PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304648
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304648
Mono Ethylene Glycol Market size was valued at USD 40,900.7 Million in 2023, expanding at a CAGR of 7.1% from 2023 to 2030.
Monoethylene glycol is a chemical substance that is produced by the reaction of ethylene or ethylene oxide. Mono Ethylene glycol is commonly used in many chemical products such as antifreeze and refrigerants. This product prevents automotive engines from freezing during the cold season and becoming warm during the warm season. This compound is also used as a coolant for industrial compressor gas coolers, ventilation systems and ice rinks. For example, In the plastics industry, mono-ethylene glycol is an important intermediate in the production of polyester and resin fibers. Polyethylene terephthalate, used in the manufacture of plastic bottles for nonalcoholic beverages and in the production of packaging films, is manufactured from MEG.
Mono Ethylene glycol is a significant raw material for Polyester and Polyethylene Terephthalate (PET) polymers. MEG is used for applications that necessitate solvent couplers, freezing point depression solvents, chemical intermediates for resins, humectants, chemical intermediates, etc. National Renewable Energy Laboratory predicted that More than 82 million metric tons of polyethylene terephthalate (PET) is produced globally each year to make single-use beverage bottles, packaging, clothing, and carpets, and it is one of the largest sources of plastic waste. As a result of the increasing number of automobiles and the need for an efficient engine, the demand for MEG-based antifreeze has increased significantly. Various technological advancements in Mono Ethylene glycol production are projected to create growth opportunities for Mono Ethylene Glycol Market. However, Low-cost production of Mono Ethylene glycol has restricted the market growth.
The Global Mono Ethylene glycol Market is segmented on the basis of Application, End-User, and Region.
The market is divided into five categories based on Application: Polyester Fiber, PET Bottle, PET Film, Antifreeze, and Industrial. Polyester Fiber dominates the market. The demand for polyester fiber in industries such as textiles, apparel, home furnishings, and automotive textiles has been growing steadily due to its favorable characteristics such as durability, wrinkle resistance, and ease of care. As a result, the demand for MEG as a raw material for polyester fiber production has also increased.
The market is divided into four categories based on End-User: Textile, Packaging, Plastic, Automotive and Transportation, and Other. The textile, and packaging segment is expected to dominate the growth of the Mono Ethylene glycol market. MEG is widely used in the textile industry as a key raw material for the production of polyester fibers. Also, it is a vital component in the production of polyethylene terephthalate (PET) resin, which is widely used in the packaging industry.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia Pacific is expected to dominate the growth of the Mono Ethylene Glycol Market, due to rising demand for Mono Ethylene glycol for Polyethylene Terephthalate packaging in various commercial and industrial end-User Applications. Ethylene glycols, including MEG, are widely used in food and beverages, personal care, and household products driving the demand for MEG. ICIS supply and demand database estimates that, in ethylene glycols, China will account for 72% of net imports in 2020. China accounted for 16% of global ethylene glycols demand. By the end of 2020, they expect this to have risen to no less than 57%. The demand for packaged goods, which fuels the demand for PET packaging and, subsequently, MEG. Europe and Asia Pacific are expected to dominate the Mono Ethylene Glycol Market in the forecast period, due to rising production of Mono Ethylene Glycol production.
The demand for polyester fiber and PET packaging materials, which are major applications of MEG, is driven by factors such as population growth, urbanization, consumer preferences, and economic development. Increased consumption of textiles, garments, bottles, and packaging materials contributes to MEG's demand. The manufacturers compete based on factors such as production capacity, product quality, technological advancements, supply chain management, and customer relationships. They also strive to expand their market presence through mergers and acquisitions, collaborations, and strategic partnerships. For instance, on August 15, 2022, MEGlobal nowadays announced that its Asian Contract Price (ACP) for mono ethylene glycol (MEG) will be USD800/MT CFR Asian main ports for arrival in September 2022. The September 2022 ACP reflects the short-term supply/demand situation in the Asian market.
In 20 May 2019, Shell is moving ahead with feasibility plans for building a USD1.2 billion Monoethylene glycol plant at its Louisiana complex, state and company officials announced Monday.
This proposed research study on Mono Ethylene glycol market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The report provides the client the latest up-to-date and trending insights about the Mono Ethylene glycol market.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Mono Ethylene glycol market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Mono Ethylene glycol market
Impact of COVID-19 on Mono Ethylene glycol market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Mono Ethylene glycol market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Mono Ethylene glycol market, we have also included competitive landscape and key innovator analysis for the Mono Ethylene glycol market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Mono Ethylene glycol market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the global and regional market.
The global Mono Ethylene glycol market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: