Monoethylene Glycol market is growing, driven by key industrial applications and sustainable innovations
From GlobeNewswire: 2025-05-27 10:30:00
The Monoethylene Glycol Market is on the rise, valued at $26.78 billion in 2024 and projected to reach $36.87 billion by 2032, with a 5.96% CAGR. Key industrial applications and sustainable innovations are driving growth, with increased demand for environmentally-friendly packaging and textile fibers.
In the US, the Monoethylene Glycol Market was worth $1.04 billion in 2023, set to hit $1.44 billion by 2032, growing at a 4.19% CAGR. The market is expanding in packaging and automotive sectors, supported by government initiatives promoting greener packaging solutions.
Asia Pacific leads the market, holding a 42% share in 2023, driven by industrialization and increasing demand in China and India. North America emerges as the fastest-growing region, spurred by eco-friendly packaging and automotive materials. Recent developments include a $400M Bio-MEG plant in Indiana and Technip Energies’ acquisition of Shell’s glycol tech.
The PET segment dominated the market in 2023 with a 68% share, driven by the food and beverage industry’s use of PET packaging. The textile industry led the market in 2023 with a 42% share, fueled by demand for polyester fibers in apparel and home textiles. Companies like Invista and Toray are increasing polyester fiber production.
Supply chain dynamics and raw material costs are shaping the market, with fluctuating crude oil prices impacting ethylene costs. Container shortages and port delays are causing supply chain bottlenecks, while investments in shale gas extraction are lowering feedstock costs. Bio-based ethylene sourcing and trade policies also impact market dynamics.
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