Monoethylene Glycol Market Analysis | 2023-2028

Market Insights

The monoethylene glycol market was estimated at USD 5.77 billion in 2022 and is likely to grow at a CAGR of 3.52% during 2023-2028 to reach USD 7.1 billion in 2028.

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Market Dynamics

Introduction

Monoethylene glycol is a pleasant, hygroscopic, colorless, odorless, and involatile liquid. Ethylene undergoes oxidation to form EO, which is then hydrolyzed to create MEG. The most popular kind of ethylene glycol (EG) is MEG. It is extensively utilized in the manufacturing of PET, polyester, and antifreeze and coolant applications, which primarily serve the packaging, textile, and automotive end-use industries.

Market Drivers

The textile and plastics sectors are driving demand for PET and polyester, which in turn is driving a moderate increase in the monoethylene glycol market. Demand for PET applications has increased due to the expanding plastics sector, which has also increased demand for monoethylene glycol. The creation of bio-based monoethylene glycol has been made possible by additional advancements and innovations in bio-based PET. In the near future, there will likely be a significant demand for MEG in the manufacturing of PETs in North America, Europe, and Asia. Major vehicle markets like the US, Japan, and Germany are anticipated to see rapid expansion in MEG coolant and antifreeze applications.

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Key Players

The following are the key players in the monoethylene glycol market:

• BASF
• Dowdupont
• Formosa Plastics
• MEGlobal
• PTT Global Chemical
• Reliance Industries
• SABIC
• Shell
• SIBUR
• Sinopec

Note: The above list does not necessarily include all the top players in the market.

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Segments' Analysis

By Application Type

Based on the application type, the monoethylene glycol (MEG) market is segmented into fibers, pet, antifreeze & coolants, film, and others. Fibers are expected to remain the largest and the fastest-growing application type in the market during the forecast period owing to the Usage in making PET and polyester fibers, fibre is the area in which MEG is most widely used. Approximately half of all fibers consumed worldwide are made of polyester. It is widely used in home furnishings, carpets and rugs, fiberfill, non-woven fabrics, the textile and clothing industry, and garment making. The MEG market is anticipated to be primarily driven by emerging economies, specifically South America and Asia, because of the high growing applications in these regions. The market for polyester staple fiber is expanding as a result of the expansion of the building and construction as well as automobile sectors. China is a significant polyester producer and user, making up over 65% of the world's polyester usage.

Regional Insights

In terms of regions, Asia-Pacific is expected to remain the largest market for monoethylene glycol during the forecast period. APAC is expected to have higher demand in the MEG market than other regions due to influencing factors such as energy, labor costs, freight, and raw material costs. A major manufacturer of textiles, clothing, and apparel, APAC is expected to propel the growth of the MEG market during the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s monoethylene glycol market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
• 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 15 detailed primary interviews with market players across the value chain in all four regions and 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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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 monoethylene glycol market is segmented into the following categories.

By Technology Type

• Naphtha Based
• Coal and Natural Gas Based
• Bio-Based MEG Production

By Application Type

• Fibers
• PET
• Antifreeze & Coolant
• Film
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and The Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

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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 three players)
• SWOT analysis of key players (up to three players)

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.