Monoethylene Glycol Market Trends

Growth Drivers

Rapid Expansion in Textile Industry – Monoethylene glycol is essential for producing polyester fabrics. These polyester fabrics are used in textile and apparel production, as well as garment production, home furnishings, carpets, and rugs. As a result, the expansion of the textile sector is anticipated to generate significant market potential. For instance, with a consistent CAGR of close to 5%, the worldwide textile sector is anticipated to reach roughly USD 1,230 billion by 2024.
Increasing Expansion of Chemical Industry across the Globe – The demand for various types of chemicals in various end-use sectors has been rising. Several industries, such as construction, color and coatings, textiles, packaging, and so on, are highly rely on various chemicals to get the raw materials for their final products. Therefore, the rising expansion of the chemical industry throughout the world is another major factor that is estimated to push the market growth further in during the forecast period. For instance, the global chemical industry garnered revenue of nearly USD 4 trillion around the world in the year 2021.
Increasing Research Expenditure – According to research reports, since 2000, global research and development expenditure has more than tripled in real terms, rising from approximately USD 680 billion to over USD 2.5 trillion in 2019.
Increasing Government Support in the Chemicals Sector – For instance, within the Union Budget 2022-23, the Indian government allocated approximately USD 27 million to the Department of Chemicals and Petrochemicals.
Rise in Demand and Production of Vehicles – For instance, the global production of vehicles was 80,145,988 units in 2021. This is a boost from 77,711,729 units in 2020.

Challenges

Fluctuating Prices of Raw Materials of Monoethylene Glycol – The fluctuation in the prices of raw materials of monoethylene glycol as a result of crude oil costs and other feedstock is estimated to hinder the growth of the monoethylene glycol market over the projected time frame.
Stringent Regulatory Policies
High Manufacturing Costs

Monoethylene Glycol Market: Key Insights

Base Year	2022
Forecast Year	2023-2033
CAGR	~5%
Base Year Market Size (2022)	~ USD 27 Billion
Forecast Year Market Size (2033)	~ USD 38 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Base Year	2024
Forecast Year	2025-2037
CAGR	5.6%
Base Year Market Size (2024)	USD 30.2 billion
Forecast Year Market Size (2037)	USD 60.33 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of monoethylene glycol is estimated at USD 31.53 billion.

The 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. Rapid extension in textile industry, increasing expansion of chemical industry across the globe, rise in demand and production of vehicles will drive the market growth.

Asia Pacific industry is anticipated to account for largest revenue share by 2037, owing to increasing growth in numerous end-use industries, including textile, automotive, packaging in the region.

The major players in the market include Kuwait Petroleum Corporation, Akzo Nobel N.V., Clariant International Ltd, LOTTE Chemical Corporation, Formosa Plastics Corporation, U.S.A., Exxon Mobil Corporation, Huntsman International LLC, Saudi Basic Industries Corporation (SABIC), BASF SE.

Monoethylene Glycol Market Trends