Monoethylene Glycol Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Monoethylene Glycol Market Analysis
The mono-ethylene glycol market is projected to register a CAGR of over 5.5% during the forecast period.
Due to the COVID-19 spread, major economies imposed lockdowns globally, which impacted most industries, and refineries went non-operational following regulations and rules. There was a decline in the demand for mono ethylene glycol (MEG) due to the dip in the production and various derivatives and end product demand. However, the market is growing steadily, owing to increased automotive, textile, and other activities in 2021.
- Over the short term, the growing demand for PET in the packaging sector is a significant factor driving the growth of the mono-ethylene glycol market.
- On the flip side, the fluctuation in raw material prices due to volatility in crude oil prices can restrict market growth.
- Nevertheless, the increased popularity of bio-based MEG materials will likely create lucrative growth opportunities for the global market soon.
- Asia-Pacific is estimated to witness healthy growth in the momo-ethylene glycol market over the assessment period.
Monoethylene Glycol Market Trends
This section covers the major market trends shaping the Mono-ethylene Glycol Market according to our research experts:
Textile Sector to Dominate the Market
- Textile is a primary end-user industry for mono-ethylene glycol, as the derivatives synthesize a wide variety of polyester fibers.
- The global production volume of textile fibers reached volume of 113,600 thousand metric tons in 2021 and registered a growth of 4.8% compared to 108,300 thousand metric tons in 2020.
- India, China, and the United States represent major textile manufacturing countries in the world. With growing investments and improved infrastructure facilities, the demand from the sector is likely to increase in the forecast period.
- According to the IBEF, in India, exports of textiles and apparel, including handicrafts, totaled USD 29.8 billion from April to December 2021, up from USD 21.2 billion in the same period last year, thus registering a robust 41% increase over the previous year. Furthermore, favorable demographics and a shift in preference for branded products are expected to boost demand for the textile sector, thus boosting the mono-ethylene glycol market.
- The United States is among the key countries in exports of textile-related products. In 2021, US Fiber, textile, and apparel exports combined were USD 28.4 billion, and the value of shipments for textiles and apparel was USD 65.2 billion, according to the National Council of Textile Organizations report.
- Thus, the abovementioned factors are expected to significantly impact market growth during the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominated the global market share. With growing, textile and automotive activities and the increasing demand for mono-ethylene in countries such as China, India, and Japan, the need for mono-ethylene is increasing in the region.
- China is one of the largest global consumers of mono-ethylene glycol and its derived polyethylene terephthalate (PET). The abundant raw materials availability and low-cost production supported the region's production growth.
- China is a significant PET resin producer, home to companies such as PetroChina Group and Jiangsu Sangfangxiang, among the most prominent manufacturers globally in terms of volume, with capacities of more than 2 million tons. Thus, the rising demand for PET from end-user industries is driving the need for mono-ethylene glycol.
- China's textile sector is one of its major sectors, and the country is the largest clothing exporter in the world. China's textile industry grew steadily during the first nine months of 2021 with collective profits worth CNY 171.1 billion (~ USD 26.80 billion), a 31.7% year-on-year (YoY) increase, according to the Ministry of Industry and Information Technology (MIIT).
- According to the Chemical and Petrochemicals Manufacturers Association, India, in FY2020-21, the annual capacity of MEG stood at 2,215 KT, with production amounting to almost 2000 KT.
- Also, the region is the largest automotive manufacturing hub. According to OICA, in 2021, the total production of vehicles stood at 46,732,785 units, which was an increase of 6% compared to the same period last year.
- Thus, the factors mentioned above are expected to boost the mono-ethylene glycol demand through the forecast period in the region.
Monoethylene Glycol Industry Overview
The mono-ethylene glycol market is partially fragmented in nature. Major players (not in any particular order) include Nouryon, BASF SE, Dow, LyondellBasell Industries Holdings BV, and Shell PLC.
Monoethylene Glycol Market Leaders
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Nouryon
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BASF SE
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Dow
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LyondellBasell Industries Holdings B.V.
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Shell PLC
*Disclaimer: Major Players sorted in no particular order
Monoethylene Glycol Market News
- January 2022: ExxonMobil and SABIC announced the successful startup of Gulf Coast Growth Ventures' world-class manufacturing facility in San Patricio County, Texas. The new facility operations include a mono-ethylene glycol unit with an annual capacity of 1.1 million metric tons.
