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  • Monoethylene Glycol Market Size & Share Analysis | 2023-2028

    Monoethylene Glycol Market Size & Share Analysis | 2023-2028

    Monoethylene Glycol Market Size & Share Analysis | 2023-2028
    Report code - SR1022 Delivery - 2 Weeks
    Monoethylene Glycol Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis- See more...

    Market Insights

    The monoethylene glycol market was estimated at USD 28.56 billion in 2022 and is likely to grow at a CAGR of 5.99% during 2023-2028 to reach USD 40.8 billion in 2028.


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    What is monoethylene glycol?

    Monoethylene glycol is basically an organic compound that is produced by the reaction of ethylene oxide and water and can also be utilized as a corrosion inhibitor in antifreeze and in the manufacturing of polyester fibers.


    The Covid-19 pandemic impacted almost every industry with lockdowns and restrictions being the major factor behind the downfall. Most refineries went non-operational following restrictions and regulations. Owing to the reduction in production and end-product demand, the monoethylene glycol market witnessed a decline in demand.

    Monoethylene Glycol Market Highlights

    Market Size in 2022

    USD 28.56 billion

    Market Size in 2028

    USD 40.8 billion

    Market Growth (2023-2028)

    5.99% CAGR

    Base Year of Study


    Trend Period


    Forecast Period


    Market Dynamics

    Monoethylene glycol is an indispensable chemical compound that plays a pivotal role in a wide array of industries, ranging from polyester fiber, packaging, and automotive to textile and construction. The remarkable expansion of the market can be attributed to a multitude of compelling factors:

    • Rising Polyester Fiber Demand: The utilization of monoethylene glycol in the production of polyester fiber stands as a prominent application. The escalating demand for polyester fibers in the textile industry, fueled by factors such as population expansion, increasing disposable incomes, and evolving fashion preferences, significantly contributes to the flourishing market.
    • Thriving Packaging Industry: Monoethylene glycol plays a vital role in the manufacturing of polyethylene terephthalate (PET), extensively employed in the packaging industry for the production of bottles, containers, films, and other packaging materials. The remarkable growth of the packaging sector, propelled by the surge in e-commerce, convenience foods, and consumer goods, drives the robust demand for monoethylene glycol.
    • Advancements in the Construction Sector: Monoethylene glycol serves as a valuable raw material for paints, coatings, and adhesives in the construction industry. With the noteworthy development of the construction sector, particularly in emerging economies, the demand for monoethylene glycol for various construction-related applications witnesses a substantial rise, thus propelling the overall market growth.
    • Booming Automotive Sector: Within the automotive industry, monoethylene glycol finds its crucial application in the production of antifreeze and coolants, which play a vital role in vehicle maintenance and performance. The relentless expansion of the automotive sector, propelled by surging vehicle production and the soaring demand for electric vehicles, serves as a pivotal driver for the remarkable growth of the market.
    • Transition to Sustainable Bio-based Monoethylene Glycol: Escalating environmental concerns and stringent regulations have prompted a notable shift towards bio-based monoethylene glycol sourced from renewable resources like sugarcane. The mounting global interest in sustainable and eco-friendly materials fuels the advancement and widespread acceptance of bio-based monoethylene glycol, consequently propelling the growth of the market.
    • Revolutionary Technological Advancements: Unceasing research and development endeavors aimed at refining the production process and optimizing the efficiency of monoethylene glycol manufacture play a pivotal role in the expansion of the market. Groundbreaking technological advancements empower manufacturers to produce monoethylene glycol in a more economically viable and environmentally sustainable manner, thus igniting an upsurge in market demand.
    • Thriving Emerging Markets: Monoethylene glycol experiences robust demand, particularly in emerging economies, where rapid industrialization and urbanization serve as catalysts for the growth of diverse end-use industries. The expansion of manufacturing sectors augmented consumer spending, and extensive infrastructure development in these regions synergistically fuel the escalating demand for monoethylene glycol.


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    Segments' Analysis

    By Grade Type

    Based on the grade type, the market is segmented as a polyester grade, industrial grade, antifreeze grade, and low conductivity grade. The polyester grade is estimated to be the dominating segment of the market over the forecast period. It has a wide range of applications owing to some of its lucrative characteristics, such as moisture-absorbing features and low volatility.

    By Application Type

    Based on the application type, the market is segmented as polyester fiber, PET, antifreeze & coolants, chemical intermediates, and others. Polyester fiber is estimated to account for the major share of the market on account of its utilization in myriad end-use industries such as resins, electronics, and textiles. On the other hand, PET is estimated to register a high growth rate in the market due to the high consumption of products in the packaging industry.

    Regional Insights

    In terms of regions, Asia-Pacific is estimated to be the fastest-growing region in the market during the forecast period on account of rising per capita income, growing textile sector, and the presence of some of the major manufacturers in the regional market. North America and Europe are also estimated to offer substantial growth opportunities over the forecast period.


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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories.

    By Grade Type

    • Polyester Grade
    • Industrial Grade
    • Antifreeze Grade
    • Low Conductivity Grade

    By Application Type

    • Polyester Fiber
    • PET
    • Antifreeze & Coolants
    • Chemical Intermediates
    • Others

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)


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    Key Players

    Some of the key players in the market are-

    • BASF SE
    • Lotte Chemical Corporation
    • LyondellBasell Industries N.V.
    • Mitsubishi Chemical Corporation
    • Nan Ya Plastics Corporation
    • Reliance Industries Limited
    • Royal Dutch Shell Plc
    • Saudi Basic Industries Corporation
    • Sinopec Zhenhai Refining & Chemical Company
    • The Dow Chemical Company.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Monoethylene Glycol Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the grade types by application type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The monoethylene glycol market was valued at US$ 28.56 billion in 2022.

    The monoethylene glycol market is likely to reach US$ 40.8 billion in 2028.

    The growth rate of the monoethylene glycol market is 5.99% CAGR during 2023-2028.

    BASF SE, Lotte Chemical Corporation, LyondellBasell Industries N.V., Mitsubishi Chemical Corporation, Nan Ya Plastics Corporation, Reliance Industries Limited, Royal Dutch Shell Plc, Saudi Basic Industries Corporation, Sinopec Zhenhai Refining & Chemical Company, and The Dow Chemical Company are among the key players in the market.

    Asia-pacific is expected to be the leading region in the market during the next five years.

    Monoethylene glycol is basically an organic compound that is produced by the reaction of ethylene oxide and water and can also be utilized as a corrosion inhibitor in antifreeze and in the manufacturing of polyester fibers.

    Polyester grade and Polyester fiber are expected to dominate the market during the forecast period.


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