Polyester Fiber and PET Film Application to Collectively Account for Over 50% of MEG Sales
Fact.MR's latest report on the monoethylene glycol market provides a 10-year forecast through 2022 & beyond. The report further explicates crucial dynamics such as drivers, challenges, and opportunities shaping the market. To present the information in a vivid way, the report has been segmented into application, end user, and region.
NEW YORK , Sept. 6, 2022 /PRNewswire/ -- The global monoethylene glycol market size is estimated to grow from US$ 38.4 Bn in 2022 to US$ 65 Bn by 2032, with sales surging at 5.4% CAGR throughout the forecast period. Rising usage of monoethylene glycol across diverse industries such as textile, packaging, plastic, and automotive is driving demand in the global market.
Over the years, end uses for monoethylene glycol have significantly widened from clothing and other textiles, through packaging to kitchenware, engine coolants, and antifreeze.
It has become a vital ingredient for the production of polyester fibres and film, engine coolants, antifreeze formulations, and polyethylene terephthalate (PET) resins. Thus, increasing demand for these products will continue to propel the global monoethylene glycol market forward.
Monoethylene glycol is being increasingly used in the manufacturing of coolants for automotive engines. The importance of monoethylene glycol-based liquids for automotive heat transfer in vehicle engines has also caught the interest of industry leaders.
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Monoethylene glycol has low volatility and is fully miscible in water, alcohol, and other organic fluids. These characteristics have helped it gain appeal in a variety of industries.
Many sectors, including construction, automotive, consumer products, textiles, pharmaceuticals, and chemical processing, use monoethylene glycol.
Due to the rising need for polyester fibre in the textile sector and growing usage of polyethylene terephthalate (PET) in significant consumer goods items, such as bottles and food containers, the market will showcase a steady growth rate during the next ten years.
Together, polyester resin and PET are the most popular application segments, accounting for more than half of global consumption.
In addition to this, increased acceptance of bio-based monoethylene glycol (MEG) is expected to create opportunities for monoethylene glycol manufacturers during the forecast period.
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The global monoethylene glycol market is highly competitive in nature due to presence of a large number of regional and local market players. In order to capitalize and increase their revenue share, key players are focusing on increasing production capacity, establishing new manufacturing plants, and partnering and collaborating with other companies. For instance,
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In the latest study, Fact.MR offers a detailed study on global monoethylene glycol market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of monoethylene glycol through detailed segmentation as follows:
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