Monoethylene Glycol (MEG) Market Growth Report and Size by 2031
The Monoethylene Glycol (MEG) Market is expected to register a CAGR of 5% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Application (Polyester Fiber, Polyethylene Terephthalate (PET), Antifreeze, and Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Monoethylene Glycol (MEG) Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Monoethylene Glycol (MEG) Market Segmentation
Application- Polyester Fiber
- Polyethylene Terephthalate
- Antifreeze
Strategic Insights
Monoethylene Glycol (MEG) Market Growth Drivers- Increase in Polyester Fiber Production: Another significant market growth driver in mono ethylene glycol is the production of polyester fiber. Polyester is one of the most widely consumed textile and clothing or home furnishings products; hence, MEG will also gain from increasing demand for polyester fiber. The textile industry requires polyester fibers for their strength, versatility, and low cost. Synthesis of PET, the polymer majorly used in the production of polyester fibers, will thus require an MEG key. Expected is that the increase in the level of production to meet consumers' demand will spill over into the corresponding increase in the demand for MEG.
- Growth of Sustainable and Recycled Polyester: Another driver of the MEG market is the growing popularity of sustainable and recycled polyester. More companies nowadays produce such kinds of recyclables, using recycled PET, which still needs MEG for its processing. This approach, aside from providing the right kind of backup for the environmental initiative, underlines the role that MEG has been playing in the circular economy-that is, its market growth.
- Increasing Polyester Fiber Production: Polyester fiber production can well be a strong growth driver in the monoethylene glycol market. As textile output rises and production processes expand, the demand for MEG as an important raw material will continue to increase, which in turn offers considerable opportunities for manufacturers in this business.
- Development of Bio-based Monoethylene Glycol (MEG): The development of bio-based monoethylene glycol has emerged as a significant growth driver in the monoethylene glycol market. Industries have recently taken more interest in sustainability, and so, the development of bio-based MEG from renewable sources is emerging as an eco-friendly alternative to the widely used petroleum-based MEG-a very attractive product for both environmentally conscious consumers and producers.
- The Role of Bio-based MEG in Sustainability: Bio-based MEG fits well in this sustainable world; producers are eager to reduce the carbon footprint of their company. Bio-based MEG contributes to the breaking of dependence on fossil fuels while being advocated for in the field of circular economy through waste utilization and agriculture by-products. It is already beginning to attract more investment and researches on this front.
- Increasing Industry Applications of Bio-based MEG: Bio-based MEG is being highly consumed in formulations by the textile and packaging industries. As more consumers raise concerns regarding the sustainability of products being offered, manufacturers are integrating bio-based materials into their production lines for better market positioning. Bio-based MEG is used in manufacturing polyester fibers and PET. Hence, it contributes majorly in making eco-friendly textiles and packaging materials.
- Increase in Automotive Applications: Automotive applications are strongly driving growth opportunities in the monoethanolamine market. MEA is used in diverse automobile formulating applications like fuel additives, engine coolants, and anti-corrosion agents. As time passes by, due to the changing needs of the automotive industry, more demand for high-performance chemicals, such as MEA, is expected to be required and its market to be boosted.
- Fuel Efficiency and Environmental Standards: The requirement for fuel efficiency and lower emissions forces the manufacturer to incorporate MEA in fuel formulations. MEA provides higher combustion efficiency and reduces engine deposits, which is critical for dealing with stringent environmental standards. The demand for MEA in automotive applications will increase as automobile manufacturers intend to enhance the performance of vehicles while reducing their adverse effects on the environment.
- Growing Demand in Electric and Hybrid Vehicles: In addition, electric vehicles and hybrid technologies are of growing interest. It is used in the formulation of cooling fluids and electrolytes for the battery-an essential component for efficient running of electric vehicles. As the market continues to grow for electric and hybrid vehicles, the requirements for specialty chemicals like MEA are likely to increase.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Monoethylene Glycol (MEG) Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Monoethylene Glycol (MEG) Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Development of Bio-based Monoethylene Glycol (MEG) is expected to be the key market trends.
Based on geography, Asia Pacific held the largest share of the monoethylene glycol (MEG) market.
