PUBLISHER: Grand View Research | PRODUCT CODE: 1301275
PUBLISHER: Grand View Research | PRODUCT CODE: 1301275
The global monoethylene glycol market size is expected to reach USD 30.98 billion by 2030, as per the new report by Grand View Research, Inc., registering a CAGR of 3.2% over the forecast period. This is attributed to the increasing product demand in the polyester film industry. MEG is a key raw material for the production of polyester fibers, which are widely used in the textile industry. As global populations continue to grow and economies develop, there is a growing demand for clothing and textiles, driving the need for MEG. MEG is also used in the production of Polyethylene Terephthalate (PET) resin, which is used for packaging applications, such as bottles and containers.
With the rise of e-commerce, convenience foods, and beverages, there has been a significant increase in the demand for PET packaging, leading to higher consumption. In addition, MEG is used in the manufacturing of automotive antifreeze and engine coolant, as well as in brake fluid. The growing automotive industry, particularly in emerging markets, is driving the demand as the production of vehicles increases. Furthermore, MEG is utilized in the production of construction materials, such as paints, coatings, and adhesives. As construction activities rise worldwide, particularly in developing countries, there is a higher demand for the construction industry.
Moreover, it is also utilized in the production of wind turbine blades, which are an essential component of wind energy generation. As the world seeks to reduce dependence on fossil fuels and embrace renewable energy sources, the demand for MEG for wind turbine production is increasing. On the other hand, fluctuations in raw material prices may have a negative impact on market growth. MEG is derived from ethylene, which is primarily produced from crude oil or natural gas. Any volatility in the prices of these feedstocks can impact the production cost. To sum up, fluctuating raw material prices can make it challenging for MEG manufacturers to maintain stable pricing and can potentially affect industry growth.