The global market size for Monoethylene Glycol Market was USD 26.69 billion in 2022 and is projected to reach USD 46.25 billion in 2032, demonstrating a revenue compound annual growth rate (CAGR) of 6.3% throughout the forecast period. The increasing demand for monoethylene glycol (MEG) is evident across various end-use industries, including packaging, textile, automotive, construction, and chemicals, playing a pivotal role in propelling market revenue growth.
The primary driver of the market’s revenue expansion is the escalating demand for Polyethylene Terephthalate (PET) resins, crucial for producing materials used in packaging food and beverages. Consequently, the packaging sector emerges as the predominant end-user of MEG. Over the forecast period, a substantial surge in MEG demand is anticipated, driven by the growing global population and increased consumption of packaged food and beverages.
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Major Companies and Competitive Landscape:
Some major companies included in the global monoethylene glycol market report are:
- SABIC
- Dow Chemical Company
- Shell Chemicals
- Reliance Industries Limited
- Sinopec
- Formosa Plastics Corporation
- Huntsman Corporation
- Mitsubishi Chemical Corporation
- AkzoNobel N.V.
- BASF SE
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Key Factors Driving the Monoethylene Glycol Market:
Growing Demand in Packaging Industry:
The primary driver for the monoethylene glycol (MEG) market is the increasing demand in the packaging industry. MEG is a crucial component for the production of Polyethylene Terephthalate (PET) resins, widely used in packaging materials for food and beverages. The expanding packaging sector, driven by population growth and rising consumption of packaged goods, fuels the demand for MEG.
Rising Consumption of Packaged Foods and Beverages:
The market is influenced by the rising global population and a concurrent increase in the consumption of packaged foods and beverages. As a key raw material for PET resins, MEG experiences heightened demand from the packaging industry, contributing to overall market growth.
Textile Sector Utilization:
MEG plays a significant role in the textile industry, where it is extensively used in the production of polyester fibers and fabrics. The demand for MEG in this sector is driven by the increasing preference for polyester apparel due to its durability, cost-effectiveness, and ease of maintenance.
Polyester Fiber Demand:
The growing demand for polyester fibers, driven by the textile and apparel industry, is a major factor fueling the demand for MEG. The versatility and desirable properties of polyester contribute to its popularity in various textile applications, further supporting the market.
Automotive Industry Application:
The automotive industry is another end-use sector contributing to the demand for MEG. It finds application in various automotive products, including antifreeze and coolants. The continuous growth of the automotive sector globally contributes to sustained demand for MEG.
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