Monoethylene Glycol Market To Surpass US$ 34.8 Billion By 2028 - Coherent Market Insights

The global monoethylene glycol market was valued at US$ 25.1 Billion in 2020, according to the Monoethylene Glycol Market Report, 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), and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), published by Coherent Market Insights.

The global monoethylene glycol market was valued at US$ 25.1 Billion in 2020 and is expected to exhibit a CAGR of 3.9% during the forecast period (2021 to 2028). Monoethylene glycol is a colorless, odorless liquid made from ethylene during the ethylene oxide synthesis process. Ethylene oxide method yield 85% of monoethylelne glycol, and it is commonly utilized in commercial processes. The technique also produces triethylene and tetraethlene glycol, both diethylene compounds, in addition to monoethylene glycol. Commercially, it is regarded as one of the most important glycols available.

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Browse 50 market data tables* and 45 figures* on “Monoethylene Glycol Market” - Global Forecast to 2028.

Key Trends and Analysis of the Global Monoethylene Glycol Market:

The use of monoethylene glycol in the production of polyethylene terephthalate (PET) films will drive the global monoethylene glycol market during the forecast period. Polyethylene terephthalate (PET) is a high-performance thermoplastic that is crystal clear. Polyethylene terephthalate (PET) films are manufactured from monoethylene glycol. These films provide great dimensional stability, stronger tensile strength, minimal moisture absorption, and good physical property retention across a wide temperature range when compared to other popular plastic films. Polyethylene terephthalate (PET) has outstanding electrical qualities, great UV resistance, high gloss, good optical clarity, and acceptable gas barrier capabilities, but only a modest moisture barrier. It is, therefore, an excellent choice for high-quality printing and laminating. It is also used to manufacture high-performance plastic films and sheets, owing to its relatively high melting point, which makes it ideal for sterilizing at high temperatures. Furthermore, polyethylene terephthalate (PET) can be metalized, which improves the gas barrier qualities for demanding applications while also extending the shelf life of the product. As a result, polyethylene terephthalate (PET) film is well-suited to a wide range of industrial, electrical, and automotive applications. As a result, demand for MEG is expected to rise in the forecast years as the market for polyethylene terephthalate (PET) films expands.

Market Opportunities

• Increasing demand for non-ionic surfactants and growing textile and fiber industries are expected to generate numerous opportunities for the market's expansion. By 2025, the use of monoethylene glycol as a raw material for polyester fiber and polyethylene terephthalate (PET) films is expected to increase, boosting the monoethylene glycol market size. Customers' modern fashion preferences for newly created attires are expected to drive polyester fibre demand, resulting in a direct increase in the Monoethylene Glycol market size over the forecast period. Monoethylene Glycol is also utilized in a variety of industrial applications, including antifreeze, hydrate inhibitor in gas pipelines, and heat transfer agent, and is expected to generate several of the new opportunities in a variety of industries.

Market Restraints

• Monoethylene glycol exposure might become very harmful, causing problems in the kidney, the heart, the central nervous system, and others, which is a major market restraint. Inhalation, contact, and ingestion of monoethylene glycol are all hazardous. If it comes in touch with the eyes, it can cause irritation, pain, and blurred vision, and if it comes into contact with the skin, it can cause skin irritation.

Key Takeaways

On the basis of application, the polyester fiber segment dominated the global monoethylene glycol market in 2020 with around 55.9% of market revenue share, followed by PET resins, PET Film, Antifreeze, and others.

Key Players

• 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
• These players are constantly engaged in mergers and product launches to gain a competitive advantage over other players. For instance, in November 2019, Avantium, a chemical technology company launched Plant-Based MEG Demonstration Unit. Avantium's latest demonstration plant in the Netherlands will use the company's Ray technology to make monoethylene glycol from plants. The factory will also generate plant-based mono-propylene glycol, with a yearly capacity of 10 tons.

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

The COVID-19 had a negative impact on the global monoethylene glycol market. The construction industry was one of the key sectors hit hard by the pandemic. The operation for this sector was reduced due to labor shortage and the enforcement of lockdown. The fiber industry also had challenges and its expansion slowed down as a result of lower production. All of these factors had an impact on the monoethylene glycol market. Monoethylene glycol production was also halted, affecting its market patterns.

Market Taxonomy

By Production Process

• Gas-based
• Naphtha-based
• Coal-based
• Methane-to-Olefins
• Bio-based

By Application

• Polyester Fiber
• Polyethylene Terephthalate (PET) Resins
• Polyethylene Terephthalate (PET) Film
• Antifreeze
• others

By End-use Industry

• Textile
• Plastic & Packaging
• Automotive
• others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa