New York, July 19, 2023 (GLOBE NEWSWIRE) -- The global monoethylene glycol market size is estimated to attain at ~5% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 38 billion by the end of 2033, up from a revenue of ~USD 27 billion in the year 2022. The expansion of the market can be attributed to the expansion of the chemical industry around the world. For instance, the Indian chemical industry totaled nearly USD 170 billion in 2019 and is expected to continue to do so, reaching about USD 300 billion by 2025. Monoethylene glycol is used to make polyester fiber as a raw material. This resource works effectively as a coolant in car engines.
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In addition, the heat carrier central aids in cooling the vehicle's components. Monoethylene glycol mixed with water has the added benefit of preventing corrosion, acid degradation, and the growth of some bacteria. Hence, the increasing number of vehicles in the world is expected to generate high sales in the worldwide monoethylene glycol market by 2033. Recent reports assume that this will be the case by the end of 2033. In the first quarter of 2022, around 1.50 billion vehicles were on the roads around the world.
Global Monoethylene Glycol Market: Key Takeaways
- Market in Asia Pacific to grow at a highest rate
- The medical segment to garner the highest growth
- Market in North America to propel highest growth
Rapid Textile Industry Expansion Across the Globe to Boost Market Growth
The main stages of fabric manufacture are making the fiber, preparing it, converting it into yarn, converting the yarn into fabric, and then finishing the fabric. The fabric then goes to the clothing manufacturer. Fiber preparation varies more depending on the fiber used. Flax needs to be roasted and trimmed, while wool needs to be carded and washed. However, the spinning and weaving processes are very similar between the fibers. Monoethylene glycol is widely used in these procedures in the textile industry, which is expanding at quite a notable rate across the globe. Monoethylene glycol is essential in the production of polyester fabrics. These are then used in textile and clothing manufacturing, home textiles, carpets, and rugs. Therefore, the expansion of the textile industry is expected to bring high potential revenue to the global market. The global textile industry was estimated to be worth USD 920 billion in 2018. Moreover, it is projected to reach approximately USD 1.23 trillion by 2024, at a steady CAGR of almost 5%.
Global Monoethylene Glycol Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Spiking Expansion of Textile Industry to Fuel the Market Growth in the North America Region
The monoethylene glycol market in the North America region is estimated to garner the highest revenue share by the end of 2033. The growth of the market in this region can primarily be attributed to the huge growth of the textile industry in North America. Monoethylene glycol is widely used in the textile industry as a raw material for manufacturing polyester fibers. Hence, expansion and growing revenue of the textile industry is also anticipated to add to the growth of the market in the region. The United States is an important market for the North American textile industry. In 2018, North America as a whole accounted more than 41% of the world's textile industry exports. On the other hand, the textile industry plays an important role in high-tech innovation. Textiles are now used in a variety of applications ranging from heart valves and stents to aircraft bodies and advanced body armor. The United States textile industry provides over 9,000 different textile products to the United States military.
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Increasing Government Support for Chemicals to propel the market in Asia Pacific Region
The monoethylene glycol market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2033. Urbanization and industrialization in developing countries, as well as rising disposable incomes and living standards, are increasing the demand for housing projects, which require monoethylene glycol for their fulfillment. This is anticipated to drive market expansion during the forecast period. The need for these items is expected to grow with the rising usage of applications. Strict government regulations and the use of environmentally friendly chemicals are supporting the growth of the market in the region. The Asia Pacific region is seeing an increase in investment in construction and infrastructure improvement projects by both governments and private companies. For instance, within the Union Budget 2022–23, the Indian government allocated approximately USD 27 million to the Department of Chemicals and Petrochemicals. As a result, the Asia-Pacific region is seen as an attractive destination for monoethylene glycol manufacturers, boosting the growth of the regional market.
Monoethylene Glycol Segmentation by Application
- Polyester Fibers
- PET, Antifreeze & Coolants
- Films
- Others
Amongst these four segments, the polyester fibers segment is anticipated to hold the largest share over the forecast period. A synthetic material, polyester fibers, commonly made from polyethylene glycol and terephthalic acid, are highly elastic and resistant to wrinkling and abrasion. The increasing production of Polyester fibers all over the world is estimated to influence the segmental growth. As of the year 2021, global polyester fiber production accounted to nearly 61 million metric tons. Polyester fibers are specifically used in many industrial applications, such as apparel and furniture materials, upholstered furniture, automotive tire reinforcement, safety belts, and conveyor belts. Additionally, these materials can be combined with natural fibers to create sportswear and quality clothing. Backed by its lightweight and moisture-wicking properties, polyester fibers are also used in sports and fitness wear, further impacting the growth of the segment. Hence, based on the abovementioned factors, this segment is estimated to grow significantly over the projected period.
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Monoethylene Glycol Segmentation by End User
- Textile
- Automotive
- Oil & Gas
- Medical
- Others
Amongst these five segments, the medical segment is anticipated to hold a significant share over the forecast period. The segment growth can be attributed to the existence of a massive pool of patients in need of treatment. Additionally, in the medical field, monoethylene glycol can be used in the manufacture of vaccines. Moreover, increasing healthcare spending per capita is estimated to contribute to the growth of this market segment. According to the World Bank, current medical spending accounted for 9.83% of global GDP in 2019.
Recent Development in the Global Monoethylene Glycol Market
- Reliance Industries Ltd – Reliance Industries Ltd, an Indian multinational conglomerate company, has agreed to acquire a controlling interest in SenseHawk Inc. in a total transaction value of USD 32 million.
- Lotte Chemical Co., Ltd. – Lotte Chemical Co., Ltd., a global chemical company, has partnered with Syzygy and Sumitomo to conduct a joint test of ammonia photolysis. The partnership will conduct the world's largest ammonia pyrolysis technology trial.
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