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Monoethylene Glycol Market Trends, Size, Share and Growth Analysis 2023
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The volume of monoethylene glycol produced in the world is expected to progress at a CAGR of 5.5% from 2015 to 2023.
Asia Pacific has by far the leading demand for monoethylene glycol among all key regions. By the end of 2023, Asia Pacific is expected to garner 69% of the globally produced volume of monoethylene glycol. China, India, and Taiwan are attributed as the leading consumers of monoethylene glycol, owing to their extremely high demand for polyester fiber and polyethylene terephthalate.
The demand for monoethylene glycol is also increasing at a significant rate in Latin America and MEA due to increasing consumption of polyester and PET. Meanwhile, the remand for monoethylene glycol in North America and Europe looks to be in a state of decline over slow economic growth and concerns over sustainability of the material.
The popularity of PET has been growing in developing economies as a cheaper and lighter replacement for glass in the manufacture of bottles and packaging. The application scope of PET is growing at a very fast rate across emerging economies, significantly adding to the demand for monoethylene glycol.
The top producers of monoethylene glycol from a global standpoint 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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