What’s the Historic and Forecast Market Size for Global Monoethylene Glycol Market?
The monoethylene glycol market has exhibited strong growth in recent years, expanding from $35.55 billion in 2024 to an estimated $38.31 billion in 2025 with a compound annual growth rate (CAGR) of 7.8%. This historic growth can primarily be attributed to factors like polyester production, antifreeze and coolants, fiber production, industrial solvents, and glycol ethers.
Projections also indicate robust growth for the monoethylene glycol market size in the coming years, with forecasts predicting it will reach $54.06 billion in 2029 at a CAGR of 9.0%. This forecasted market expansion can largely be pinned to automotive electrification, renewable chemicals, textile recycling, medical and pharmaceutical, cosmetic and personal care industries. The forecast period also underscores significant market trends such as advanced coatings, clean energy technologies, biodegradable plastics, packaging sustainability, and PET (polyethylene terephthalate) bottle development.
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What Are the Key Drivers for the Monoethylene Glycol Market Growth?
The monoethylene glycol market’s growth can largely be attributed to the significant rise in the packaging industry. Packaging protects products for distribution, storage, sale, and use, and increasing demand in the packaging industry directly increases demand for monoethylene glycol. For instance, the Indian packaging industry, presently growing annually at 14-15%, is expected to double its growth rate in the next two years. The Indian Packaging Institute reveals that the industry is valued at USD 14 billion and expanding at more than 15% per annum rate. Thus, the rise in the packaging industry is poised to drive growth for the monoethylene glycol market.
What Are the Major Segments of the Global Monoethylene Glycol Market?
The Monoethylene Glycol market report covers the below mentioned segments:
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
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Who Are the Major Players in the Monoethylene Glycol Market?
Key players making their mark 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, Nouryon Holding N.V., Libyan Norwegian Fertiliser Company, AkzoNobel N.V., Saudi Basic Industries Corporation, Vigo Chemicals FZE, and many more.
What Are the Latest Trends in the Monoethylene Glycol Market?
Strategic partnerships are a prominent trend within the monoethylene glycol market. Companies are seeking out partnerships to strengthen their market positions. For example, in March 2022, Japan’s Sojitz Corporation partnered with Braskem S.A., a Brazil-based petrochemical company, to produce biomass-derived monoethylene glycol (bioMEG) and monopropylene glycol (bioMPG). This partnership led to the establishment of a joint venture company to produce bioMEG and bioMPG using innovative production processes developed in collaboration with Haldor Topsoe A/S.
Which Region is the Largest and the Fastest Growing in the Monoethylene Glycol Market?
In 2024, Asia-Pacific was the largest region in the monoethylene glycol market and is also expected to be the fastest-growing region in the forecast period. The monoethylene glycol market report offers insights into various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Does The Monoethylene Glycol Market Report 2025 Offer?
The monoethylene glycol is used in the manufacturing of polyester and as a corrosion inhibitor in antifreeze and coolants. Monoethylene glycol is an odorless and colorless chemical substance produced from ethylene during the manufacturing process of ethylene oxide. The Monoethylene Glycol Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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