Global Monoethylene Glycol Market is expected to surpass US$ 38.84 Billion by 2030, exhibiting a CAGR of 4.1 % during the forecast period (2023-2030). According to the Global Polymer Stabilizers Market Report, 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-user ( Textile, Plastic & Packaging, Automotive, Others), By Region (Asia Pacific, North America, Europe, Latin America, Middle East & Africa.) Published by Coherent Market Insights.
Monoethylene glycol is a colorless, odorless liquid that is 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, along with monoethylene glycol. Commercially, it is regarded as one of the most important glycols available.
Global monoethylene glycol market was accounted for around US$ 26.98 Billion in 2022, and it is estimated to exhibit a CAGR of 4.7% during the forecast period (2023-2030)
Key Trends and Analysis of the Global Monoethylene Glycol Market:
The use of monoethylene glycol in the production of polyethylene terephthalate (PET) films can drive the global monoethylene glycol market growth 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 as 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 a modest moisture barrier. It is 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 thatimproves 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. Rising demand for MEG owing to growing polyethylene terephthalate (PET) films is expected to drive the market growth.
Global Monoehylene Glycol Market- Drivers
Growth in the automotive industry
MEG is used in the production of antifreeze and coolants, which are used in the automotive industry. The growth of the automotive industry, particularly in emerging economies, is driving the demand for MEG
Global Monoethylene Glycol Market- Opportunities
Increase demand for non-ionic surfactant
Increasing demand for non-ionic surfactants and growing textile and fiber industries are expected to generate numerous opportunities for the market expansion. By 2025, the use of monoethylene glycol as a raw material for polyester fiber and polyethylene terephthalate (PET) films is expected to increase and boost the monoethylene glycol market size. Customers' modern fashion preferences for newly created attires are expected to boost demand for polyester fiber Over the course of the forecast period, demand directly increased the size of the worldwide monoethylene glycol market. Monoethylene glycol is also utilized in a variety of industrial applications including antifreeze, hydrate inhibitor in gas pipelines, and heat transfer agent, and this is expected to generate several of the new opportunities in a variety of industries.
Global Monoethylene Glycol Market- Restraints
Monoehylene glycol exposure
Monoethylene glycol exposure might become very harmful that causesproblems 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 also.
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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.
Global Monoethylene Glycol Market- 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.
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 influenced 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.
Global Monoethylene Glycol Market: Recent Developments
- In June 2022, RHI Magnesita’s main U.S. industrial site in York, Pennsylvania, A new two stage crushing system with the MMD Sizer has been added to the monoethylene glycol mines for the production of refractory materials.
- In January 2022, ExxonMobil and SABIC announced the successful launch of Gulf Coast Growth Ventures' world-class manufacturing facility in San Patricio County, Texas. The activities of the new facility include, for example monoethylene glycol unit with an annual capacity of 1.1 million tons.
- In November 2021, SABIC announced Ethylene Glycol Plant - 3 first start-up activities in its production subsidiary Jubail United Petrochemical Company (United) with an estimated annual production capacity of 700,000 tons of monoethyl glycol
Global Monoethylene Glycol Market- Competitive Section
- 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
- Eastman Chemical Company
