Monoethylene Glycol Market to Expand at CAGR of 6.1% during Forecast Period, Notes TMR Study

- Increasing use of monoethylene glycol in the textile industry is likely to foster the growth of the global monoethylene glycol market during the forecast period, from 21 to 2031

- Demand for monoethylene glycol is increasing rapidly across Latin America and the Middle East & Africa, owing to expanding PET and polyester usage in these regions

ALBANY, N.Y., Jan. 26, 2022 /PRNewswire/ -- Transparency Market Research: The global monoethylene glycol market is expected to surpass the value of US$ 61.7 Bn by the end of 2031, expanding at a CAGR of 6.1% during the forecast period. In 2020, the global market was valued at US$ 34.1 Bn in 2020. Manufacturers of monoethylene glycol (MEG) are finding opportunities in the plastics and polyester industries. MEG manufacturing is being increased in order to produce packaging materials and polyester films.

The increasing use of monoethylene glycol in anti-freeze formulations is likely to play a significant role in the growth of the global monoethylene glycol market. Solvents and anti-icers for aviation are two further applications for monoethylene glycol. The expanding use of monoethylene glycol is estimated to foster growth of the global monoethylene glycol market in the near future.

In the global market, cash-rich businesses are expanding research and development for proprietary process technologies for both catalytic/thermal and simply catalytic MEG manufacturing. Small-scale market operators are facing stiff competition from established firms.

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Key Findings of Market Report

• Monoethylene glycol producers are increasing output capacity for the liquid form of the product. Industrial grade MEG, which is utilized in the manufacturing of polyester, is becoming more widely available.
• Anti-freeze applications offer companies in the monoethylene glycol market with reliable income streams. They are expanding production lines to open up new revenue streams in the manufacture of hydraulic brake fluids and cooling systems, such as those found in cars and air conditioners, where it works as a coolant and heat transfer agent.
• Monoethylene glycol producers are diversifying their output in order to innovate in PET, which is used to make plastic bottles. It has been discovered that a substantial percentage of global MEG is utilized as a chemical intermediary in the polyester manufacturing process.
• The global monoethylene glycol market is being driven by an increase in the disposable income of the urban populace in developing countries. Monoethylene glycol is being increasingly used in the production of a broad range of packaging and textile solutions, which is likely to drive the global market.
• In the recent years, the usage of monoethylene glycol in the production of coolants for automobile engines has grown in popularity. The relevance of monoethylene glycol-based liquids for automotive heat transfer in vehicle engines has also piqued industry leaders' interest. Monoethylene glycol's colorless, odorless, and viscous properties have helped it gain popularity in a variety of industries.

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Global Monoethylene Glycol Market: Growth Drivers

• Growing need of polymers in the textile manufacturing industry is likely to trigger expansion of the global monoethylene glycol market. Polyesters are in high demand, owing to their physical and chemical qualities, which make them perfect for tropical climates.
• Asia Pacific is likely to dominate the global monoethylene glycol market during the forecast period. The market in Asia Pacific is estimated to be driven by rising demand for humectants, chemical intermediates, and resins.

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Global Monoethylene Glycol Market: Key Players

Some of the key market players are

• Mitsubishi Chemical Corporation (MCC)
• Royal Dutch Shell Plc
• Saudi Basic Industries Corporation
• Indian Oil Corporation Limited
• LyondellBasell Industries N.V.
• Nan Ya Plastics Corporation

Global Monoethylene Glycol Market: Segmentation

Application

• Polyester Fiber
• Polyethylene Terephthalate (PET)
• Antifreeze
• Others

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