Monoethylene Glycol Market Size & Share 2017 - 2024
Market Size by Grade (Polyester, Industrial, Antifreeze), by Application (Polyester Fiber, PET, Antifreeze & Coolants, Chemical Intermediates), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast.
Report ID: GMI2198
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Published Date: November 2017
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Report Format: PDF
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Authors:
Kiran Pulidindi, Akshay Prakash
Monoethylene Glycol Market Size
Monoethylene Glycol Market size estimated at USD 25 billion in 2016 and will grow at a CAGR of more than 6% from 2017 to 2024.
Growing use of monoethylene glycol (MEG) as a raw material for producing polyester fiber and polyethylene terephthalate (PET) will likely surge the monoethylene glycol market size by 2024. Improved standard of living in addition to modern fashion inclinations of the consumers for recently designed attires is expected to drive the polyester fiber demand, directly surging the product market size in the forecast period. The product further finds application in several industrial uses such as antifreeze, hydrate inhibitor in gas pipelines, coolants and as a heat transfer agent, that is projected to produce ample prospects from various end-use industries. In addition, swelling demand for polyester fiber from the textile sector is increasing MEG production in the forecast period. Asia Pacific proves to be one of the key profitable regions for the polyester fiber market. It registered a revenue more than USD 50 billion in 2016. This is owing to the surging disposable income, drift in customer preferences and abundant availability of low-cost labor will surely boost the product market size by 2024.
Furthermore, growing use of plastics instead of paperboard, wood and metal in the packaging industry is fueling the polyethylene terephthalate (PET) sector in the forecast timeframe. This shift in trend considerably upsurge the product market size by 2024. Pharmaceutical and food & beverage packaging are the major industry growth contributors owing to their extensive usage of PET to manufacture various packaging materials such as sheets, films, bottles, containers etc. In addition, improved chemical resistance, ease of recyclability, elevated barrier properties and dimension stability will surely boost the PET demand, surging the production of MEG by 2024.
Growing inclination for bio-based materials and volatility in oil prices is anticipated to trigger substantial resistance in the growth of product monoethylene glycol (MEG) market size by 2024. The product is mainly obtained from ethylene, which is a byproduct of crude oil, and the volatility in crude oil prices has led to fluctuations in raw material prices. However, the decline in crude oil prices in 2014 piloted a reduction in MEG prices to USD 750/kilo ton in Asia Pacific, that is certain to bring abundant opportunities for the product market size in the forecast timespan.
Monoethylene Glycol Market Analysis
Polyester grade recorded the foremost revenue share over 70% in 2016 and is projected to spectate a considerable growth by 2024. This grade is mainly used to manufacture PET, polyester resins and fiber owing to its moisture absorbing properties, low-volatility and few other features. Its hygroscopic specialty makes it appropriate for its use in synthetic rubber, conditioning agent and other paper items. Widespread application of polyester grade MEG in chemical intermediates, solvent couples, heat transfer agents, unsaturated polyester resins and plasticizers, which instead will propel the product industry size in the forecast timespan.
Product application in polyethylene terephthalate (PET) is growing at a rapid pace and is expected to surge with a CAGR over 5.5% by 2024. Escalating consumption of the product in the packaging industry due to its hygroscopic and water & vapor barrier attributes. Therefore, the significant usage of monoethylene glycol to manufacture PET will directly drive the monoethylene glycol market revenue during the forecast period.
Polyester fiber is the primary application for the MEG and registers a revenue share over 55% among the global industry share in 2016. Vast use of polyester fiber in myriad end-use industries such as resins, textile, electronics etc. due to its excellent chemical and mechanical qualities that is estimated to fuel the product market size in the coming years.
Asia Pacific MEG market is projected to escalate with a CAGR more than of 6.5% during the forecast timeframe. The rapidly growing per capita income in addition to the swelling economic conditions in the region will fuel several advancements in the textile sector. Substantial manufacture of polyester fiber and polyethylene terephthalate (PET) in emerging economies involving India, China, Malaysia etc. will establish an abundant consumption of MEG in the region driving its industry size in the near future.
Monoethylene Glycol Market Share
The prevalent industry contributors include
Mitsubishi Chemicals and Reliance Industries jointly captures more than 40% of the overall monoethylene glycol market size. Similarly, in 2015, SABIC captured around 10% of the overall product market share and is highly integrated.
Industry Background
Escalating consumption across end-use industries in addition to technological advancements is projected to boost the product market size in the forecast timespan. The product is widely applicable to manufacture anti-corrosion agent, anti-freeze, coolant material, dewatering agent, deicers and several other chemical intermediates. The MEG has further applications in producing various hygroscopic materials that are used in several major end-use industries such as textiles, packaging, automotive etc. Additionally, capacity expansion in China and Middle East are projected to fuel the product market growth by 2024.
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
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Industry databases
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Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →