Global Monoethylene Glycol Market Expected to Grow a CAGR of 4.5% by 2023,Key Players-SABIC, The Dow Chemical Company, Royal Dutch Shell Plc., Reliance Industries Limited, Nan Ya Plastics (Huizhou).

Global Monoethylene Glycol Market Overview:

In recent years, the demand for polyester has increased considerably due to the growing demand for clothing in the developing economies of the Asia Pacific and Latin America. This domestic demand for polyester fiber is the result of the rapid improvement in the economies of the regions and the increase in disposable income of middle-class citizens. This is a direct factor for the growth of monoethylene glycol (MEG) production.

With many of these economies located in the tropics, the fact that polyester can remain intact despite difficult and diverse climatic conditions is a considerable advantage for its consumption. The manufacture of polyester fiber in the Asia-Pacific region has grown so much that textile manufacturers in Europe and North America have found it easier to keep imports cheap than local manufacturers.

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Polyethylene terephthalate, or PET, is another material that uses monoethylene glycol as a raw material and is in great demand. The use of PET in beverage packaging and pharmaceutical packaging has increased significantly recently due to the massive demand for these products in developing economies.

However, the volatility in the prices of the raw materials necessary to produce monoethylene glycol is an impediment for many companies to enter or benefit from the production of MEG. In fact, all raw materials currently come from crude oil, one of the most sought-after resources in the world and very volatile.

Global Monoethylene Glycol Market Growth Rate:
According to our research report, The Global monoethylene glycol market is expected to grow with a CAGR of 4.5% from 2018 to 2023 to reach a market size of XX Million by the end of 2023.

An impressive volume of monoethylene glycol is used in the manufacture of polyesters throughout the world. By the end of 2023, 55.1% of the total volume of monoethylene glycol will be used for the manufacture of polyester fibers, followed by PET and antifreeze. Due to its many physical properties and chemical stability, polyester is one of the most widely used synthetic fibers in textiles worldwide. Most of this is attributed to the strong demand of the Asia-Pacific textile industry. However, their demand has decreased since 2014, mainly due to the strong price reductions and the excess supply of polyester fibers.

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PET is gaining popularity in developing economies, as it replaces cheaper and lighter glass in bottles and containers. The scope of PET is growing at a very fast pace in emerging economies, which is significantly increasing the demand for monoethylene glycol.

The Asia Pacific is by far the main in demand for monoethylene glycol market among all key regions. By the end of 2023, Asia Pacific is expected to generate 69% of the total global production of monoethylene glycol. China, India and Taiwan are the main consumers of monoethylene glycol due to their extremely high demand for polyester fiber and polyethene terephthalate.

Demand for monoethylene glycol is also increasing in Latin America and MEA due to the growing consumption of polyester and PET. Meanwhile, preventative detention of monoethylene glycol in North America and Europe appears to be declining due to weak economic growth and concerns about the durability of the material.

Key Players included in Global Monoethylene Glycol Market Report are:
Some of the prominent players of the monoethylene glycol market include SABIC, The Dow Chemical Company, Royal Dutch Shell Plc., Reliance Industries Limited, Nan Ya Plastics (Huizhou), and Zhenhai Refining & Chemicals.

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