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Future Perspectives: Key Trends Shaping the Monoethylene Glycol Market Until 2030
Monoethylene Glycol Market
Projected Market Size and Growth Outlook for Monoethylene Glycol
The monoethylene glycol market is anticipated to expand robustly, reaching a valuation of $56.73 billion by 2030. This represents a healthy compound annual growth rate (CAGR) of 8.4% over the forecast period. Factors propelling this growth include the increasing demand for eco-friendly packaging solutions, wider adoption of thermal management fluids used in electric vehicles, growth in bio-based chemical manufacturing, ongoing investments aimed at overcoming capacity constraints, and a stronger focus on circular economy feedstocks. Key industry trends anticipated during this timeframe include enlargement of polyester and PET resin production, heightened demand for antifreeze and coolant products, increasing use of bio-based monoethylene glycol (Bio-MEG) pathways, capacity expansions within integrated petrochemical complexes, and improvements in feedstock efficiency.
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Leading Companies Dominating the Monoethylene Glycol Market
The competitive landscape of the monoethylene glycol industry features several prominent companies, including 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, Nouryon Holding N.V., Saudi Basic Industries Corporation (SABIC), EQUATE Petrochemical Company, INEOS Group Limited, National Iranian Oil Company, SHAZAND Petrochemical Complex Company, and Oriental Union Chemical Corporation.
In a notable development from August 2024, Brenntag Essentials, a German chemical and ingredient distributor with value-added blending services, acquired Monarch Chemicals Ltd., a UK-based chemical distributor and toll manufacturer. This acquisition is aimed at bolstering Brenntag's presence in the UK market by enhancing its capabilities in liquid and powder blending, as well as strengthening last-mile distribution services nationwide.
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Emerging Trends Shaping Growth in the Monoethylene Glycol Industry
Companies in the monoethylene glycol market are increasingly forming strategic partnerships to support microbusinesses and microfinance institutions, leveraging collaboration to achieve mutual success. For example, in October 2024, Brazil-based Bio-MEG producer Sustainea partnered with US food and industrial ingredients manufacturer Primient. This collaboration enables Primient to supply corn dextrose from its Indiana facility directly to Sustainea's first Bio-MEG manufacturing plant.
This collaboration represents a significant investment of around $400 million focused on creating a renewable, plant-based alternative to traditional petroleum-derived monoethylene glycol. Sustainea aims to establish itself as a global leader in Bio-MEG production, offering a product that maintains high quality and performance while drastically lowering carbon emissions compared to conventional fossil-based MEG.
Detailed Segment Analysis and Market Share in the Global Monoethylene Glycol Market
The global monoethylene glycol market is segmented based on production processes, applications, and end-use industries.
1) Production Process Segments include:
- Gas-Based
- Naphtha-Based
- Coal-Based
- Methane-to-Olefins (MTO)
- Bio-Based
Subcategories under these include steam crac*king and oligomerization for gas-based processes; catalytic crac*king and crac*king under naphtha-based; gasification and liquefaction in coal-based; direct and indirect MTO processes; and ethanol-based and renewable feedstock processes for bio-based production.
2) Application categories cover:
- Polyester Fiber
- Polyethylene Terephthalate (PET) Resins
- Polyethylene Terephthalate (PET) Film
- Antifreeze
- Other Applications
3) End Users comprise:
- Textiles and Leather
- Packaging
- Adhesives and Sealants
- Paints and Coatings
- Chemical Industry
- Other End-Use Sectors
This segmentation provides a thorough overview of the market's structure, reflecting the diverse production methods and wide-ranging applications driving monoethylene glycol demand worldwide.
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