Monoethylene Glycol Market Size to Reach $52.56 Billion by 2029 | Growth at 8.6% CAGR Forecast

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What is the Projected Market Size of the Monoethylene Glycol Industry?
The market size for monoethylene glycol has seen robust growth in the previous years. The market value is projected to increase from $35.55 billion in 2024 to $37.72 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%. This growth during the historic period can be traced back to factors such as polyester production, the manufacturing of antifreeze and coolants, fiber production, the use in industrial solvents, and glycol ethers.

What Will Be the Size of the Monoethylene Glycol Market by 2029?
The market size of monoethylene glycol is projected to escalate robustly in the coming years, soaring to $52.56 billion by 2029 with an 8.6% compound annual growth rate (CAGR). This substantial growth in the forecast period is due to factors such as automotive electrification, renewable chemicals, textile recycling, and expansion in the medical, pharmaceutical, cosmetic, and personal care sectors. Significant trends in this timeframe encompass advanced coatings, clean energy technologies, biodegradable plastics, sustainable packaging, and development of PET (polyethylene terephthalate) bottles.

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What Are the Key Drivers Accelerating Growth in the Monoethylene Glycol Market?
The escalating growth of the packaging industry is having a significant influence on the expansion of the mono ethylene glycol market. Packaging, referring to the safe enclosing or safeguarding of goods meant for distribution, storage, or sale, injects a surge in demand for mono ethylene glycol as its demand escalates in the respective sector. For example, in 2022, the Indian packaging industry is witnessing a yearly expansion of 14-15%. It's anticipated that this growth rate might double within the forthcoming two years. As per the Indian Packaging Institute, the sector holds a value of USD 14 billion, and its growth surpasses 15% annually. Thus, the increasing trend in the packaging industry paves the way for the growth of the mono ethylene glycol market in the future.

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How Is the Monoethylene Glycol Market Segmented by Type, Application, and Region?
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

What Are the Key Trends Driving Growth in the Monoethylene Glycol Market?
Strategic alliances have become a significant trend gaining traction in the mono ethylene glycol market. Top firms in this industry are keen on partnerships to solidify their market presence. For instance, in March 2022, Sojitz Corporation of Japan allied with Brazil's petrochemical giant Braskem S.A. to generate biomass-derived monoethylene glycol (bioMEG) and monopropylene glycol (bioMPG). This alliance led to the creation of a joint venture company that produces bioMEG and bioMPG. Braskem, an industry leader and pioneer in the production of biopolymers on an industrial scale, has been working with Haldor Topsoe A/S to devise cutting-edge production methods for bioMEG and bioMPG, harnessing Haldor Topsoe A/S's essential technology for this project. A demonstration plant started in 2020, and the novel joint venture of Sojitz and Braskem aims at expanding this manufacturing process for commercial use. Sojitz plans to endorse these environment-friendly materials by utilizing its worldwide customer networks spanning multiple industries such as chemicals, food and beverages, and clothing.

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Who Are the Leading Companies Driving Growth 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 Is the Leading Region in the Global Monoethylene Glycol Market?
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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