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Monoethylene Glycol Market (Grades - Polyester Grade, Antifreeze Grade, Industrial Grade, and Low-conductivity Grade; End-user - Textile, Packaging, Plastic, Automotive and Transportation, and Other End-user Industries): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

  • Published : May, 2022

  • Rep Id : CM0134

  • Category : Chemicals & Materials

  • Status : Published

A recent report published by Infinium Global Research on monoethylene glycol market provides an in-depth analysis of segments and sub-segments in the global as well as regional monoethylene glycol market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional monoethylene glycol market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global monoethylene glycol market. According to the report, the global monoethylene glycol market is projected to grow at a CAGR of 6% over the forecast period of 2022-2028. The revenue generated by the monoethylene glycol market was approximately USD 29 billion in 2022 and is expected to reach approximately USD 40 billion in 2028.

 

Market Insight

Monoethylene glycols are colorless, essentially odorless stable liquids with low viscosities and high boiling points. It is a somewhat viscous liquid, miscible in water, soluble in ethanol, acetone, acetic acid, and pyridine with a sweet taste. Ethylene glycol is prepared commercially by oxidation of ethylene at high temperature in the presence of silver oxide catalyst, followed by hydration of ethylene oxide to yield mono, with di, tri, and tetra-ethylene glycol as co-products. Monoethylene glycols are widely used in the mixtures of automobile antifreeze and engine-cooling liquids because of their properties such as low freezing point, in-volatility, and low corrosive activity. key factors driving the market studied are the growing demand for PET in the packaging sector and increased demand for MEG from the textile sector. On the flip side, the fluctuation in raw material prices due to volatility in crude oil prices can restrict the market. The increased popularity of bio-based MEG materials is likely to act as an opportunity for the market studied.

 

COVID-19 was an incomparable global public health emergency that has affected almost every industry and is projected to impact these various industry growths during the forecast period. During the Covid-19, pandemic people were compelled to stay in their homes. The governments of many countries in the world turned their focus to healthcare from other industries. This significantly disrupted their supply chain operations and manufacturing as lockdowns were imposed by the respective governments. Manufacturing facilities were all shut down due to the pandemic in almost every country across the globe. Due to the pandemic, several industries including monoethylene glycol were adversely negatively affected. Logistical restrictions, manpower shortage, material unavailability, and other restrictions had reduced the growth of the industry. The pandemic has affected the normal production of companies. The COVID-19 pandemic has created instability in the monoethylene glycol market across the globe. However, the market is now estimated to have reached pre-pandemic levels and is expected to grow steadily during the forecast period.

 

Increasing demand for monoethylene glycol in end-use industries such as consumer goods, construction, automotive, pharmaceutical, textiles, and chemicals remains the key factor driving the growth of the global monoethylene glycol market. In addition, increasing the use of monoethylene glycol in polyester fiber and polyethylene terephthalate is likely to drive the growth of the market. Furthermore, rapid urbanization and changing lifestyle of consumers, especially in emerging economies such as China, India, Mexico, and Brazil have been driving the polyethylene terephthalate, one of the key materials used in the packaging sector which in turn is projected to boost the global monoethylene glycol market over the forecast period. Moreover, fluctuation in prices of raw materials and sustainability issues related to monoethylene glycol are the key factors restraining the growth of this market. The increasing popularity of bio-based MEG and increasing R&D of eco-friendly alternatives that can help in removing the toxic nature of monoethylene glycol are likely to bring more opportunities to this market.

 

The report provides a regional outlook covering geographies such as North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific holds the command over the market globally. In Asia-Pacific China shares the largest market share as it’s the largest economy, in terms of GDP. The Asia Pacific was the largest market among the geographies due to the consumption of nearly half of the global monoethylene glycol. Furthermore, Asia Pacific is expected to continue its dominance and is anticipated to grow at the highest CAGR rate over the forecast period due to the rapid growth of end-use industries such as automobile, packaging, and textile in China, India, and South Korea. Substantial manufacture of polyester fiber and polyethylene terephthalate (PET) in emerging economies involving India, China, Malaysia, etc. will establish an abundant consumption of MEG in the region driving its industry size in the near future. Following the Asia Pacific Region, North America and Europe were also accounted to have a stronghold on the global monoethylene glycol market. Furthermore, these regions are expected to have a moderate growth rate over the forecast period owing to their serial recovery from the economic slowdown.


Monoethylene Glycol Market

 

Segment Covered

The report on the global monoethylene glycol market covers segments such as grades and end-user. On the basis of grades, the sub-markets include polyester grade, antifreeze grade, industrial grade, and low-conductivity grade. On the basis of end-user, the sub-markets include textile, packaging, plastic, automotive and transportation, and other end-user industries.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Nouryon, BASF SE, Dow, LyondellBasell Industries Holdings B.V., Royal Dutch Shell PLC, Reliance Industries Limited, ExxonMobil Corporation, Zhenhai Refining & Chemicals, AkzoNobel, and SABIC.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors driving and restraining this market's growth. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of monoethylene glycol market. Moreover, the study highlights current market trends and provides forecasts for 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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