The North America Monoethylene Glycol Market would witness market growth of 3.0% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 4,105.8 Kilo Tonnes, showcasing a growth of 1.4% (2019-2022).
The demand for monoethylene glycol (MEG) is closely tied to the production of PET resins used in manufacturing plastic bottles and packaging materials. As the packaging industry grows, so does the demand for MEG. MEG is a critical component in the production of polyester fibers and textiles. The growth of the textile industry, especially in emerging markets, impacts the market significantly. MEG is used in the production of engine coolants and antifreeze. Therefore, the automotive industry's performance and expansion influence the market. Increasing environmental awareness has led to a focus on sustainable materials and processes. It influences the market by encouraging the development of bio-based MEG and recycling initiatives.
MEG is used in the formulation of engine coolants and antifreeze. The need for efficient temperature control in vehicles drives its adoption in the automotive sector. As the automotive industry shifts toward electric and hybrid vehicles, there is a growing emphasis on sustainable and eco-friendly coolants, potentially impacting the adoption of MEG. MEG has various industrial applications, including heat transfer fluid, hydrate inhibitor, and in producing chemicals like diethylene glycol (DEG) and triethylene glycol (TEG). Economic conditions, including industrial production and demand for specific chemical products, influence MEG adoption in chemical and industrial applications.
Mexico has become a significant hub for automotive manufacturing, with numerous global automakers establishing production facilities in the country. These facilities produce a wide range of passenger vehicles, including sedans, SUVs, and trucks, many of which require antifreeze and coolant containing MEG. Mexico's automotive industry is highly export-oriented, with a significant portion of the vehicles produced in the country being shipped to markets, particularly the United States. Exported vehicles often come equipped with MEG-based antifreeze and coolant.
While traditional internal combustion engine vehicles are prevalent, the automotive industry in Mexico, like the global industry, is witnessing growth in electric and hybrid vehicles (EVs and HEVs). These vehicles still require cooling systems that use MEG-based coolants. The automotive sector in Mexico plays a vital role in driving the demand for MEG-based antifreeze and coolant products. The growth of the automotive industry, combined with environmental and sustainability considerations, ensures that MEG remains a crucial component in the automotive fluids sector in Mexico.
The US market dominated the North America Monoethylene Glycol Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,575.5 million by 2029. The Canada market is exhibiting a CAGR of 5.3% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 4.4% during (2023 - 2030).
Based on End-Use, the market is segmented into Textile, Packaging, Automotive, Plastics, and Others. Based on Application, the market is segmented into Polyethylene Terephthalate (PET), Antifreeze, Polyester Fibers, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Monoethylene Glycol Market is Predict to reach $27.5 Billion by 2030, at a CAGR of 3.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Shell plc, LyondellBasell N.V., India Glycols Limited, SABIC, UPM Biochemicals, Kimia Pars Shayankar Co., Arham Petrochem Private Limited, Indian Oil Corporation Ltd., Pon Pure Chemicals Group, and ACURO ORGANICS LIMITED.
By End-Use (Volume, Kio Tonnes, USD Million, 2019-2030)
By Application (Volume, Kio Tonnes, USD Million, 2019-2030)
By Country (Volume, Kio Tonnes, USD Million, 2019-2030)
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