corporation, Shell plc, TotalEnergies SE, BP plc, Sinopec Corp., China National Petroleum Corporation, Petrobras, Reliance Industries Limited, Toray Industries, Inc., Mitsubishi Chemical Corporation, PTT Global Chemical PCL, Braskem S.A. and Iranol Petrochemical Company.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

• Global Monoethylene Glycol Market: Recent Developments
• In July 2024, Mitsubishi Chemical invested in a new bio-based MEG production technology in Japan. This initiative is part of the company's overall aim to improve sustainability and reduce carbon emissions from traditional MEG production processes.
• August 2024, Lotte Chemical opened a new MEG production facility in South Korea. The facility is expected to improve the company's manufacturing capacities and supply chain efficiency, helping to meet increased demand for MEG in a variety of Asian applications.
• In July 2024, SABIC established a strategic agreement with a major renewable energy firm to create a more sustainable MEG production process. This program seeks to use renewable energy sources to lessen the environmental impact of MEG manufacture.

TABLE OF CONTENTS

1. INTRODUCTION OF GLOBAL MONOETHYLENE GLYCOL MARKET

• 1.1. Overview of the Market
• 1.2. Scope of Report
• 1.3. Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH

• 3.1. Data Mining
• 3.2. Validation
• 3.3. Primary Interviews
• 3.4. List of Data Sources

4. GLOBAL MONOETHYLENE GLYCOL MARKET OUTLOOK

• 4.1. Overview
• 4.2. Market Dynamics
  • 4.2.1. Drivers
  • 4.2.2. Restraints
  • 4.2.3. Opportunities
• 4.3. Porters Five Force Model
• 4.4. Value Chain Analysis

5. GLOBAL MONOETHYLENE GLYCOL MARKET, BY APPLICATION

• 5.1. Overview
• 5.2. Polyester Fiber
• 5.3. Polyethylene Terephthalate (PET)
• 5.4. Antifreeze
• 5.5. Chemical Intermediate
• 5.6. Others

6. GLOBAL MONOETHYLENE GLYCOL MARKET, BY END-USER

• 6.1. Overview
• 6.2. Packaging
• 6.3. Automotive
• 6.4. Textiles
• 6.5. Chemicals
• 6.6. Others

7. GLOBAL MONOETHYLENE GLYCOL MARKET, BY TECHNOLOGY

• 7.1. Overview
• 7.2.Gas-based
• 7.3. Naphtha-based
• 7.4. Coal-based
• 7.5. Bio-based

8. GLOBAL MONOETHYLENE GLYCOL MARKET, BY GEOGRAPHY

• 8.1. Overview
• 8.2. North America
  • 8.2.1. U.S.
  • 8.2.2. Canada
  • 8.2.3. Mexico
• 8.3. Europe
  • 8.3.1. Germany
  • 8.3.2. U.K.
  • 8.3.3. France
  • 8.3.4. Rest of Europe
• 8.4. Asia Pacific
  • 8.4.1. China
  • 8.4.2. Japan
  • 8.4.3. India
  • 8.4.4. Rest of Asia Pacific
• 8.5. Latin America
  • 8.5.1. Brazil
  • 8.5.2. Argentina
• 8.6. Rest of the World
  • 8.6.1 Latin America
  • 8.6.2 Middle East and Africa

9. GLOBAL MONOETHYLENE GLYCOL MARKET COMPETITIVE LANDSCAPE

• 9.1. Overview
• 9.2. Company Market Ranking
• 9.3. Key Development Strategies

10. COMPANY PROFILES

• 10.1. LyondellBasell
  • 10.1.1 Overview
  • 10.1.2 Financial Performance
  • 10.1.3 Product Outlook
  • 10.1.4 Key Developments
• 10.2. The Dow Chemical Company
  • 10.2.1. Overview
  • 10.2.2. Financial Performance
  • 10.2.3. Product Outlook
  • 10.2.4. Key Developments
• 10.3. MEGlobal
  • 10.3.1. Overview
  • 10.3.2. Financial Performance
  • 10.3.3. Product Outlook
  • 10.3.4. Key Developments
• 10.4. SABIC
  • 10.4.1. Overview
  • 10.4.2. Financial Performance
  • 10.4.3. Product Outlook
  • 10.4.4. Key Developments
• 10.5. ExxonMobil Corporation
  • 10.5.1. Overview
  • 10.5.2. Financial Performance
  • 10.5.3. Product Outlook
  • 10.5.4. Key Developments
• 10.6. Finex Oy
  • 10.6.1. Overview
  • 10.6.2. Financial Performance
  • 10.6.3. Product Outlook
  • 10.6.4. Key Developments
• 10.7. Formosa Plastic Group
  • 10.7.1. Overview
  • 10.7.2. Financial Performance
  • 10.7.3. Product Outlook
  • 10.7.4. Key Developments
• 10.8. AkzoNobel
  • 10.8.1. Overview
  • 10.8.2. Financial Performance
  • 10.8.3. Product Outlook
  • 10.8.4. Key Developments
• 10.9. Honam Petrochemical Corporation
  • 10.9.1. Overview
  • 10.9.2. Financial Performance
  • 10.9.3. Product Outlook
  • 10.9.4. Key Developments
• 10.10. Reliance Industries Limited
  • 10.10.1. Overview
  • 10.10.2. Financial Performance
  • 10.10.3. Product Outlook
  • 10.10.4. Key Developments

11. Appendix

• 11.1 Related Research