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Mono-ethylene Glycol Market Size (2024 - 2029)

The mono-ethylene glycol market is experiencing steady growth, driven by rising demand in sectors such as automotive and textiles, despite previous declines due to the COVID-19 pandemic. The packaging industry's increasing need for PET is a key factor contributing to the market's expansion. However, fluctuations in raw material prices, particularly due to crude oil volatility, pose challenges to market growth. The growing interest in bio-based MEG materials presents promising opportunities for future expansion. The Asia-Pacific region is expected to see significant growth in the market during the forecast period.

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Market Size of Mono-ethylene Glycol Industry

Mono-ethylene Glycol Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR < 5.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Mono-ethylene Glycol Market Major Players

*Disclaimer: Major Players sorted in no particular order

Monoethylene Glycol Market Analysis

The mono-ethylene glycol market is projected to register a CAGR of over 5.5% during the forecast period.

Due to the COVID-19 spread, major economies imposed lockdowns globally, which impacted most industries, and refineries went non-operational following regulations and rules. There was a decline in the demand for mono ethylene glycol (MEG) due to the dip in the production and various derivatives and end product demand. However, the market is growing steadily, owing to increased automotive, textile, and other activities in 2021.

  • Over the short term, the growing demand for PET in the packaging sector is a significant factor driving the growth of the mono-ethylene glycol market.
  • On the flip side, the fluctuation in raw material prices due to volatility in crude oil prices can restrict market growth.
  • Nevertheless, the increased popularity of bio-based MEG materials will likely create lucrative growth opportunities for the global market soon.
  • Asia-Pacific is estimated to witness healthy growth in the momo-ethylene glycol market over the assessment period.

Monoethylene Glycol Industry Segmentation

Mono-ethylene glycol - or MEG - is a vital ingredient, used for the production of polyester fibers and film, polyethene terephthalate (PET) resins, and engine coolants. Applications, end-user industry, and geography segment the mono-ethylene glycol market. By applications, the market is segmented into polyester fiber, PET bottles, PET films, antifreeze, and industrial. By end-user industry, the market is segmented into textile, packaging, plastics, automotive and transportation, and other end-user industries. The report also covers the market size and forecasts for mono-ethylene glycol in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kiloton).

Application
Polyester Fiber
PET Bottle
PET Film
Antifreeze
Industrial
End-user Industry
Textile
Packaging
Plastic
Automotive and Transportation
Other End-user Industries (Electronics, Paints)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East & Africa
Saudi Arabia
South Africa
Rest of Middle-East & Africa
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Mono-ethylene Glycol Market Size Summary

The mono-ethylene glycol (MEG) market is experiencing a steady growth trajectory, driven by increasing demand in the automotive and textile sectors. The market faced challenges during the COVID-19 pandemic due to global lockdowns, which led to a temporary decline in demand as refineries halted operations. However, the market has rebounded, with the packaging sector's growing need for polyethylene terephthalate (PET) significantly contributing to MEG's demand. Despite the positive outlook, fluctuations in raw material prices, influenced by crude oil price volatility, pose a potential constraint on market expansion. The rising interest in bio-based MEG materials presents promising growth opportunities, particularly in the Asia-Pacific region, which is expected to witness robust market growth.

The textile industry remains a primary end-user of mono-ethylene glycol, with significant production of polyester fibers. Major textile manufacturing countries like India, China, and the United States are seeing increased demand due to favorable demographics and a shift towards branded products. The Asia-Pacific region, dominated by China, India, and Japan, is a key market for MEG, supported by abundant raw materials and cost-effective production. China's substantial consumption of MEG and its derived PET, along with its status as a leading clothing exporter, underscores the region's importance. The automotive sector's growth further bolsters MEG demand, with the region being a major manufacturing hub. The market is characterized by partial fragmentation, with key players like Nouryon, BASF SE, Dow, LyondellBasell Industries Holdings BV, and Shell PLC actively participating in the market. Recent expansions, such as ExxonMobil and SABIC's new manufacturing facility in Texas, highlight ongoing investments in MEG production capacity.

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Mono-ethylene Glycol Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand for PET in the Packaging Sector

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Fluctuation in Raw Material Prices

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Trade Analysis

    6. 1.6 Price Trends

    7. 1.7 Technological Snapshot

    8. 1.8 Regulatory Policy Analysis

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Application

      1. 2.1.1 Polyester Fiber

      2. 2.1.2 PET Bottle

      3. 2.1.3 PET Film

      4. 2.1.4 Antifreeze

      5. 2.1.5 Industrial

    2. 2.2 End-user Industry

      1. 2.2.1 Textile

      2. 2.2.2 Packaging

      3. 2.2.3 Plastic

      4. 2.2.4 Automotive and Transportation

      5. 2.2.5 Other End-user Industries (Electronics, Paints)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 US

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 UK

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East & Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East & Africa

Mono-ethylene Glycol Market Size FAQs

The Mono-ethylene Glycol Market is projected to register a CAGR of less than 5.5% during the forecast period (2024-2029)

Nouryon, BASF SE, Dow, LyondellBasell Industries Holdings B.V. and Shell PLC are the major companies operating in the Mono-ethylene Glycol Market.

Monoethylene Glycol Market Report Snapshots

Monoethylene Glycol (MEG) Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)