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Monoethylene Glycol Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.How Large Will the Monoethylene Glycol Market Size By 2025?
In the past few years, the monoethylene glycol market size has seen robust growth. The market, which was worth $35.55 billion in 2024, is predicted to reach a value of $38.31 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.8%. This growth during the historic period can be credited to factors such as polyester production, antifreeze and coolants, fiber production, industrial solvents, and glycol ethers.
How Big Is the Monoethylene Glycol Market Size Expected to Grow by 2029?
In the coming years, the monoethylene glycol market is foreseen to experience substantial growth, with its market size expanding to $54.06 billion in 2029, representing a compound annual growth rate (CAGR) of 9.0%. This projected growth during the forecast period can be credited to various factors such as automotive electrification, the use of renewable chemicals, textile recycling, and the sectors of medical and pharmaceutical, as well as cosmetic and personal care. The significant trends to watch for within the forecast period involve advanced coatings, clean energy technologies, development of biodegradable plastics, sustainable packaging practices, and the progress in PET (Polyethylene terephthalate) bottle development.
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Which Key Market Drivers Powering Monoethylene Glycol Market Expansion and Growth?
The upwards trend in the packaging sector is notably fueling the expansion of the mono ethylene glycol market. The term 'packaging' pertains to the safeguarding or containment of goods for purposes such as distribution, storage, sale, and usage. Consequently, the escalating demand within the packaging sector propels the demand for mono ethylene glycol. For instance, in 2022, the packaging industry in India is witnessing a 14-15% annual surge, anticipated to double in the upcoming two years. As per reports by the Indian Packaging Institute, the market stands at a value of USD 14 billion and is growing at a rate surpassing 15% annually. Therefore, the burgeoning packaging sector significantly influences the progression of the mono ethylene glycol market.
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Which Fast-Growing Trends Are Poised to Disrupt the Monoethylene Glycol Market?
In the mono ethylene glycol industry, strategic alliances are becoming a popular trend, with major industry players seeking these partnerships to strengthen their market standing. For example, Japan's Sojitz Corporation recently entered into a collaboration with Brazil's petrochemical firm, Braskem S.A., in March 2022, to create biomass-derived monoethylene glycol (bioMEG) and monopropylene glycol (bioMPG). This led to the creation of a joint company specifically for manufacturing bioMEG and bioMPG. Braskem, a leading player and innovator in the biopolymer production industry, is also working with Haldor Topsoe A/S to develop new production methods for bioMEG and bioMPG. They are utilizing Haldor Topsoe A/S's critical technology for this initiative. In 2020, they unveiled a demo plant and are now looking to expand this process commercially through their new partnership with Sojitz. Sojitz plans to enhance the market for these eco-friendly materials by utilizing its broad global client base in diverse sectors such as chemicals, food and beverages, and clothing.
What Are the Emerging Segments in the Monoethylene Glycol Market?
The monoethylene glycol market covered in this report is segmented -
1) By Production Process: Gas-Based, Naphtha-Based, Coal-Based, Methane-to-Olefins (MTO), Bio-Based
2) By Application: Polyester Fiber, Polyethylene Terephthalate (PET) Resins, Polyethylene Terephthalate (PET) Film, Antifreeze, Other Applications
3) By End Users: Textiles and Leather, Packaging, Adhesives and Sealants, Paints and Coatings, Chemical, Other End Users
Subsegments:
1) By Gas-Based: Steam Cracking, Oligomerization
2) By Naphtha-Based: Catalytic Cracking, Hydrocracking
3) By Coal-Based: Gasification, Liquefaction
4) By Methane-to-Olefins (MTO): Direct MTO Process, Indirect MTO Process
5) By Bio-Based: Ethanol-Based Process, Renewable Feedstocks Process
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Who Are the Global Leaders in the Monoethylene Glycol Market?
Major companies operating in the monoethylene glycol market include BASF SE, Dow Inc., LyondellBasell Industries Holdings B.V., Royal Dutch Shell plc, MEGlobal B.V., Reliance Industries Limited, Mitsubishi Chemical Corporation, Indian Oil Corporation Limited, Lotte Chemical Corporation, Nan Ya Plastics Corporation, India Glycols Limited, ExxonMobil Corporation, Formosa Plastics Corporation, China Petroleum & Chemical Corporation, SIBUR International GmbH [No information found], Nouryon Holding N.V., Libyan Norwegian Fertiliser Company, AkzoNobel N.V., Saudi Basic Industries Corporation, Vigo Chemicals FZE, Krada CPS Industry S.L., Bredox B.V., Chemie-Handel Schneider GmbH, ICC Chemical Corporation, EQUATE Petrochemical Company, INEOS Group Limited, National Iranian Oil Company, SHAZAND Petrochemical Complex Company, Oriental Union Chemical Corporation
Which are the Top Profitable Regional Markets for the Monoethylene Glycol Industry?
Asia-Pacific was the largest region in the mono ethylene glycol market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the monoethylene glycol market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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