Monoethylene Glycol Market Size

Monoethylene Glycol Market size was valued at USD 30.2 billion in 2024 and is expected to cross USD 60.33 billion by the end of 2037, registering more than 5.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of monoethylene glycol is estimated at USD 31.53 billion.

The growth of the market can be attributed to the escalating use of monoethylene in several end-use industries, such as automotive, construction, and so on, which is fueling up the demand for monoethylene glycol. Furthermore, the dynamic expansion of the chemical industry worldwide, and the surge in research and development activities are also anticipated to boost the market growth over the coming years. For instance, the Indian chemical industry was valued at roughly USD 170 billion in 2019 and is expected to be worth around USD 300 billion by 2025.

In addition to these, factors that are believed to fuel the market growth of monoethylene glycol include the rise in the demand for consumer goods, the soaring demand for polyethylene terephthalate (PET), and the increasing demand as a result of its being a biodegradable compound that does not put any hazardous effects on the environment. Besides this, monoethylene glycol is being used to manufacture polyester fibers as a raw material. This raw material works effectively as a coolant in automobile engines. Further, as a heat transfer agent, it helps in cooling down the parts of a vehicle. Furthermore, mixing monoethylene glycol with water has the added benefit of preventing corrosion, acid degradation, and the growth of certain bacteria. Thus, the rise in the number of vehicles across the world is anticipated to garner high revenues in the global monoethylene glycol market by 2033. For instance, recent reports estimated that by the end of the first quarter of 2022, approximately 1.50 billion vehicles were on the roads worldwide.