Fort Collins, Colorado, April 16, 2024 (GLOBE NEWSWIRE) --
The monoethylene glycol market is primarily driven by a huge demand for polyester and a focus on environmental sustainability.
The increasing emphasis on environmental sustainability has opened up growth opportunities for prominent players in the monoethylene glycol (MEG) market by developing sustainable and bio-based production methods. Manufacturers are directing their efforts towards creating eco-friendly processes and utilizing renewable feedstock to produce bio-based MEG. For instance, the U.S. Department of Energy's Bioenergy Technologies Office actively supports research and development initiatives to produce bio-based chemicals, including MEG, from biomass resources. Additionally, the rising consumer preference for sustainable products and the growing emphasis on reducing carbon footprint are expected to fuel the demand for bio-based MEG, thereby creating new avenues for market players.
The monoethylene glycol (MEG) market is witnessing substantial growth, propelled by the growing demand from the polyester fiber industry. Polyester, a synthetic polymer derived from MEG, finds extensive application in the textile sector for manufacturing clothing, home furnishings, and industrial products. As reported by the Textile Exchange, global polyester fiber production reached 63 million metric tons in 2022, constituting over 54% of the total fiber production globally. The increasing population, urbanization, and evolving fashion preferences are anticipated to amplify the demand for polyester fibers, consequently bolstering the growth of the MEG market.
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Segmentation Overview:
The monoethylene glycol market has been segmented into production method, application, end-use, and region.
PET packaging led the end-use segment in 2023.
- Based on the market segmentation by end-use, the packaging segment registered massive growth in 2023. The growing demand for PET packaging in the food and beverage industry, along with the increasing emphasis on product safety and shelf-life extension, is driving the growth of this segment.
Polyethylene Terephthalate accounted for a significant market share in 2023.
- Based on the market segmentation by application, the polyethylene terephthalate segment held the largest market in 2023. PET is widely used in producing beverage bottles, food containers, and other packaging materials due to its excellent properties, including durability, light weightness, and recyclability.
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Monoethylene Glycol Market Report Highlights:
- The monoethylene glycol market growth is anticipated at a CAGR of 4.1% by 2032.
- The rising demand for polyester is projected to create numerous opportunities for industry growth.
- Asia Pacific registered a massive growth rate in the past few years due to the presence of textile and packaging industries in countries like China and India.
- Some prominent players in the Monoethylene Glycol market report include SABIC, Dow Chemical Company, MEGlobal, Shell Chemical, Sinopec, Reliance Industries Limited, Nan Ya Plastics Corporation, Indorama Ventures Public Company Limited, BASF SE, Lotte Chemical Corporation, Mitsubishi Chemical Corporation, and India Glycols Limited.
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