Monoethylene Glycol Market Size, Share & Trends Analysis Report By Application (PET, Polyester Fibers), By End-use (Packaging, Automotive), By Region (Asia Pacific, North America), And Segment Forecasts, 2023 - 2030

Monoethylene Glycol Market Size, Share & Trends Analysis Report By Application (PET, Polyester Fibers), By End-use (Packaging, Automotive), By Region (Asia Pacific, North America), And Segment Forecasts, 2023 - 2030

Monoethylene Glycol Market Growth & Trends

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.

Monoethylene Glycol Market Report Highlights

• Polyester fibers application emerged as the fastest-growing segment with a CAGR of 3.9% from 2023 to 2030 due to its higher product adoption in the production of these fibers on account of its properties, such as moisture resistance, high strength & durability, colorfastness & dyeability, and excellent thermoplastic properties
• The automotive end-use segment is estimated to witness the second-fastest CAGR of 3.4% from 2023 to 2030 due to the product’s wide applicability in the manufacturing of various automobile parts, such as engine oil additives, windshield washer fluid, brake fluid, and engine coolant & antifreeze
• North America is estimated to witness the highest CAGR of 4.1% from 2023 to 2030 owing to the increasing product demand from overall end-use industries, especially the automotive industry, in the region
• The market is highly competitive due to the fact that it is dominated by a few large-scale players, such as SABIC, Reliance Industries Limited, BASF SE, and LyondellBasell Industries N.V. These companies have significant industry shares and are constantly investing in R&D to improve their products and processes
• The market was affected by the COVID-19 pandemic as it caused a decline in demand for several products that use monoethylene glycol, such as antifreeze, polyester fibers, and brake fluids. This led to a decrease in production and an increase in inventory levels

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