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  • Published On : Feb 2022
  • Code : CMI4930
  • Industry : Bulk Chemicals
  • Pages : 150
  • Formats :

Monoethylene glycol can be found in polyester fibers and films. It is one of the greatest products for making polyester fibers and Polyethylene Terephthalate (PET) films because of its resilience and hydrophobic qualities. Monoethylene glycol is used in various industries including construction, automotive, consumer goods, textiles, medicines, and chemical processing. Monoethylene glycol production has increased in response to the growing demand for polyester fiber in the textile industry. The global monoethylene glycol market growth is predicted to be driven by the increasing use of polyethylene terephthalate (PET) in major consumer goods products such as bottles and food containers. People's changing lifestyles and urbanization in major nations such as China, India, Brazil, and Mexico are likely to drive the demand for monoethylene glycol. For instances, according to OECD Regional Development Working Papers on Urban Trends and Policy in China With nearly 600 million urban residents, China has surpassed the United States as the world's most populous country. According to projections, this number could reach 900 million by 2030.

The global monoethylene glycol market is expected to surpass US$ 34.8 Billion by the end of 2028 and exhibit a CAGR of 3.9% during the forecast period (2021 to 2028).

Drivers

Increased demand for polyethylene terephthalate (PET) resin, polyester fiber, and antifreeze is a major factor driving the growth of the global monoethylene glycol market. Monoethylene glycol is also a biodegradable substance, which means it has a lower influence on aquatic life. This component is also contributing to the global monoethylene glycol market growth.

Among regions, Asia Pacific dominated the global monoethylene glycol market in 2020, accounting for 77.80% revenue share, followed by Europe and Latin America. As a result of the rising demand for Monoethylene Glycol from the forging and die-casting sectors, the global Monoethylene Glycol market is expected to grow throughout the forecast period.

Figure 1. Global Monoethylene Glycol Market Revenue Share (%), By Region, 2020

Monoethylene Glycol  | Coherent Market Insights

Market Restraints

The fluctuation in raw material costs and the availability of crude oil and other feedstock is one of the significant barriers to the expansion of the monoethylene glycol (MEG) market. Concerns about the sustainability of monoethylene glycol are influencing some end users to seek out alternatives that have better material performance than MEG.

Market Opportunities

Monoethylene glycol is a biodegradable product that has no negative effects on the environment or aquatic organisms. As a result, it is a good substitute for other products, which creates opportunities for market player in the monoethylene glycol market. The global monoethylene glycol market is also growing, owing to increasing demand for polyethylene terephthalate (PET) and polyester in the textile and plastic industries. The expanding plastics sector has fueled the demand for applications of polyethylene terephthalate (PET), which has fueled the demand for monoethylene glycol.

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Monoethylene Glycol Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2020: US$ 25.1 Bn
Historical Data for: 2017 to 2019 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 3.9% 2028 Value Projection: US$ 34.8 Bn
Geographies covered:
  • North America: U.S., and Canada
  • Europe: U.K., Germany , Italy , Spain, Russia, and Rest of Europe
  • Asia Pacific: China, India , Japan, South Korea, ASEAN, Australia, and Rest of Asia Pacific
  • Latin America: Brazil, Mexico, Argentina, and Rest of Latin America
  • Middle East and Africa: Middle East and Africa
Segments covered:
  • By Production Process: Gas-based, Naphtha-based, Coal-based, Methane-to-Olefins, and Bio-based
  • By Application: Polyester Fiber, polyethylene terephthalate (PET) Resins, polyethylene terephthalate (PET) Film, Antifreeze, and others
  • By End-use Industry: Textile, Plastic & Packaging, Automotive, and others
Companies covered:

Reliance Industries Limited, Saudi Basic Industries Corporation, BASF SE, India Glycols Limited, LyondellBasell Industries Holdings B.V., Chemtex Speciality Limited, Royal Dutch Shell PLC, Nouryon, Mitsubishi Chemical Corporation, and Eastman Chemical Company

Growth Drivers:
  • Increasing demand for monoethylene glycol in the manufacturing of polyester fibers, and antifreeze
  • Rising demand for monoethylene glycol for polyethylene terephthalate (PET) packaging in various commercial and industrial end-use applications
Restraints & Challenges:
  • Fluctuation in raw material costs and the availability of crude oil and other feedstock 

Figure 2. Global Monoethylene Glycol Market – Opportunity Analysis

Monoethylene Glycol  | Coherent Market Insights

Market Trends

Emerging trends that have a direct influence on market expansion include acquisitions, mergers, and product development by key players. Several key players are focused on strategies such as acquisitions and mergers to improve their position in the global monoethylene glycol market. For instance, in July 2021, ExxonMobil, an American multinational oil and gas corporation and SABIC's, a Saudi Arabian multinational chemical manufacturing company joint venture, Gulf Coast Growth Ventures, in Corpus Christi, Texas, completed construction of a monoethylene glycol (MEG) unit and two polyethylene (PE) units.

Figure 3. Global Monoethylene Glycol Market Revenue Share (%), By End-use Industry, in 2020

Monoethylene Glycol  | Coherent Market Insights

On the basis of end-use industry, the textile segment dominated the global monoethylene glycol market in 2020, accounting for 49.4% of market revenue share, followed by plastic & packaging, automotive, and others owing to the rising adoption of monoethylene glycol due to its versatility as a chemical that is compatible with water and various organic components.

