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  • Monoethylene Glycol Market Growth Analysis | 2023-2028

    Monoethylene Glycol Market Growth Analysis | 2023-2028

    Monoethylene Glycol Market Growth 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 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.

    Monoethylene-Glycol-Market-Insights

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    What is monoethylene glycol?

    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.

    Monoethylene Glycol Market Report Highlights

    Market Size in 2022

    USD 5.77 billion

    Market Size in 2028

    USD 7.1 billion

    Market Growth (2023-2028)

    3.52% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    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.

    Monoethylene-Glycol-Market-Dynamics

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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

    Segments' Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Technology-Type Analysis

    Naphtha Based, Coal, and Natural Gas Based, and Bio-Based MEG Production.

    Coal and Natural gas-based is anticipated to remain the biggest demand generator for the monoethylene market in the years to come.

    Application-Type Analysis

    Fibers, PET, Antifreeze & Coolants, Film, and Others.

    Fiber to dominate the monoethylene glycol market in the years to come.

    Regional Analysis

    North America, Europe, Asia-Pacific, and The Rest of the World

    Asia-Pacific is expected to remain the largest market over the next five years.

    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 expanding 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 (MEG) 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.

    Monoethylene-Glycol-Market-Regional-Insights

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    Critical Questions Answered in the Report

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    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)

    Monoethylene-Glycol-Market-Segmentation

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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.

    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 requirements?

    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 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.

    Frequently Asked Questions (FAQs)

    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.

    The monoethylene glycol market was estimated at USD 5.77 billion in 2022.

    The monoethylene glycol market is likely to reach USD 7.1 billion in 2028.

    The monoethylene glycol market is likely to grow at a CAGR of 3.52% during 2023-2028.

    BASF, Dowdupont, Formosa Plastics, MEGlobal, PTT Global Chemical, Reliance Industries, SABIC, Shell, SIBUR, and Sinopec are the leading players in the market.

    Asia-Pacific is estimated to remain dominant in the market in the foreseeable future. The key economies driving the regions demand for automotive seals are China, India, and Japan.

    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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