Mono Ethylene Glycol (MEG) Market: Information by Technology (Gas-Based, Naphtha-Based, Coal-Based, and Bio-Based), by Function (Chemical Intermediate, Solvent Coupler, Solvent, and Humectant), by Application (Polyester Fiber, PET Products, Anti-Freeze Coolant, and Industrial), and by Region (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa)—Forecast till 2025
The Dow Chemical Company, Reliance Industries Limited., Saudi Basic Industries Corporation, BASF SE, India Glycols Limited, LyondellBasell Industries Holdings B.V., Chemtex Speciality Limited, ExxonMobil Chemical Company, Eastman Chemical Company, Huntsman Corporation LLC. among others are some of the prominent players at the forefront of competition in the Global Mono Ethylene Glycol Market and are profiled in MRFR Analysis.
Mono Ethylene Glycol Market Overview
Mono Ethylene Glycol or Glycol is manufactured industrially from ethylene oxide and ethylene. Mono ethylene glycol market is expected to witness steady growth on account of its significant usage in polyethylene terephthalate as well as antifreeze application. Among application, polyethylene terephthalate (PET) accounted for the largest market share in 2016 and is predicted to retain its dominance over the estimated period due to high demand from packaging industry.
Antifreeze segment is expected to witness healthy growth due to increasing aviation industry across the globe. Growing per capita disposable income in developed and developing region coupled with increasing use of packaged products is predicted to propel the growth of the market. Moreover continuous growth of textile industry along with rising consumption of monoethylene glycol is predicted to drive the demand for Mono ethylene glycol market during the review period.
Geographically, Asia Pacific accounted for the largest market share for monoethylene glycol followed by North America and Europe in 2016. The Asia Pacific region dominated the global monoethylene glycol market share in 2016 and is expected to witness highest CAGR due to continuous growth of automotive and plastic industries specifically in China, India, Japan, Taiwan, Thailand, Malaysia, and South Korea.
Additionally, the growth of mono ethylene glycol is largely driven by their utilization in packaging and textile industries. Furthermore, rising investment by major operating companies and shifting of monoethylene glycol manufacturing units as well as end use industries growth in this region is estimated to propel the monoethylene glycol regional market growth. North American market is expected to witness steady growth due to rising number of working professional which has resulted in increasing demand for packaging items and ultimately is expected to rise the consumption of monoethylene glycol in the upcoming years. Europe is estimated to witness healthy growth on account of rising demand from textile sector.
Furthermore, strict regulations regarding the usage of this product has led to increase the innovation and development in this industry. Middle East & African market is estimated to register strong growth due to increasing plastic and packaging industries present in Qatar, Oman, Turkey, the United Arab Emirates, and Saudi Arabia. Market in Latin American countries such as Brazil and Guatemala, and Peru is estimated to register healthy growth on account of rising demand for textile and packaging items.
Mono Ethylene Glycol (MEG) Market has been studied across five key regions, namely Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America. Asia-Pacific accounted for the largest share of the global market in 2018, wherein China is accounting for over 35% of the total market globally.
The regional market is projected to register the highest CAGR during the forecast period owing to the expanding textile and packaging industries in the regional market. The packaging industry in the region is the largest globally and is further expected to multiply on account of the increase in per capita disposable expenditure and rising demand for hygienic packaging in the pharmaceutical and food industries.
Moreover, expanding the automotive industry in the region is further expected to propel the growth of the regional market.
The automotive industry in the economies of India, China, Japan, South Korea, and Thailand are expected to be the major consumers of the MEG in the regional market in the years to follow.
Europe is expected to be the second-largest regional market, which is primarily attributed to the high demand for bio-based MEG for the manufacture of bio-PET. Increasing use of bio-PET in the packaging industry in the regional market owing to the stringent environmental regulations and the increased emphasis on shift from crude oil-derived products to bio-based products. A similar trend is expected to be observed in the North American market during the forecast period.
The Mono Ethylene Glycol report analyses the degree of competition among the major players as well as industry growth and market scenario. The global Mono Ethylene Glycol market comprises of various players operating in the market which include large scale and medium size manufacturers.
The prominent market players operating in the global monoethylene glycol industry is focusing towards growth association specifically by Asia Pacific as medium scale and small scale producers are from this region specifically from China, South Korea, India, Malaysia, and Japan. Additionally, the company is focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their production capacity of monoethylene glycol to meet the growing demand for Mono Ethylene Glycol.
Industry/ Innovation/ Related News
April 2017- Indian Oil Corporation Limited planned to expand Paradip Refinery under this, the company will set up a second unit of monoethylene glycol plant which will cost around USD 614 Million. With this expansion the company will able to meet the growing demand from end use industries.
May 2017- ExxonMobil and SABIC signed an agreement to set up a petrochemical complex which include ethane steam cracker having capability of manufacturing 1.8 million tonnes of ethylene per annum, a monoethylene glycol unit, and two polyethylene units. With this expansion the company enhance its presence in global monoethylene glycol market.
March 2016- EQUATE Petrochemical Company with its subsidiary, MEGlobal planned to construct monoethylene glycol manufacturing unit at Dow’s Oyster Creek site in Texas. Company construct MEG plant to increase its global footprint and enhance its value as leading ethylene glycol producer and supplier. Company will be able to meet the growing demand in U.S. and Asian Market.
August 2016- Lotte Chemical and Axiall planned to set up a MEG plant through a joint venture called LACC LLC with an investment of around USD 1.1 Billion. With this expansion, the company is planning to expand its market basis in the U.S. and Europe.