Global monoethylene glycol market is estimated to be valued at US$ 38.84 Billion by the end of 2030, and is expected to exhibit a CAGR of 4.7% during the forecast period (2023-2030).
Global Monoethylene Glycol Market: Growth Drivers
Global Monoethylene Glycol Market: Restraints
Figure 1. Global Monoethylene Glycol Market Share (%) , By Region, in 2022
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Global Monoethylene Glycol Market: Opportunities
Global Monoethylene Glycol Market: Trends
Monoethylene Glycol Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2022 | Market Size in 2022: | US$ 26.98 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR: | 4.7% | 2030 Value Projection: | US$ 38.84 Bn |
Geographies covered: |
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Segments covered: |
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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. |
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Growth Drivers: |
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Restraints & Challenges: |
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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 urbanization, 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 hampered the global monoethylene glycol market growth. In addition, the pandemic's spread has a detrimental effect on the majority of people's overall economic circumstances. Consumer demand has fallen, and consumers are concentrating more on reducing their budgets' non-essential spending.
Global Monoethylene Glycol Market: Recent Developments
Asia-Pacific region held dominant position in the global monoethylene glycol market in 2022, accounting for 78% share in terms of volume, followed by and Europe and Asia Pacific respectively.
Figure 2. Global Monoethylene Glycol Market, By Product Type, in 2022
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On the basis of end-use industry, the textile segment dominated the global monoethylene glycol market in 2022, 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: Key Companies
Key Companies are 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.
*Definition: 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.
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About Author
Yash Doshi
Yash Doshi is a Senior Management Consultant. He has 12+ years of experience in conducting research and handling consulting projects across verticals in APAC, EMEA, and the Americas.
He brings strong acumen in helping chemical companies navigate complex challenges and identify growth opportunities. He has deep expertise across the chemicals value chain, including commodity, specialty and fine chemicals, plastics and polymers, and petrochemicals. Yash is a sought-after speaker at industry conferences and contributes to various publications on topics related commodity, specialty and fine chemicals, plastics and polymers, and petrochemicals.
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