Global Monoethylene Glycol Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 had a negative influence on the global monoethylene glycol market. China is the largest supplier and user of mono-ethylene glycol in Asia Pacific, owing to the country's expanding population and urbanisation, which has resulted in high demand from the textile industry. However, the supply chain has been disrupted due to the COVID-19-triggered lockdown, which has hampered the global monoethylene market. Furthermore, as a result of the outbreak's negative influence on the general economic situation of most people, consumer demand has decreased and people have become more focused on cutting non-essential expenses from their budgets.

Competitive Section

Key players operating in the global monoethylene glycol market include Reliance Industries Limited, Saudi Basic Industries Corporation, BASF SE, India Glycols Limited, LyondellBasell Industries Holdings B.V., Chemtex Speciality Limited, Royal Dutch Shell PLC, Nouryon, Mitsubishi Chemical Corporation, and Eastman Chemical Company.

Few Developments

In May 2019, Shell, is an Anglo-Dutch multinational oil and gas company is moving forward with the development plans for a US $1.2 billion monoethylene glycol plant at its Louisiana location. MEG is used to manufacture paints, adhesives, paper, polyester fibers, and polyester terephthalate, a resin used to make plastic bottles and antifreeze.

Monoethylene glycol is also known as 1, 2-ethanediol and is soluble in a wide range of chemical compounds, alcohols, and water. Ethylene Oxide hydrolysis produces it primarily, with the emission of two co-products, Diethylene Glycol (DEG) and Triethylene Glycol (TEG). Natural gas, coal, naphtha, and bioethanol are the feedstocks used to make monoethylene glycol, hence the market is divided into four types based on the sources from which it is made. Natural gas, followed by naphtha and coal, accounts for the majority of monoethylene glycol production. Due to mounting environmental concerns, most businesses are now focusing on producing biobased monoethylene glycol rather than petrochemical-based monoethylene glycol. Monoethylene glycol is utilized in coolants and de-icing materials because of its chemical features, which include high viscosity, high boiling point, and low freezing point. PET and polyester resins are made primarily from monoethylene glycol. It is frequently utilized as a raw ingredient in the production of fabrics and polyester fibres. Among other things, it's used as a coolant, anti-freeze, dewatering agent, chemical intermediate, humecant, and anti-corrosion agent. Monoethylene Glycol is also used in the making of tobacco, food and beverages, pharmaceuticals, and cosmetics, among other things.

Market Dynamics

The expansion of the monoethylene glycol market would be aided by rising demand for PET packaging in various commercial and industrial end-use applications. Clothing, industrial fabrics, and non-woven fabrics are just a few of the industries where fibers are used. Some of the features of these fabrics, such as resistance to moisture, stains, oil, and water, have led to increased demand for them. It's abrasion-resistant and wrinkle-resistant. As a result of these characteristics, the use of fibre in textile sector and the monoethylene glycol market will grow in the forecast period.

On the other hand, MEG is extremely toxic to people; consumption has been shown to have a negative influence on the kidneys, the heart, and the central nervous system, which is limiting the market growth.

Key features of the study:

  • This report provides an in-depth analysis of the global monoethylene glycol market, market size (US$ Billion & Tons), and compound annual growth rate (%CAGR) for the forecast period (2022–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global monoethylene glycol market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Reliance Industries Limited, Saudi Basic Industries Corporation, BASF SE, India Glycols Limited, LyondellBasell Industries Holdings B.V., Chemtex Speciality Limited, Royal Dutch Shell PLC, Nouryon, Mitsubishi Chemical Corporation, and Eastman Chemical Company
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global monoethylene glycol market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global monoethylene glycol market.

Detailed Segmentation:

  • Global Monoethylene Glycol Market, By Production process:
    • Gas-based
    • Naphtha-based
    • Coal-based
    • Methane-to-Olefins
    • Bio-based
  • Global Monoethylene Glycol Market, By Application:
    • Polyester Fiber
    • Polyethylene Terephthalate (PET) Resins
    • Polyethylene Terephthalate (PET) Film
    • Antifreeze
    • others
  • Global Monoethylene Glycol Market, By End-use Industry:
    • Textile
    • Plastic & Packaging
    • Automotive
    • others
  • Global Monoethylene Glycol Market, By Region:
    • North America
    • Latin America
    • Europe
    • Asia-Pacific
    • Middle East & Africa
  • Company Profiles
    • Reliance Industries Limited *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Saudi Basic Industries Corporation
    • BASF SE
    • India Glycols Limited
    • LyondellBasell Industries Holdings B.V.
    • Chemtex Speciality Limited
    • Royal Dutch Shell PLC
    • Nouryon
    • Mitsubishi Chemical Corporation
    • Eastman Chemical Company

 “*” marked represents similar segmentation in other categories in the respective.

Frequently Asked Questions

The global monoethylene glycol market is expected to surpass US$ 34.8 Billion by 2028 and exhibit a CAGR of 3.9% between 2021 and 2028.
The market growth is driven by increasing demand for monoethylene glycol in the manufacturing of polyester fibers and antifreeze as well as rising demand for polyethylene terephthalate (PET) packaging in various commercial and industrial end-use applications around the world.
Increasing use of monoethylene glycol in the production of polyethylene terephthalate (PET) films and acquisitions and mergers by key players to strengthen their market position are expected to boost the market growth over the forecast period.
The fluctuation in raw material costs and the availability of crude oil and other feedstock will hinder the market growth.
Major players operating in the market include Reliance Industries Limited, Saudi Basic Industries Corporation, BASF SE, India Glycols Limited, LyondellBasell Industries Holdings B.V., Chemtex Speciality Limited, Royal Dutch Shell PLC, Nouryon, Mitsubishi Chemical Corporation, and Eastman Chemical Company.
The market was valued at US$ 25.1 Billion in 2020.

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