Monoethylene Glycol Market: Introduction
Monoethylene glycol is a colorless, odorless, and barely viscous liquid that is miscible in water, aldehydes, alcohols, and many other organic compounds. It is an organic compound used primarily as a raw material in the manufacture of polyethylene terephthalate resins (PET), which are employed in bottles and polyester fibers in the fabric industry. It cannot dissolve heavy petroleum and vegetable oils, cellulose acetate, and rubber.
Monoethylene glycol is low volatile and hygroscopic compared to glycerol at room temperature. In its pure form, monoethylene glycol is a colorless liquid with sweet taste. The production of ethylene glycol is carried out from ethylene through the intermediate ethylene oxide.
This report provides detailed analysis and forecast of the monoethylene glycol market on a global and regional level from 2020 to 2031. On the global level, the monoethylene glycol market has been segmented based on volume (kilo tons) and revenue (US$ Bn) from 2020 to 2031.
In order to provide in-depth understanding of the market at the regional level, the demand for monoethylene glycol has been forecast in terms of volume (kilo tons) and revenue (US$ Bn) from 2021 to 2031. The report includes drivers and restraints, and their impact on market growth during the forecast period. Furthermore, the study encompasses various opportunities for the growth of the monoethylene glycol market at the global and regional level.
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Monoethylene Glycol Market: Dynamics
Polyester films and resins hold relevance across a multitude of high-end industries, and this is an integral dynamic of market growth. Polyester fibers and films can be manufactured from monoethylene glycol, thus driving the growth graph of market vendors. Rise in usage of monoethylene glycol in anti-freeze formulations is a prominent driver of the global monoethylene glycol market. Other similar applications of monoethylene glycol span solvents and anti-icers for aircraft. Considering these factors stated above, the global monoethylene glycol market is expected to expand substantially in the near future.
The automotive industry has remained steadfast in embracing new technologies that can foster improvements in manufacturing and performance of automotive parts. Therefore, the use of monoethylene glycol in manufacturing coolants for automotive engines has gained momentum in recent times. Furthermore, importance of monoethylene glycol-based liquids for automotive heat transfer in automotive engines has also garnered the attention of industry leaders. The colorless, odorless, and viscous nature of monoethylene glycol has helped in popularizing the product across key industrial verticals. There is little contention in regard to the chemical supremacy of the product.
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Monoethylene Glycol Market: Prominent Regions
Asia Pacific dominates the global monoethylene glycol market. The market in the region is anticipated to expand at a CAGR of more than 7% during the forecast period. Increase in demand for chemical intermediates, humectants, and resins is driving the monoethylene glycol market in Asia Pacific. Taiwan, China, and India are key countries of the monoethylene glycol market in Asia Pacific. They held major share of the monoethylene glycol market in Asia Pacific in 2020. These countries are estimated to maintain their dominant position in the region during the forecast period.
The demand for monoethylene glycol in Europe and North America is likely to decline in the near future, due to rise in concerns over sustainability of the material and sluggish economic growth.
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