Based on application, polyester fiber is expected to witness the fastest growth during the forecast period
LyondellBasell, The Dow Chemical Company, SABIC are some of the key players operating in the monoethylene glycol (MEG) market
Increase in Polyester Fiber Production is driving the market growth
The Monoethylene Glycol (MEG) Market is estimated to witness a CAGR of 5% from 2023 to 2031
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Monoethylene Glycol (MEG) Market - By Application
1.3.2 Monoethylene Glycol (MEG) Market - By Region
1.3.2.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MONOETHYLENE GLYCOL (MEG) MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. MONOETHYLENE GLYCOL (MEG) MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. MONOETHYLENE GLYCOL (MEG) MARKET - GLOBAL MARKET ANALYSIS
6.1. MONOETHYLENE GLYCOL (MEG) - GLOBAL MARKET OVERVIEW
6.2. MONOETHYLENE GLYCOL (MEG) - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. MONOETHYLENE GLYCOL (MEG) MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET FORECASTS AND ANALYSIS
7.3. POLYESTER FIBER
7.3.1. Overview
7.3.2. Polyester Fiber Market Forecast and Analysis
7.4. POLYETHYLENE TEREPHTHALATE (PET)
7.4.1. Overview
7.4.2. Polyethylene Terephthalate (PET) Market Forecast and Analysis
7.5. ANTIFREEZE
7.5.1. Overview
7.5.2. Antifreeze Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. MONOETHYLENE GLYCOL (MEG) MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
8.1. NORTH AMERICA
8.1.1 North America Monoethylene Glycol (MEG) Market Overview
8.1.2 North America Monoethylene Glycol (MEG) Market Forecasts and Analysis
8.1.3 North America Monoethylene Glycol (MEG) Market Forecasts and Analysis - By Application
8.1.4 North America Monoethylene Glycol (MEG) Market Forecasts and Analysis - By Countries
8.1.4.1 United States Monoethylene Glycol (MEG) Market
8.1.4.1.1 United States Monoethylene Glycol (MEG) Market by Application
8.1.4.2 Canada Monoethylene Glycol (MEG) Market
8.1.4.2.1 Canada Monoethylene Glycol (MEG) Market by Application
8.1.4.3 Mexico Monoethylene Glycol (MEG) Market
8.1.4.3.1 Mexico Monoethylene Glycol (MEG) Market by Application
8.2. EUROPE
8.2.1 Europe Monoethylene Glycol (MEG) Market Overview
8.2.2 Europe Monoethylene Glycol (MEG) Market Forecasts and Analysis
8.2.3 Europe Monoethylene Glycol (MEG) Market Forecasts and Analysis - By Application
8.2.4 Europe Monoethylene Glycol (MEG) Market Forecasts and Analysis - By Countries
8.2.4.1 Germany Monoethylene Glycol (MEG) Market
8.2.4.1.1 Germany Monoethylene Glycol (MEG) Market by Application
8.2.4.2 France Monoethylene Glycol (MEG) Market
8.2.4.2.1 France Monoethylene Glycol (MEG) Market by Application
8.2.4.3 Italy Monoethylene Glycol (MEG) Market
8.2.4.3.1 Italy Monoethylene Glycol (MEG) Market by Application
8.2.4.4 United Kingdom Monoethylene Glycol (MEG) Market
8.2.4.4.1 United Kingdom Monoethylene Glycol (MEG) Market by Application
8.2.4.5 Russia Monoethylene Glycol (MEG) Market
8.2.4.5.1 Russia Monoethylene Glycol (MEG) Market by Application
8.2.4.6 Rest of Europe Monoethylene Glycol (MEG) Market
8.2.4.6.1 Rest of Europe Monoethylene Glycol (MEG) Market by Application
8.3. ASIA-PACIFIC
8.3.1 Asia-Pacific Monoethylene Glycol (MEG) Market Overview
8.3.2 Asia-Pacific Monoethylene Glycol (MEG) Market Forecasts and Analysis
8.3.3 Asia-Pacific Monoethylene Glycol (MEG) Market Forecasts and Analysis - By Application
8.3.4 Asia-Pacific Monoethylene Glycol (MEG) Market Forecasts and Analysis - By Countries
8.3.4.1 Australia Monoethylene Glycol (MEG) Market
8.3.4.1.1 Australia Monoethylene Glycol (MEG) Market by Application
8.3.4.2 China Monoethylene Glycol (MEG) Market
8.3.4.2.1 China Monoethylene Glycol (MEG) Market by Application
8.3.4.3 India Monoethylene Glycol (MEG) Market
8.3.4.3.1 India Monoethylene Glycol (MEG) Market by Application
8.3.4.4 Japan Monoethylene Glycol (MEG) Market
8.3.4.4.1 Japan Monoethylene Glycol (MEG) Market by Application
8.3.4.5 South Korea Monoethylene Glycol (MEG) Market
8.3.4.5.1 South Korea Monoethylene Glycol (MEG) Market by Application
8.3.4.6 Rest of Asia-Pacific Monoethylene Glycol (MEG) Market
