Mono Ethylene Glycol (MEG) Market to Grow at a CAGR of 3.2% by 2030 | ChemAnalyst

According to ChemAnalyst report, “Global?Mono Ethylene Glycol (MEG) Market?Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, 2015-2030”?The global Mono Ethylene Glycol (MEG) market has expanded remarkably in the historic period of 2015-2022 and is expected to grow at a CAGR of 3.2% during the forecast period until 2030. The rising demand from Polyester Fibre and Yarn, PET Resin, and Polyester Film end-use industries, is expected to augment expansion of the Mono Ethylene Glycol (MEG) market in the forecast period.

MEG is a slightly viscous, colorless, odorless organic compound with a sweet taste. It is also known as 1,2-ethanediol and is soluble with most of the organic compounds, alcohols and water.?It is mainly produced by Ethylene via Ethylene Oxide hydrolysis along with the release of two co-products, Diethylene Glycol (DEG) and Triethylene Glycol (TEG). The feedstocks used for the production of MEG are natural gas, coal, naphtha and bioethanol. MEG has various niche application such as resins, deicing fluids, heat transfer fluids, automobile antifreeze and coolants, water-based adhesives, latex paints, and asphalt emulsions, electrolytic capacitors, textile fibres, pulp, and leather.

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The main driver of Mono Ethylene Glycol (MEG) is it is being used to synthesize Polyester fibers. Polyester is strong, resistant to chemicals, and water-resistant in nature and finds application to manufacture apparels, upholstery, furniture cushions, etc. Home Furnishings (cushions, quilts, carpets, pillows, sleeping bags etc.), Automotive (Airbags, Headliners, seat belts, Tire cords) is likely to boost its demand over the forecast period. In these polyester synthesis processes, MEG is used as a chemical intermediate, mostly to produce Polyethylene Terephthalate (PET).?The most significant factors driving the Polyethylene Terephthalate demand are rising demand from the food and beverage packaging sector, such as in carbonated soft drink packaging, rising demand for packaged food due to rising frozen and processed food consumption, rising demand for electronics and automotive applications/industries.?Moreover, its use as an antifreeze agent or deicer is mostly applicable in Aircrafts and is also expected to boost the demand of Mono Ethylene Glycol. Other application of Mono ethylene Glycol is Polyester film that is extensively used in manufacturing wires, cable overwrap, membrane touch switches, transformers, face shields, flexible printed circuit boards and printed labels. Moreover, Polyester film also finds applications in Solvent based coating and printing as well as for insulation in motors (both in ground and Phase). All these industrial applications of Polyester films are anticipated to propel the market for MEG in the upcoming years.

Other application of Mono ethylene Glycol is Polyester film that is extensively used in manufacturing wires, cable overwrap, membrane touch switches, transformers, face shields, flexible printed circuit boards and printed labels. Moreover, Polyester film also finds applications in Solvent based coating and printing as well as for insulation in motors (both in ground and Phase). All these industrial applications of Polyester films are anticipated to propel the market for MEG in the upcoming years.

The global Mono Ethylene Glycol (MEG) market is segmented based on end-use, sales channel, and region. Based on the end-user industry, the global Mono Ethylene Glycol (MEG) market is segmented into Polyester Fibre and Yarn, PET Resin, Polyester Film, and Others. Among these, Polyester Fibre and Yarn industry is dominating the Mono Ethylene Glycol (MEG) market and held roughly 58% of the market in 2022. Due to its capacity to lower the freezing temperature of water, mono ethylene glycol is primarily used in the antifreeze industry as a component in the production of antifreeze, coolants, aircraft anti-icers, and deicers. Furthermore, mono ethylene glycol is used in the production of alkyd resins, which are utilised in paints, enamels, and varnishes to produce a film. To prevent the formation of clathrates, MEG is also employed here as a desiccant in petrol pipelines.

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Regionally, the Asia Pacific region is dominating the Mono Ethylene Glycol (MEG) market followed by Europe. This region held a market share of approximately 45% in 2022.?Because of the strong demand of MEG from developing countries like China and India along with flourishing textile and rubber industry, the Asia Pacific region will most likely continue to dominate the global market. China is the biggest consumer and producer of MEG with majority of the chemical utilized for producing Polyester Fiber.

“Global Mono Ethylene Glycol (MEG) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, 2015-2030”?Major players in the production of Global Mono Ethylene Glycol (MEG) are SABIC, ExxonMobil Corporation, Mitsubishi Chemical, Formosa, Chemtex Speciality Limited, The Dow Chemicals, LyondellBasell Industries, Royal Dutch Shell, AkzoNobel, MEGlobal, Reliance Industries, Lotte Chemical Corporation, Nan Ya Plastics Corporation, China Petroleum and Chemical Corporation, India Glycols and Sinopec Zhenhai Refining & Chemical Co.

“Mono Ethylene is identified as a versatile industrial chemical having wide range applications in various sectors owing to its properties such as high durability, hydrophobic nature and extreme tenacity. Additionally, increasing demand of Polyethylene Terephthalate (PET) as it is a lightweight biodegradable thermoplastic polymer resin and extensively used for packaging purposes, making food containers and bottles is likely to propel MEG market in forecast period. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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