The Global Monoethylene Glycol Market Is Likely To Be Worth Nearly US$ 65 Billion By 2032

Posted on 2022-11-17 by Fact.MR in Chemicals // 0 Comments

As per the recent report published by Fact.MR, the monoethylene glycol systems market recorded a CAGR of 6.4% during the historical period. However, the market has showed an acute slump during the forecast period, and is anticipated to reduce to a CAGR value of 5.4% between 2022 to 2032.

The pandemic has had an impact on the global demand for monoethylene glycol. But the current market outlook is changing. The increased demand for antifreeze, PET resin and polyester fibre is a major factor propelling the global monoethylene glycol market forward.

Monoethylene glycol is also a biodegradable substance, which means that aquatic organisms are less affected. This element has also contributed to the monoethylene glycol industry’s growth. MEG is extremely toxic to humans; consumption has been shown to have a negative influence on the kidneys, heart, and central nervous system, limiting the market’s growth.

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What are the Emerging Trends in the Monoethylene Glycol Market?

Monoethylene glycol (MEG) use is said to be strongly dependent on the economics of the country. While Asia’s economies are cyclical, demand for monoethylene glycol (MEG) for applications such as polyester fibres and PET is expected to stay strong.

Furthermore, the packaging industry’s growth is propelling the monoethylene glycol (MEG) market over the past few years. This, in combination with urbanisation, changing consumer lifestyles, and increased disposable money, has a substantial impact on the monoethylene glycol (MEG) market.

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

Over the forecast period, however, increased acceptance of bio-based monoethylene glycol (MEG) is expected to generate opportunities in the monoethylene glycol market.

Despite being a big producer of MEG, China has the highest demand for it and imports it. It has recently made investments in coal-fired power stations. One of the technologies utilised in MEG manufacturing is the coal-based method, which is predicted to give growth potential in the country.

Owing to the rise in Chinese manufacturing, ethane-based monoethylene glycol exports from the Middle East are anticipated to suffer. Furthermore, the price of MEG is projected to be affected by the increase of large-scale production plants in China. Because the MEG produced by this method is not utilised in the polyester markets like that produced by other technologies, the operating rates for these plants are projected to remain unstable and low.

However, the low-cost production of monoethylene glycol have an impact on polyester manufacturing in the long run, making the polyester market more competitive. However, combining the production method with biomass platforms are projected to present a market opportunity for MEG.

This is expected to expand the Middle East and Africa’s investment potential. As a result, coal-based production technology would lower monoethylene glycol prices in China.

What is the Regional Demand Analysis in the U.S. Monoethylene Glycol Market?

“Multiple end-use industries in the U.S. garnering significant growth to the market.”

Monoethylene glycol being utilised as a raw material in the production of fabric and polyester fibres alongside as a coolant, anti-freeze, dewatering agent, chemical intermediate, humecant, and anti-corrosion agent, is highly popular in the U.S.

Furthermore, monoethylene glycol has a wide range of uses, including tobacco production, food and beverage manufacturing, pharmaceuticals, cosmetics, which has been attracting the demand for monoethylene glycol market in the U.S. The U.S. monoethylene glycol market is anticipated to grow at a CAGR of 5.2% during the forecast period.

What is the Segmentation Outlook for the Monoethylene Glycol Market?

Owing to being largely utilised in the production of strong and lightweight plastics, the polyethylene terephthalate (PET) sector accounted for a considerable portion of the market and is expected to increase at a significant rate in the future years.

PET is a type of polyester that is used to make containers for drinks, food, and a variety of cosmetics. Because of its versatility, it is utilized to make polyester clothes.

Due to increasing demand for bottles to hold beverages, the consumer goods category held a considerable proportion of the market and is expected to grow at a significant rate by 2026. PET resins, which are derived from monoethylene glycol, are used to make these bottles. Furthermore, the textile sector makes substantial use of polyester and PET fibres. This is projected to keep the category growing at a sustainable rate.

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Competitive Landscape

Nouryon, BASF SE, Dow, India Glycols Limited, LACC, Mitsubishi Chemical Corporation, Nan Ya Plastics Corporation, Reliance Industries Limited, Royal Dutch Shell PLC, SABIC, and Solventis are the key players in the market.

In the foreseeable period, rising consumption across end-use industries, combined with technological advances, is expected to drive the demand for monoethylene glycol. Anti-corrosion agents, anti-freeze, coolant materials, dewatering agents, and a variety of other chemical intermediates can all be made with this product.

The monoethylene glycol can also be used to make various hygroscopic materials that are employed in a variety of industries, including textiles, packaging, and automobiles. Furthermore, capacity expansion in China and the Middle East is expected to drive product and monoethylene glycol market expansion.

Together, Mitsubishi Chemicals and Reliance Industries control more than 40% of the global monoethylene glycol market.

Recent Developments in the Monoethylene Glycol Market :

ExxonMobil and SABIC announced in January 2022 that Gulf Coast Growth Ventures’ world-class manufacturing facility in San Patricio County, Texas, had successfully launched. A mono-ethylene glycol unit with an annual capacity of 1.1 million metric tonnes is part of the new facility’s activities.

SABIC announced the start-up of the Ethylene Glycol Plant – 3 at its manufacturing subsidiary, Jubail United Petrochemical Company (United), in November 2021, with an annual mono-ethylene glycol production capacity of 700,000 metric tonnes.

Key Segments

· By Application :

- Polyester Fiber
- PET Bottle
- PET Film
- Antifreeze
- Industrial

· By End User :

- Textile
- Packaging
- Plastic
- Automotive and Transportation
- Other End User Industries

· By Region :

- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa

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