8.3.4.6.1 Rest of Asia-Pacific Monoethylene Glycol (MEG) Market by Application
8.4. MIDDLE EAST AND AFRICA
8.4.1 Middle East and Africa Monoethylene Glycol (MEG) Market Overview
8.4.2 Middle East and Africa Monoethylene Glycol (MEG) Market Forecasts and Analysis
8.4.3 Middle East and Africa Monoethylene Glycol (MEG) Market Forecasts and Analysis - By Application
8.4.4 Middle East and Africa Monoethylene Glycol (MEG) Market Forecasts and Analysis - By Countries
8.4.4.1 South Africa Monoethylene Glycol (MEG) Market
8.4.4.1.1 South Africa Monoethylene Glycol (MEG) Market by Application
8.4.4.2 Saudi Arabia Monoethylene Glycol (MEG) Market
8.4.4.2.1 Saudi Arabia Monoethylene Glycol (MEG) Market by Application
8.4.4.3 U.A.E Monoethylene Glycol (MEG) Market
8.4.4.3.1 U.A.E Monoethylene Glycol (MEG) Market by Application
8.4.4.4 Rest of Middle East and Africa Monoethylene Glycol (MEG) Market
8.4.4.4.1 Rest of Middle East and Africa Monoethylene Glycol (MEG) Market by Application
8.5. SOUTH AND CENTRAL AMERICA
8.5.1 South and Central America Monoethylene Glycol (MEG) Market Overview
8.5.2 South and Central America Monoethylene Glycol (MEG) Market Forecasts and Analysis
8.5.3 South and Central America Monoethylene Glycol (MEG) Market Forecasts and Analysis - By Application
8.5.4 South and Central America Monoethylene Glycol (MEG) Market Forecasts and Analysis - By Countries
8.5.4.1 Brazil Monoethylene Glycol (MEG) Market
8.5.4.1.1 Brazil Monoethylene Glycol (MEG) Market by Application
8.5.4.2 Argentina Monoethylene Glycol (MEG) Market
8.5.4.2.1 Argentina Monoethylene Glycol (MEG) Market by Application
8.5.4.3 Rest of South and Central America Monoethylene Glycol (MEG) Market
8.5.4.3.1 Rest of South and Central America Monoethylene Glycol (MEG) Market by Application
9. INDUSTRY LANDSCAPE
9.1. MERGERS AND ACQUISITIONS
9.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
9.3. NEW PRODUCT LAUNCHES
9.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
10. MONOETHYLENE GLYCOL (MEG) MARKET, KEY COMPANY PROFILES
10.1. LYONDELLBASELL,
10.1.1. Key Facts
10.1.2. Business Description
10.1.3. Products and Services
10.1.4. Financial Overview
10.1.5. SWOT Analysis
10.1.6. Key Developments
10.2. THE DOW CHEMICAL COMPANY,
10.2.1. Key Facts
10.2.2. Business Description
10.2.3. Products and Services
10.2.4. Financial Overview
10.2.5. SWOT Analysis
10.2.6. Key Developments
10.3. ME GLOBAL
10.3.1. Key Facts
10.3.2. Business Description
10.3.3. Products and Services
10.3.4. Financial Overview
10.3.5. SWOT Analysis
10.3.6. Key Developments
10.4. SABIC,
10.4.1. Key Facts
10.4.2. Business Description
10.4.3. Products and Services
10.4.4. Financial Overview
10.4.5. SWOT Analysis
10.4.6. Key Developments
10.5. EXXONMOBIL CORPORATION,
10.5.1. Key Facts
10.5.2. Business Description
10.5.3. Products and Services
10.5.4. Financial Overview
10.5.5. SWOT Analysis
10.5.6. Key Developments
10.6. NAN YA PLASTICS CORPORATION
10.6.1. Key Facts
10.6.2. Business Description
10.6.3. Products and Services
10.6.4. Financial Overview
10.6.5. SWOT Analysis
10.6.6. Key Developments
10.7. ROYAL DUTCH SHELL,
10.7.1. Key Facts
10.7.2. Business Description
10.7.3. Products and Services
10.7.4. Financial Overview
10.7.5. SWOT Analysis
10.7.6. Key Developments
10.8. BRASKEM,
10.8.1. Key Facts
10.8.2. Business Description
10.8.3. Products and Services
10.8.4. Financial Overview
10.8.5. SWOT Analysis
10.8.6. Key Developments
10.9. RELIANCE INDUSTRIES LIMITED,
10.9.1. Key Facts
10.9.2. Business Description
10.9.3. Products and Services
10.9.4. Financial Overview
10.9.5. SWOT Analysis
10.9.6. Key Developments
10.10. BASF SE,
10.10.1. Key Facts
10.10.2. Business Description
10.10.3. Products and Services
10.10.4. Financial Overview
10.10.5. SWOT Analysis
10.10.6. Key Developments
11. APPENDIX
11.1. ABOUT THE INSIGHT PARTNERS
11.2. GLOSSARY OF TERMS
1. LyondellBasell,
2. The Dow Chemical Company,
3. ME Global
4. SABIC,
5. ExxonMobil Corporation,
6. NAN YA PLASTICS CORPORATION
7. Royal Dutch Shell,
8. Braskem,
9. Reliance Industries Limited,
10. BASF SE,
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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