Rockville , Nov. 20, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Monoethylene Glycol Market is projected to rise at a CAGR of 5.4% to reach a value of US $65 Bn by 2032.
Monoethylene glycol (MEG) is a colorless and odorless compound widely used in industries. Its primary role is in making polyester fibers and resins, offering advantages such as durability and ease of care in textiles. MEG is also a key component in the production of PET resin for clear and recyclable packaging materials. Compared to alternatives, MEG stands out for its versatility and economic significance in various applications. Its use in antifreeze further adds to its utility. While MEG has environmental considerations, ongoing efforts are focused on improving sustainability.
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The growth of the market is primarily driven by the expanding demand in key industries, particularly textiles and packaging. As the global population increases, there is a rising need for polyester fibers and resins, where MEG is a fundamental raw material.
Key Segments of Monoethylene Glycol Industry Research Report
| By Application | By end User | By Region |
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Production of MEG is heavily influenced by the changing prices of key raw materials like ethylene and naphtha. Since MEG is a crucial component in the production of various products, the fluctuating costs of these raw materials affect the overall production expenses. The challenge in the monoethylene glycol (MEG) market lies in sustainability issues, both during production and in its various industrial applications, which can potentially harm the environment.
Key Takeaways:
- The U.S. market is expected to experience a CAGR of 5.2% throughout the forecast period from 2022 to 2032. This is due to the versatile applications of mono ethylene glycol, spanning across industries such as tobacco production, food and beverage manufacturing, pharmaceuticals, and cosmetics.
- The polyethylene terephthalate segment held a substantial market share and is projected to grow at a noteworthy rate in the upcoming years.
- Due to the thriving textile industries in China and India, polyester resin is expected to emerge as the monoethylene glycol market's fastest-growing segment during the projected period.
The increasing demand for polyester fibers in textiles, the growing use of mono ethylene glycol in PET resin for packaging, and its versatile and economically significant applications across various industries are a few factors that are driving the market growth - Says FACTMR Expert
Market Competition
In the near future, increased consumption in various industries, along with technological advancements, is anticipated to boost the demand for monoethylene glycol. Key players in the industry include Reliance Industries Limited, Saudi Basic Industries Corporation, BASF SE, India Glycols Limited, LyondellBasell Industries Holdings B.V., and Chemtex Speciality Limited.
- In January 2022, ExxonMobil and SABIC declared the successful launch of the Gulf Coast Growth Ventures' state-of-the-art manufacturing facility in San Patricio County, Texas. The facility includes a monoethylene glycol unit with an annual capacity of 1.1 million metric tonnes.
Winning strategies
- Key players are wisely investing in expanding their production capacities to keep up with the increasing global demand. This strategic move not only ensures a reliable supply to meet the growing market needs but also strengthens the competitive position of these companies.
- Engaging in technology licensing agreements is a smart move for companies in the market. These agreements provide access to advanced production methods, making processes more efficient and reducing costs.
- Key players in the market should adopt strong risk management strategies to deal with challenges like fluctuating raw material prices and currency risks. Raw material prices can be unpredictable due to global factors and currency fluctuations impact the cost of materials and international competitiveness
| Report Attribute | Details |
| Value Projection (2032) | USD 65 Billion |
| Growth Rate (2022-2032) | 5.4 % CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 54 Tables |
| No. of Figures | 144 Figures |
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In East Asia, China dominates the regional monoethylene glycol (MEG) market, while also experiencing rapid growth in PET films and polyester fibers. South Asia, with its expanding economy, stands out as one of the most lucrative markets for global MEG producers. The Middle East and Africa, particularly Saudi Arabia, lead in annual net exports of MEG. Influenced by factors like energy, labor, freight, and raw material costs, the Asia-Pacific (APAC) region is expected to exhibit higher demand in the monoethylene glycol market, driven by its significant role in textile and apparel production.
Checkout More Related Studies Published by Fact.MR Research:
Propylene Glycol Market: During the past year, the industry registered a Y-o-Y increase worth 4.1%. From 2022 to 2032, propylene glycol sales are poised to flourish at a CAGR of 4.2% to reach a value of US$ 6.5 Billion by the end of 2032.
Inhibited Propylene Glycol Market: Inhibited propylene glycol is propylene glycol added with corrosion resistance, temperature resistance, pH stability as compared to existing propylene glycol which has been utilized in numerous end-use industries.
Dipropylene Glycol N-Propyl Ether Market: The global dipropylene glycol n-propyl ether market is projected to evolve at an impressive CAGR of 9% and touch a valuation of US$ 9.5 million by 2033, up from US$ 4 million in 2023.
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