- November 2021: SABIC announced the initial startup activities of the Ethylene Glycol Plant - 3 at its manufacturing affiliate, Jubail United Petrochemical Company (United), with an estimated annual production capacity of 700,000 metric tons of mono-ethylene glycol.
Monoethylene Glycol Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand for PET in the Packaging Sector
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Fluctuation in Raw Material Prices
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Trade Analysis
4.6 Price Trends
4.7 Technological Snapshot
4.8 Regulatory Policy Analysis
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Application
5.1.1 Polyester Fiber
5.1.2 PET Bottle
5.1.3 PET Film
5.1.4 Antifreeze
5.1.5 Industrial
5.2 End-user Industry
5.2.1 Textile
5.2.2 Packaging
5.2.3 Plastic
5.2.4 Automotive and Transportation
5.2.5 Other End-user Industries (Electronics, Paints)
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 US
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 UK
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Nouryon
6.4.2 BASF SE
6.4.3 Dow
6.4.4 India Glycols Limited
6.4.5 LACC
6.4.6 LyondellBasell Industries Holdings BV
6.4.7 Mitsubishi Chemical Corporation
6.4.8 Nan Ya Plastics Corporation
6.4.9 Reliance Industries Limited
6.4.10 Royal Dutch Shell PLC
6.4.11 SABIC
6.4.12 Solventis
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increased Popularity of Bio-based MEG Materials
Monoethylene Glycol Industry Segmentation
Mono-ethylene glycol - or MEG - is a vital ingredient, used for the production of polyester fibers and film, polyethene terephthalate (PET) resins, and engine coolants. Applications, end-user industry, and geography segment the mono-ethylene glycol market. By applications, the market is segmented into polyester fiber, PET bottles, PET films, antifreeze, and industrial. By end-user industry, the market is segmented into textile, packaging, plastics, automotive and transportation, and other end-user industries. The report also covers the market size and forecasts for mono-ethylene glycol in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kiloton).
| Application | |
| Polyester Fiber | |
| PET Bottle | |
| PET Film | |
| Antifreeze | |
| Industrial |
| End-user Industry | |
| Textile | |
| Packaging | |
| Plastic | |
| Automotive and Transportation | |
| Other End-user Industries (Electronics, Paints) |
| Geography | |||||||
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Monoethylene Glycol Market Research FAQs
What is the current Mono-ethylene Glycol Market size?
The Mono-ethylene Glycol Market is projected to register a CAGR of less than 5.5% during the forecast period (2024-2029)
Who are the key players in Mono-ethylene Glycol Market?
Nouryon, BASF SE, Dow, LyondellBasell Industries Holdings B.V. and Shell PLC are the major companies operating in the Mono-ethylene Glycol Market.
Which is the fastest growing region in Mono-ethylene Glycol Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Mono-ethylene Glycol Market?
In 2024, the Asia Pacific accounts for the largest market share in Mono-ethylene Glycol Market.
What years does this Mono-ethylene Glycol Market cover?
The report covers the Mono-ethylene Glycol Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mono-ethylene Glycol Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major factors driving the growth of the Monoethylene Glycol Market?
The major factors driving the growth of the Monoethylene Glycol Market are a) Increased demand for Polyethylene Terephthalate (PET) packaging, polyester fibers, and antifreeze b) Rising adoption of bio-based Monoethylene Glycol (MEG) materials and the expanding plastics sector
Monoethylene Glycol Industry Report
The global monoethylene glycol (MEG) market is on a significant growth trajectory, fueled by rising demand in applications such as polyester fibers, polyethylene terephthalate (PET) resins, and antifreeze, particularly from the textile, plastic & packaging, and automotive sectors. The ethylene glycol market's expansion is driven by the demand for PET in packaging, celebrated for its thermal stability, clarity, and barrier properties. The textile industry, especially in the Asia-Pacific region, heavily consumes MEG for polyester fiber production, vital for a broad spectrum of textile products. Despite raw material cost fluctuations and sustainability concerns, opportunities emerge with the development of bio-based MEG and the growing popularity of PET and polyester. The market is also seeing strategic moves like mergers, acquisitions, and product development by key players aiming to solidify their stance in ethylene glycol production. With persistent demand across essential application areas and industries, the MEG market's upward trend is expected to persist. For detailed statistics on the MEG market share, size, revenue growth rate, and a forecast outlook, 糖心vlog传媒鈩� Industry Reports offer in-depth analysis, available as a free report PDF download.
