The Monoethylene Glycol Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Monoethylene Glycol Global Market Report 2024, The monoethylene glycol market size has grown strongly in recent years. It will grow from $33.11 billion in 2023 to $35.78 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to polyester production, antifreeze and coolants, fiber production, industrial solvents, glycol ethers.
The monoethylene glycol market size is expected to see strong growth in the next few years. It will grow to $49.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to automotive electrification, renewable chemicals, textile recycling, medical and pharmaceutical, cosmetic and personal care. Major trends in the forecast period include advanced coatings, clean energy technologies, biodegradable plastics, packaging sustainability, pet (polyethylene terephthalate) bottle development.
The rise in the packaging industry is significantly contributing to the growth of the mono ethylene glycol market going forward. Packaging refers to enclosing or protecting products for distribution, storage, sale, and use. As a result, increasing demand in the packaging industry increases the demand for mono ethylene glycol. For instance, in 2021, according to the India Brand Equity Foundation, an Indian government export promotion agency, packaging demand and consumption in India increased 200%, from 4.3 kgs per person per annum (PPPA) to 8.6 kgs PPPA. Further, in June 2021, according to Financial Express, an Indian business newspaper, the sustainable packaging industry in India is estimated to grow by 4-6% and account for 770–800 kilo tons (KT) by 2024. Therefore, the rise in the packaging industry is driving the growth of the mono ethylene glycol market going forward.
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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
Strategic partnerships have emerged as the key trend gaining popularity in the mono ethylene glycol market. Major companies operating in the mono ethylene glycol sector are looking for partnerships to reinforce their position in the market. For instance, in March 2022, Braskem, a Brazil-based petrochemical company, partnered with Sojitz Corporation, a Japan-based trading company. This partnership aims to increase the industrial production and sale of chemicals made from renewable sources. Further, in July 2021, Clariant AG, a Switzerland-based chemical company, partnered with India Glycols, an India-based green technology-based chemicals company. Through this partnership, both companies established a 51-49% joint venture for renewable ethylene oxide (EO) derivatives after receiving all necessary regulatory approvals.
The monoethylene glycol market report table of contents includes:
1. Executive Summary
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