ID: MRFR/CnM/2016-HCR | February 2021 | Region: Global | 140 pages
According to the Monoethylene Glycol Market analysis, the market was valued at $ 26 billion in 2018, and it is expected to register a CAGR rate of 5% during the monoethylene glycol market forecast period 2019-2025.
Monoethylene glycol is a colorless and odorless liquid that is produced from ethylene in the manufacturing process of ethylene oxide. With the ethylene oxide process, the yield of Monoethylene glycol is over 85%, and it is widely used for commercial processes. Along with Monoethylene glycol, the process also produces triethylene and tetraethlene glycol, diethylene products. It is commercially considered as one of the most important glycols in the market. It is her in the polyesters fibers and films. Its durability and hydrophobic properties make it one of the best products for manufacturing polyester fibers and PET films. Apart from that, Monoethylene glycol has wide applications in end-use industries, construction, automotive, and consumer goods, textiles, pharmaceuticals, chemical processing.
The increasing need for polyester fiber from textile Industries has increased the production of Monoethylene glycol. Increasing use of PET in major consumer goods products like bottles, food containers is expected to drive the monoethylene glycol market demand. Changing the lifestyle of people and urbanization in major countries like China, India, Brazil, and Mexico is expected to fuel the monoethylene glycol market demand. Monoethylene glycol offers high chemical properties such as high viscosity, high boiling point, low freezing point, and that is why it is used in coolants and De-icing materials. Monoethylene glycol is highly used in the production of PET and polyester resins. Increasing Demand for PET packaging in the various commercial and industrial end-use markets will have a positive impact on the monoethylene glycol market growth.
The Increasing Demand for Monoethylene glycol in the manufacturing of polyester fibers will boost the monoethylene glycol market trends. Polyester fibers are the most used fibers globally, and they are responsible for 50% of total fiber Demand. Fibers have a wide range of applications in many industries, including clothing, Industrial fabrics, non-woven fabrics. The demand for these fabrics is due to some of the advantages offered by them, such as it is resistant to moisture, stains, oil, and water as well. It has high abrasion and wrinkle resistance. With these features, the fiber market will grow in the coming years, and it will boost monoethylene glycol market growth.
Coronavirus outbreak has affected most of the countries, and the countries are not fully recovered yet. The businesses were negatively impacted by the covid-19 pandemic, and as a result, the global economy was down. Business organizations and people faced financial crises amidst the pandemic. One of the major sectors that were highly affected by the covid-19 pandemic was the construction sector. Shortage of labor and imposition of lockdown declined the demand of this sector. Due to less production, the fiber sector also faced problems, and the growth of this sector slowly declined. All these factors affected the monoethylene glycol market trends. The production of Monoethylene glycol was also on a halt and its affected monoethylene glycol market trends. The market key players maintaining the balance of the market and the market will see positive growth after the covid-19 pandemic.
The market Demand of the monoethylene glycol market is highly influenced by the market drivers and market restraints. The market drivers drive the growth of the monoethylene glycol market, whereas the market restraints hamper the growth of the market.
One of the major drivers of the market is the increasing demand if polyester fabrics. Monoethylene glycol is highly used in the manufacturing of polyester fabrics. Polyester fabrics are used in home furnishing, apparel, yarns and ropes, and other industrial applications, including conveyor belts and insulating tapes, which are driving the monoethylene glycol market growth. Monoethylene glycol is also used in PET films, and PET is crystal clear thermoplastic and gives high performance as compared to other plastic films. PET film has higher tensile strength, excellent stability, low moisture absorption, and resistance to temperature. PET also has electrical properties, UV resistance, good optical clarity, high gloss, and good gas barrier. And it makes PET great for printing and lamination, and it is also used in sheets and plastic films. PET has a high melting point which makes it useful for a wide range of applications. The demand for PET is increasing; as a result, it is driving the monoethylene glycol market growth. Apart from that, Monoethylene glycol is used in construction, automotive, pharmaceuticals, chemical processing, consumer goods, and a wide range of applications of Monoethylene glycol is driving the monoethylene glycol market size.
Monoethylene glycol is a bio-degradable product that doesn’t hamper the environment, and the aquatic organisms won’t be affected. Due to this, it is a good replacement for other products; as a result, it is generating opportunities for the monoethylene glycol market. Apart from that need for non-ionic surfactants and rising fiber and textile businesses are expected to create many opportunities for the Monoethylene glycol industry. monoethylene glycol market size will grow with the increasing need for PET and manufacturing fiber. Increasing lifestyle if people owing to better economics will also boost the Monoethylene glycol industry in future.
There are many negative impacts of Monoethylene glycol on overall health. Too much exposure to Monoethylene glycol can be very harmful, and it can cause kidney problems, heart, central nervous system problems, and many more, which is a big restraint in the market. Monoethylene glycol is toxic to inhalation, contact, or ingestion. If it contacts the eye, then it can cause irritation, eye pain, blurred vision, and contact with the skin can cause skin irritation.
There are some underdeveloped areas that are still used alternative methods to produce PET or polyester fabrics, and it is a challenge for the Monoethylene glycol industry. The fluctuation in raw materials price is another challenge for the market. The key players of the market are trying their best to overcome these challenges and boost the demand of the market in the coming years.
Cumulative growth analysis
There are many applications of Monoethylene glycol in Industries. Starting from production or PET to production of polyester fabrics, and many more. Monoethylene glycol is used in various sectors, and the demand for monoethylene glycol market price will increase more in the coming years. The market was valued at $ 26 billion in 2018, and it is expected to register a CAGR rate of 5% during the monoethylene glycol market forecast period 2019-2025.
The Monoethylene glycol is segmented on the basis of application, technology, and region.
The major regions in the monoethylene glycol market are Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific holds the highest monoethylene glycol market share. China is one of the major contributors to this region. China is the fastest-growing market for PET films and polyester fibers. Also, China is the largest population with high availability of skilled labor, and that is why it is one of the largest manufacturers of Monoethylene glycol in the world. The high demand for PET and polyester fibers is boosting the monoethylene glycol market in this region. The monoethylene glycol market price will increase more in this region in the forecast period. Also, expansion in the automotive sector in this region is expected to fuel the monoethylene glycol market price in this region.
Europe holds the second highest monoethylene glycol market share due to the high demand for bio-based products. Increasing use of bio-PET in packaging Industries due to environmental concern is driving the market in the region. North America is also expected to grow in the forecast period.
The major key players in the monoethylene glycol market are:
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, Function, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Royal Dutch Shell PLC (Netherlands),Dow (US),Mitsubishi Chemical Corporation (Japan),Exxon Mobil Corporation (US), China Petroleum & Chemical Corporation (China),India Glycols Limited (India),MEGlobal (UAE),Petro Rabigh (Saudi Arabia),NAN YA PLASTICS CORPORATION (Taiwan),LyondellBasell Industries Holdings BV (Netherlands),LOTTE Chemical CORPORATION (South Korea),Reliance Industries Limited (India),SABIC (Saudi Arabia)|
|Key Market Opportunities||Need for non-ionic surfactants and rising fiber and textile businesses are expected to create many opportunities for the Monoethylene glycol industry.|
|Key Market Drivers||Highly used in the manufacturing of polyester fabrics.|
Frequently Asked Questions (FAQ) :
The Asia Pacific holds the highest share in the Monoethylene glycol market.
China is responsible for the highest share of Monoethylene glycol in the Asia Pacific.
The expected CAGR rate of Monoethylene glycol in the forecast period is 5%.