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Monoethylene Glycol (MEG) Market Research - Segmentation By Application (Fiber, PET, Film, Antifreeze & Coolant, And Other Industrial Applications), By Technology, By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Analysis on Size, Share, Growth, Investment, Opportunities, Demand, Forecast Report | (2024-2029)

Published: March, 2023
ID: 8096
Pages: 150
Formats: report pdf report excel report power bi report ppt

Monoethylene Glycol (MEG) Market Size & Growth (2024-2029):

The Global Monoethylene Glycol (MEG) Market was worth US$ 30.37 billion in 2023 and is anticipated to reach a valuation of US$ 44.39 billion by 2029 and it is predicted to register a CAGR of 6.53% during the forecast period 2024-2029.

Monoethylene Glycol (MEG) Market Overview:

Monoethylene glycol is also given the word ethylene glycol which is sweet in the tasting, colorless, and odorless composite. Monoethylene glycol is obtained from ethylene, a downstream composite of crude oil and natural gas. It is a key raw material employed in different industrial implementations. It is broadly employed in the manufacturing of films, fibers, and polyester resin. It is also employed as a coolant composite, dewatering agent, aircraft deicer and anti-icer, anti-freeze, and chemical transmitter. MEG is gained through an industrial procedure from ethylene oxide that is hydrated through the thermal procedure. The ethylene employed in the production of MEG is produced by different sources like naphtha, synthesis gas, coal, and biomass, whereas gas-based technology is highly employed in the market. The call for the biomass-based production procedure for MEG is gaining popularity due to its renewability and decreasing dependence on naphtha and coal-based sources.

Monoethylene Glycol (MEG) Market Drivers & Restraints:

MEG is one of the broadly employed raw materials for the making of polyester fibers and polyethylene terephthalate (PET) resins. PET resins are employed in the making of different products, involving textiles, tire cords, PET bottles, and water containers. MEG is employed in so many applications like stabilizers against gel formation, heat transfer fluids (gas compressors, ventilating, procedure chillers, and also in air conditioning), and water-based formulations. The antifreeze grade MEG is initially employed in the making of automotive antifreeze and coolants. Monoethylene glycol is mainly employed in the making of PET and polyester resins. In addition to that, polyester fabrics are broadly employed in apparel, yarns and ropes, home furnishings, and other industrial applications like insulating tapes and conveyor belts.

The key factor which is driving the expansion of the global Monoethylene Glycol market is the rising call for PET resin, polyester fibers, and antifreeze. In addition to that, Monoethylene Glycol is a bio-degradable compound owing to which the aquatic organisms are less impacted. This factor is also attributed to the expansion of the industry. Exposure to MEG is very harmful to humans; ingestion of this may highly impact the kidneys, heart, and central nervous systems, which is hindering the expansion of the market. 

Increasing calls for non-ionic surfactants and rising textile & fiber businesses are estimated to create so many opportunities for the growth of the industry. The rising employment of mono ethylene glycol as a raw material for manufacturing polyester fiber and polyethylene terephthalate (PET) will probably boost the monoethylene glycol market size by 2025. Enhanced standard of living in addition to the modern fashion tendency of the customers for newly made attires is estimated to drive the polyester fiber call, directly rising the product industry size in the foreseen period. The product further finds uses in many industrial employments like antifreeze, hydrate inhibitor in gas pipelines, and as a heat transfer agent, which is estimated to manufacture so many prospects from different end-use businesses.

MONOETHYLENE GLYCOL (MEG) MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023-2029

Base Year

2023

Forecast Period

2024-2029

CAGR

6.53%

Segments Covered

By Application, Technology, and Region.

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe Asia Pacific, Latin America, Middle East & Africa.

 

 

Market Leaders Profiled

SABIC (Saudi Arabia), Formosa Plastic Group (Taiwan), The Dow Chemical Company (US), Sinopec (China), BASF, MEGlobal, Shell (Netherlands), Reliance Industries (India), SIBUR (Russia), ExxonMobil Corporation, Royal Dutch, Mitsubishi Chemical, LyondellBasell, AkzoNobel, Honam Petrochemical Corporation, Sinopec Zhenhai Refining & Chemical Company, and Others.

 

Monoethylene Glycol Market

Market Segmentation

Monoethylene Glycol (MEG) Market - By Application:

  • Fiber
  • PET
  • Film
  • Antifreeze & Coolant
  • others

Fiber is estimated to be the biggest sector of application owing to the huge call of monoethylene glycol in the textile end-use market for producing artificial fiber and polyester fiber. Antifreeze & Coolant is estimated to rise at the highest CAGR throughout the forecast period owing to their call-in automotive and chemical end-use businesses.

Monoethylene Glycol (MEG) Market - By Technology:

  • Naphtha-based
  • Coal-and Natural Gas-based
  • Bio-based MEG

The naphtha-based sector is estimated to rise at the highest CAGR during the foreseen period.

Monoethylene Glycol (MEG) Market Region:

The Monoethylene Glycol Report includes the segmentation of Regions with their respective Countries.

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East & Africa

Asia-Pacific accounted for the biggest share of the worldwide market in 2019, wherein China is accounting for over 35.5% of the overall industry revenue. The regional market is estimated to show the highest CAGR during the foreseen period due to the growing textile and packaging businesses in the regional market. The packaging market in the region is the biggest worldwide and is further determined to multiply on account of the rise in per capita disposable expenditure and the increasing call for hygienic packaging in the pharmaceutical and food businesses. Also, growing the automotive business in the region is further estimated to propel the expansion of the regional market. The automotive market in the economies of India, China, Japan, South Korea, and Thailand are estimated to be the key customers of the MEG in the regional market in the future.

Europe is estimated to be the second biggest regional market and is mainly credited to the high call for bio-based MEG for the making of bio-PET. Rising employment of bio-PET in the packaging business in the regional market due to the strict environmental rules and the escalated emphasis on the shift from crude oil-obtained products to bio-based products. A similar trend is estimated to be seen in the North American market during the outlook period.

Monoethylene Glycol (MEG) Market Key Market Players:

  1. NPC(Iran)
  2. SABIC (Saudi Arabia)
  3. Formosa Plastic Group (Taiwan)
  4. The Dow Chemical Company (US)
  5. Sinopec (China)
  6. BASF
  7. MEGlobal
  8. Shell (Netherlands)
  9. Reliance Industries (India)
  10. SIBUR (Russia)
  11. ExxonMobil Corporation
  12. Royal Dutch
  13. Mitsubishi Chemical
  14. LyondellBasell
  15. AkzoNobel
  16. Honam Petrochemical Corporation
  17. Sinopec Zhenhai Refining & Chemical Company
  18. Nan Ya Plastics Corporation
  19. Lotte Chemical Corporation
  20. India Glycols
  21. Chemtex Speciality Ltd

Monoethylene Glycol (MEG) Market Recent Developments:

  • Shell introduces Monoethylene Glycol Plant in Singapore. Shell Chemicals Ltd. was newly declared the triumphant start-up of its latest mono ethylene glycol (MEG) unit at the Shell Eastern Petrochemicals Complex in the location of Singapore. The unit which has a nameplate capacity of 750,000 tons of MEG per annum, started up as newly planned, according to Shell.

  • Avantium Introduces Latest Plant-based MEG Demonstration Unit. Avantium’s latest demo plant in the region of the Netherlands will utilize the firm’s Ray technique to produce mono-ethylene glycol based on plants. With a yearly capacity of 10 tonnes, the unit will also produce mono-propylene glycol that is plant-based.

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