Monoethylene Glycol Market is expected to reach a revenue of USD 37,241.2 Mn by 2033, at 3.5% CAGR: Dimension Market Research

In the coming years, monoethylene glycol (MEG) is expected to show constant growth driven by demand from key industries like textiles, packaging, and plastics. Innovations in production processes, sustainability initiatives, and expanding applications in many sectors are likely to shape MEG’s role as a versatile and essential chemical compound in the global market.

New York, May 20, 2024 (GLOBE NEWSWIRE) — Overview

The Monoethylene Glycol Market reached USD 26,279.3 million in 2023 and is further anticipated to reach USD 37,241.2 million by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 3.5% from 2024 to 2033.

Monoethylene Glycol (MEG), with the formula (CH2OH)2, is an odorless, colorless liquid known for its water and solvent miscibility. It’s important in producing polyester fibers, brake fluids, and antifreeze. MEG is made through catalytic hydration with copper or silver catalysts, followed by distillation. Non-flammable, biodegradable, and eco-friendly, MEG is a versatile and sustainable solution for several industries.

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The textile segment will lead the monoethylene glycol (MEG) market in 2024 due to its large use in dyeing, printing, and polyester fiber production. MEG is also important in the plastic industry for polyester resins used in blow molding and extrusion. In addition, MEG’s role in packaging food containers and adhesives will drive further demand.

Important Insights

  • The Monoethylene Glycol Market is expected to grow by USD 9,060.6 million by 2033 from 2025 with a CAGR of 3.5% during the same forecasted period.
  • In 2024, the textile segment will dominate the  MEG market due to see rising demand in the plastics, packaging, and adhesives industries.
  • In 2024,  PET production will lead MEG, due to its superior properties, affordability, and eco-friendliness.
  • The Asia Pacific leads the global MEG market with a 61.9% share, driven by demand in packaging, textiles, and electronics. North America and Europe also show significant growth..

Global Monoethylene Glycol Market: Trends

  • Shift Towards Bio-based MEG: A higher focus on sustainability drives the adoption of bio-based MEG derived from renewable feedstocks.
  • Digitalization in Supply Chain: Integration of digital technologies enhances supply chain efficiency & transparency in the MEG market.
  • Circular Economy Initiatives: Growing focus on circular economy principles supports MEG recycling and waste reduction efforts.
  • R&D in Advanced Applications: Research & development efforts aim on exploring new applications of MEG, expanding its market potential beyond traditional sectors.

Monoethylene Glycol Market: Competitive Landscape

Strong competition is being seen in the global monoethylene glycol market, with key players expanding product portfolios and global presence. The focus is on expanding distribution networks and geographic reach. Higher R&D investments focus on enhancing production capacity to meet rising demand. Strategic mergers and acquisitions are pursued to strengthen market positions. These actions highlight the industry’s dynamism and ongoing endeavors of companies to excel in a strong competitive environment.

Some of the major players in the market include Royal Dutch Shell PLC, Mitsubishi Chemical Corporation, China Petroleum and Chemical Corporation, MEGlobal, India Glycols, Ltd, Ishtar Company, LLC, Arham Petrochem Pvt. Ltd., Pon Pure Chemicals Group, and more.

Some of the prominent market players:

  • Royal Dutch Shell PLC
  • Mitsubishi Chemical Corporation
  • China Petroleum and Chemical Corporation
  • MEGlobal
  • India Glycols, Ltd
  • Ishtar Company, LLC
  • Arham Petrochem Pvt. Ltd.
  • Pon Pure Chemicals Group
  • Indian Oil Corporation Ltd.
  • Raha Group
  • Euro Industrial Chemicals
  • UPM Biochemicalsr
  • Other Key Players

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Monoethylene Glycol Market Scope

Report Highlights Details
Market Size (2024) USD 27,246.1 Mn
Forecast Value (2033) USD 37,241.2 Mn
CAGR (2024-2033) 3.5%
Leading Region in terms of Revenue  Share Asia Pacific
Percentage of Revenue Share by Leading Region 61.9%
Historical Data 2018 – 2023
Forecast Data 2025 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Application, By End Use
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Regional Analysis

