Market Analysis
The Mono Ethylene Glycol Market is projected to grow at a 5% CAGR between 2022-2030, reveals the new Market Research Future (MRFR) report. Monoethylene glycol or MEG is a non-volatile, odorless, and colorless liquid that is absolutely soluble in water as well as other organic solvents. Based on its excellent chemical properties such as high boiling point, low freezing point, and high viscosity, mono-ethylene glycol is widely used to manufacture deicing materials and coolants. Its other applications include industrial, PET products, polyester fiber, and others.
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Numerous factors are adding to the global mono-ethylene glycol market share. Such factors, according to the recent MRFR report, include its wide applications in various end use industries such as chemical processing, textiles, pharmaceutical, automotive, construction, and consumer goods, growing demand for polyester fiber from the textile industry worldwide, and growing application of polyethylene terephthalate in different consumer good products namely bottles and food containers. Additional factors adding to the global mono-ethylene glycol market growth include consumers changing lifestyle, rapid urbanization, expanding textile industry, and the different benefits that polyester fibers offer, such as high wrinkle and abrasion resistance and excellent resistance to water, stains, oil, and moisture.
On the contrary, the availability of substitutes, high cost, and prospective health hazards are factors that may limit the global mono-ethylene glycol market growth over the forecast period.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global mono-ethylene glycol market based on application, function, and technology.
By technology, the mono-ethylene glycol market is segmented into bio-based, coal-based, naphtha-based, gas-based, and others.
By function, the mono-ethylene glycol market is segmented into humectant, solvent, solvent coupler, and chemical intermediate.
By application, the mono-ethylene glycol market is segmented into industrial, anti-freeze coolant, PET products, polyester fiber, and others. Of these, polyester fiber will lead the market over the forecast period.
Regional Analysis
By region, the global mono-ethylene glycol market survey covers the growth opportunities and recent trends across Europe, North America, the Middle East & Africa (MEA), Latin America, and the Asia Pacific (APAC). Of these, the APAC region will spearhead the market over the forecast period for the constant growth of plastic and automotive industries in South Korea, Malaysia, Thailand, Taiwan, Japan, India, and China, increasing use in textile and packaging industries, and increasing investment by leading operating companies.
The mono-ethylene glycol market in North America is predicted to have healthy growth over the forecast period for the increase in working professionals that has boosted the need for packaging items, which is ultimately boosting the market growth.
The mono-ethylene glycol market in Europe is predicted to have notable growth over the forecast period for the increasing demand from the textile sector coupled with the stringent regulations concerning the use of mono-ethylene glycol has resulted in an increase in the development and innovation in this industry.
The mono-ethylene glycol market in the MEA is predicted to have significant growth over the forecast period for the growing packaging and plastic industries in Saudi Arabia, the UAE, Turkey, Oman, and Qatar.
The mono-ethylene glycol market in Latin America is predicted to have notable growth over the forecast period for the growing demand for packaging and textile items in Peru, Guatemala, and Brazil.
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Key Players
Eminent players profiled in the mono-ethylene glycol market report include Huntsman Corporation LLC, Eastman Chemical Company, ExxonMobil Chemical Company, Chemtex Speciality Limited, LyondellBasell Industries Holdings B.V., India Glycols Limited, BASF SE, Saudi Basic Industries Corporation, Reliance Industries Limited., and The Dow Chemical Company. Industry players have incorporated strategies such as acquisitions, strategic alliances, mergers, joint ventures, product innovations, and extensive research & development activities to stay ahead in the competition.
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