The Monoethylene Glycol Market is driven by growing demand for PET production
The Monoethylene Glycol Market refers to the production and consumption of monoethylene glycol as an important industrial chemical. Monoethylene glycol, also known as ethylene glycol or MEG, is an organic compound with the formula (CH2OH)2. It is primarily used in the production of polyethylene terephthalate (PET) resin which is used in a wide variety of bottled beverages and food packaging.
It can also be used as an antifreeze and coolant for engines and HVAC systems. As a raw material in PET manufacturing, it provides properties like durability, transparency and resistance to heat and chemicals. The growing Monoethylene Glycol Market Demand is expected to drive significant growth in the Monoethylene Glycol Market over the forecast period.
The global Monoethylene Glycol Market size is estimated to be valued at US$ 38.84 Billion by 2030 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Monoethylene Glycol Market are Reliance Industries Limited, SABIC, BASF SE, DowDuPont Inc., India Glycols, AkzoNobel, LyondellBasell Industries, and Lotte Chemical Corp. The growing demand for PET bottles, especially from the beverages industry is a major driver for the Monoethylene Glycol Market. Manufacturers are increasingly investing in new production plants and capacity expansion projects to capitalize on the rising global demand for PET resin. Additionally, many companies are focusing on Middle East and Asia Pacific regions which are witnessing surge in PET consumption.
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