The Asia Pacific region is expected to lead the global monoethylene glycol market in 2024, capturing a significant share of 61.9%, which is driven by rising demand from key industries like packaging, textiles, and electronics. Mainly in textiles, MEG is important for polyester fiber production, driving regional market growth. North America benefits from substantial investments by major manufacturing groups, further fueling the market. Also, in Europe, the electronics sector is a prominent user of MEG in battery and capacitor manufacturing, spurred by demand from the automotive, consumer electronics, and industrial sectors. These trends highlight MEG’s growing importance and versatility across diverse industries globally.

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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Segment Analysis

The PET (Polyethylene Terephthalate) segment will dominate the monoethylene glycol (MEG) market in 2024, largely due to MEG’s superior properties like thermal stability, compatibility, reactivity, transparency, clarity, and barrier capabilities. These make MEG ideal for PET production. MEG reacts with terephthalic acid to develop DMT (Dimethyl Terephthalate), which is polymerized into polyester resin and processed into fibers through wet and melt spinning. MEG’s affordability and eco-friendliness benefit polyester fiber production. In addition, MEG is an important antifreeze component, preventing water from freezing through hydrogen bonding, and important for maintaining unfrozen engine coolant in cold conditions.

Monoethylene Glycol Market Segmentation

By Application

  • Polyethylene Terephthalate (PET)
  • Polyester Fibers
  • Anti-Freeze
  • Others

By End-Use

  • Textile
  • Packaging
  • Automotive
  • Plastics
  • Others

Global Monoethylene Glycol Market: Driver

  • PET Industry Dominance: MEG’s superior properties make it ideal for PET production, driving major demand.
  • Textile Sector Expansion: Higher usage of MEG in textile applications like dyeing and polyester fiber production contributes to market growth.
  • Plastic Industry Demand: MEG’s role in polyester resin formation for many plastic processing methods spurs market expansion.
  • Packaging and Adhesive Applications: The growing need for MEG in packaging materials and adhesive production further boosts market growth.

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Global Monoethylene Glycol Market: Restraints

  • Raw Material Price Volatility: Fluctuations in raw material prices impact MEG production costs &market stability.
  • Environmental Regulations: Strict regulations regarding emissions and waste disposal affect MEG production and usage.
  • Competition from Alternative Materials: Substitution by alternative chemicals in many applications creates a challenge to MEG’s market growth.
  • Economic Uncertainty: Global economic fluctuations and trade tensions may impact market expansion and investment in MEG-related industries.

Global Monoethylene Glycol Market: Opportunities

  • Sustainable Packaging Solutions: Higher demand for eco-friendly packaging materials presents opportunities for MEG in PET production.
  • Emerging Markets Expansion: Growing economies provide untapped potential for MEG applications in textiles, plastics, and other industries.
  • Technological Advancements: Development in MEG production processes and applications opens avenues for market growth & product development.
  • Renewable Feedstocks: Exploration of renewable feedstocks for MEG production can improve sustainability and market competitiveness.

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Recent Developments in the Monoethylene Glycol Market

  • January 2024: MEGlobal, a key player in MEG production, raises February’s Asian market price by USD 850/tonne, a USD 10/tonne increase from January, reflecting market dynamics.
  • January 2024: SHARQ, a major Saudi petrochemical producer, plans to restart production at its Al-Jubail MEG line in late January after scheduled maintenance.
  • September 2023: UPM Biochemicals appointed Brenntag SE as the exclusive distributor of its sustainable BioMEG, UPM BioPura, in Europe, focused on unlocking new market opportunities.
  • October 2022: SABIC commenced commercial activities at United Ethylene Glycol Plant 3, strengthening an annual MEG production capacity of 700,000 metric tons. Financial impact anticipated in Q4 2022.
  • March 2022: Braskem and Sojitz announced a collaboration on a joint venture to produce biobased ethylene glycol & propylene glycol, using Mosaik technology developed by Braskem and Haldor Topsoe.

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