Published Date : 25 Nov 2022
The global mono-ethylene glycol market size accounted for USD 30.93 billion in 2022 and is expected to expand around USD 52.02 billion by 2030, growing at a CAGR of 6.7% over the forecast period from 2022 to 2030. 2022 to 2030.
The mono-ethylene glycol is a colorless and odorless liquid made from ethylene during the ethylene oxide production process. The mono-ethylene glycol is widely produced for commercial applications, with a manufacturing yield of well over 80% from the ethylene oxide method. The method produces different types of glycol such as diethylene, tri-ethylene, and tetra-ethylene glycol as by-products in addition to mono-ethylene glycol. The mono-ethylene glycol is widely used in polyester fibers and films and is considered to be the most important glycol available on the market. It is one of the most popular products for making polyethylene terephthalate (PET) films and polyester fibers because of its durability and hydrophobic properties.
The demand for polyester fiber is predicted to be driven by an improved quality of living as well as modern fashion inclinations of customers for recently produced attires, directly driving the mono-ethylene glycol market in the projection years. The substance is also used in a variety of industrial applications including hydrate inhibitors in gas pipelines, antifreeze, coolants, and as a heat transfer agent, all of which are expected to generate a lot of interest from various end-use sectors. Furthermore, rising demand for polyester fibers from the textile industry is expected to boost the production of mono-ethylene glycol during the forecast period.
Mono-ethylene Glycol Market Report Scope
|Market Size In 2022||USD 30.93 Billion|
|Market Size By 2030||USD 52.02 Billion|
|Growth Rate from 2022 to 2030||CAGR of 6.7%|
|Forecast Period||2022 to 2030|
Asia-Pacific is the largest segment of the mono-ethylene glycol market in terms of region. The region’s expansion is due to the rising per capita income as well as improving economic conditions. The significant production of polyester fiber and polyethylene terephthalate (PET) in rising economies would result in sufficient mono-ethylene glycol use in the region, boosting the region’s industry in the upcoming years.
Europe region is the fastest-growing region in the mono-ethylene glycol market. The mono-ethylene glycol market in the Europe region is being boosted by the growing demand for polyethylene terephthalate (PET) and polyester fibers. During the projection period, the price of mono-ethylene glycol will rise even more in this region.
Drivers: Surge in production of plastic and polyester
The antifreeze applications provide companies in the mono-ethylene glycol market with predictable income sources. They are expanding production arms to open up new revenue streams for hydraulic braking fluids and cooling systems such as in automobiles and air conditioners, where it works as a coolant and heat transfer agent. The mono-ethylene glycol is critical element in the production of polyester fibers, films, and resins and so has a high demand in the plastics sector. Thus, the surge in production of plastic and polyester is boosting the growth of the mono-ethylene glycol market during the forecast period.
Restraints: Fluctuating rates of raw materials
The alternative technologies for producing polyethylene terephthalate (PET) or polyester fabrics are still employed in some underdeveloped countries, which poses a challenge to the mono-ethylene glycol market. This also due to the fluctuating costs of raw materials. Thus, this factor is a major challenge for the expansion of the mono-ethylene glycol market.
Opportunities: Rise in research and development activities
In the mono-ethylene glycol market, the high-income market players are increasing research and development for innovative process technologies for both thermal and simply catalytic mono-ethylene glycol production. The well-established market players are posing a serious threat to small-scale market players. They are steeping research into process methods that use a catalyst to convert ethylene and oxygen into ethylene oxide, which is then converted to ethylene oxide via a thermal process. As a result, the rise in research and development activities is creating lucrative opportunities for the growth of the mono-ethylene glycol market.
Challenges: Adverse effects of mono-ethylene glycol
The mono-ethylene glycol has a number of harmful effects on one’s general health. Exposure of mono-ethylene glycol can be exceedingly dangerous, causing renal problems, central nervous system problems, and heart problems, which is a major market restraint for the growth of the mono-ethylene glycol market.
Key Players in the Report:
Segments Covered in the Report
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