Monoethylene Glycol (MEG)

Monoethylene Glycol (MEG)

Global Monoethylene Glycol (MEG) Market to Reach US$38.4 Billion by 2030

The global market for Monoethylene Glycol (MEG) estimated at US$29.0 Billion in the year 2023, is expected to reach US$38.4 Billion by 2030, growing at a CAGR of 4.1% over the analysis period 2023-2030. Fiber Application, one of the segments analyzed in the report, is expected to record a 4.5% CAGR and reach US$12.9 Billion by the end of the analysis period. Growth in the PET Application segment is estimated at 3.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$7.9 Billion While China is Forecast to Grow at 6.9% CAGR

The Monoethylene Glycol (MEG) market in the U.S. is estimated at US$7.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.0 Billion by the year 2030 trailing a CAGR of 6.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.1% and 3.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR.

Global Monoethylene Glycol (MEG) Market - Key Trends & Drivers Summarized

What Is Monoethylene Glycol and How Is It Integral to Various Industries?

Monoethylene Glycol (MEG) is a vital organic compound in the chemical industry, primarily used as an antifreeze agent and a precursor to polyester fibers and polyethylene terephthalate (PET) resins. This colorless, odorless, and slightly viscous liquid is produced on a large scale from ethylene via ethylene oxide, which is then hydrated. MEG`s primary applications are in the production of polyester fibers, which are fundamental to the textile industry, and the manufacture of PET bottles and containers, which are ubiquitous in the packaging industry. Additionally, MEG is essential in the automotive industry as an ingredient in coolant and antifreeze formulations, which prevent the freezing of fluids and overheating of engines.

Why Are PET Production and Textile Applications Crucial for MEG Demand?

The demand for MEG is heavily influenced by its use in producing polyester and PET, which are pivotal to the textile and packaging sectors respectively. As global textile markets expand with rising fashion consumption and growing populations, the requirement for polyester fibers intensifies, directly boosting MEG consumption. Similarly, the escalating demand for PET, driven by its use in lightweight, recyclable bottles and packaging solutions, underscores the growth in MEG usage. These industries are experiencing transformative growth in emerging markets where economic development and increasing consumer spending power elevate the demand for products that require MEG.

How Are Environmental Concerns and Technological Advances Affecting MEG Production and Use?

Environmental concerns and technological advancements are significantly reshaping the MEG industry. There is a growing push for sustainable production processes and the development of bio-based alternatives to traditional petroleum-derived MEG, driven by environmental regulations and sustainability goals. Companies are investing in technology to produce MEG from renewable sources like sugar and CO2, which could revolutionize the market by reducing reliance on fossil fuels and decreasing carbon emissions. Additionally, advancements in recycling technologies for PET and polyester may affect MEG demand by potentially reducing the need for virgin MEG in the manufacturing process, thereby promoting a more sustainable lifecycle for products made with MEG.

What Drives the Growth in the Monoethylene Glycol Market?

The growth in the monoethylene glycol market is driven by several factors. A key driver is the expanding demand for polyester fibers and PET, propelled by increasing applications in textiles, packaging, and consumer goods. Technological innovations in production and recycling methods are also significant, as they improve efficiency and sustainability, making MEG products more competitive and environmentally acceptable. Furthermore, the rising trend of bio-based MEG production meets the increasing consumer and regulatory demands for greener manufacturing processes. These drivers, combined with the global economic expansion, particularly in emerging markets, ensure robust growth prospects for the MEG industry.

Select Competitors (Total 21 Featured) -

• Akzo Nobel NV
• BASF SE
• Clariant AG
• Dow, Inc.
• DuPont de Nemours, Inc.
• Eastman Chemical Company
• EQUATE Petrochemical - MEGlobal
• Exxon Mobil Corporation
• Formosa Plastics Corporation
• Huntsman International LLC
• India Glycols Limited
• Indian Oil Corporation Ltd.
• Indorama Ventures Public Company Limited
• Ineos Oxide
• Kuwait Petroleum Corporation
• LG Chem
• Lotte Chemical Corporation
• Mitsubishi Chemical Corporation
• Mitsui Chemicals, Inc.
• PTT Global Chemical Public Company Limited
• Reliance Industries Ltd.
• Royal Dutch Shell PLC
• SABIC (Saudi Basic Industries Corporation)
• SIBUR Holding OJSC
• Sinopec Corporation

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.