Press release
Monoethylene Glycol Market Growth to Reach US$ 74.14 Billion at a CAGR of 5.4% by 2035 | Fact.MR
Monoethylene Glycol Market
The 2024 monoethylene glycol market saw moderate but steady growth as the automobile, textile, and packaging industries regained ground from the pandemic. Increased demand for polyethylene terephthalate (PET) in beverage containers, which supported the production of MEG, was one of the prime drivers. The automotive industry also spurred higher consumption of MEG in antifreeze and coolants due to demand for lighter materials.
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Segment-Wise Analysis
By Application
From 2025 to 2035, the most profitable application segment will be polyester fiber, driven by increasing demand for lightweight and sustainable products in textile and automotive industries. According to these premises, the polyester fiber segment is forecasted to expand at a rate of approximately 6.1% CAGR, higher than the 5.4% industry growth rate.
By End-user Industry
2025 to 2035 will be the decade of textiles as the most lucrative end-user industry, driven by the increasing demand for synthetic fibres in apparel and home textiles. The textile industry is thus projected to expand at a CAGR of approximately 5.8%, slightly higher than the overall industry growth of 5.4%. Polyester dominance in fast fashion and sustainable textile production is driving the growth.
Country-Wise Analysis
Fact.MR expects sales in the U.S. to register robust growth at a CAGR of 5.2% through 2025 to 2035, supported by the growing demand for fresh applications and sustainable manufacturing technology. Green solutions and enhanced recycling technology are driving demands, which are gaining momentum across various industries. The U.S. continues to be the center of innovation with fresh technologies, especially in the automotive and fashion industries, which use high volumes of polyester.
Fact.MR predicts that the market in India will grow steadily at a CAGR of 6.2% between 2025 and 2035 as a result of the country's emerging textile and vehicle sectors. India is becoming increasingly competitive in the polyester market with the increasing use of low-cost, sustainable products, particularly in the textile sector. Governmental support, with initiatives like "Make in India," will drive the growth trajectory.
Fact.MR projects that the UK market will grow at a CAGR of 4.8% during 2025-2035, driven by the transition towards sustainable materials and enhanced quality production processes. Sustainability is becoming a national priority area with a focus on the use of recyclable and green materials in industries ranging from textiles to packaging. With the UK's shift towards a circular economy, polyester's cost savings and recyclability are increasingly attractive to consumers and businesses alike.
Fact.MR forecasts that South Korean sales will grow at a CAGR of 5.1% over the forecast period, which will be driven by technology superiority in the nation and emphasis on quality production. The heavy production of automobiles and electronics by South Korea creates demand for next-generation materials such as polyester, which are used in automobile interiors and consumer electronics.
Competitive Landscape
The industry of monoethylene glycol (MEG) is fairly concentrated with a mix of international petrochemical leaders and local producers holding the supply chain. Major industry shares are held by big players despite vertically integrated manufacturing bases and economies of scale due to limited local manufacturing power, which contributes to pricing and availability in areas such as Asia-Pacific and the Middle East.
Market leaders are focusing on cost reduction, greener manufacturing processes, and additions to capacity to strengthen their competitive position. Some of the strategic initiatives are vertical integration through ethylene feedstock, capital investment in bio-based MEG, and strategic partnerships for supply chain assurance. Price competitiveness, supply security, and compliance with environmental regulations remain strategic differentiators.
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Key Players
Nouryon
BASF SE
Dow
India Glycols Limited
LACC
LyondellBasell Industries Holdings BV
Mitsubishi Chemical Corporation
Nan Ya Plastics Corporation
Reliance Industries Limited
Royal Dutch Shell PLC
SABIC
Solventis
Segmentation
By Application :
Polyester Fiber
PET Bottle
PET Film
Antifreeze
Industrial
By End-user Industry :
Textile
Packaging
Plastic
Automotive and Transportation
Other End-user Industries
By Region :
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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