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The monoethylene glycol (MEG) marketplace is dynamic having driving forces that shape its upward and downward trends due to its diverse applications into various industries. Mono Ethylene Glycol is an important chemical compound having C2H6O2 as its molecular formula used commonly in producing polyester fibers, polyethylene terephthalate (PET) resins, antifreeze agents among other industrial purposes. Demand for polyester fibers drives these dynamics because it is used extensively across textiles, packaging especially automotive sectors where people use vehicles. The MEG industry is affected by changing trends in the production of polyester fibers because of consumer tastes and preferences, which leads to fluctuations in the levels of production and prices within the market.
The dynamics of monoethylene glycol market depend on both drivers and restraints. For instance, MEG is a significant component in making polyester fabrics. Applications for polyester fabrics include home furnishing, clothing, industrial uses, etc. Moreover, PET films using MEG are also high performance versatile products.
The packaging industry has had a significant impact on the behavior of the mono ethylene glycol sector based on this type of business. The increase in sales volume is influenced by factors such as increased demand for packaged beverages and food items as well as PET’s increase use in packaging due its light weight and recyclable nature. Consumer behavior change, environmental consciousness and advances in packing materials form part of market dynamics here.
Additionally, MEG finds application as antifreeze agents mainly through automotive industries. Engine coolants and antifreeze formulations contain MEG to help prevent freezing or overheating engines. Since then it has been observed that global auto manufacturing patterns have had an influence on this particular industry including electric cars growth figures or even variations due to seasons such as winter periods when there will be more need for anti-freeze products.
The dynamic of Mono Ethylene Glycol (MEG) market is shaped by global economic trends and trade dynamics. In different regions, MEG demand is affected by economic growth, industrial output and international trade agreements. Market pricing and supply dynamics are influenced by currency exchange rates, geopolitical tensions, supply chain vulnerabilities which introduce uncertainties. In addition, certain regions have a major influence on chemical production as they have the highest regional distribution of MEG production and consumption.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Product Type, Battery Type, End-user, and Region |
Mono Ethylene Glycol Market Highlights:
Global Mono Ethylene Glycol (MEG) Market Overview
The Mono Ethylene Glycol (MEG) Market Size was valued at USD 43.39 billion in 2023. The Mono Ethylene Glycol industry is projected to grow from USD 46.04 Billion in 2024 to USD 73.94 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2024 - 2032). The rises in the standard of living of the people are crucial. The increasing use of plastics, preferably paperboard, wood, and metal, in the packaging industry is feeding the polyethylene terephthalate (PET) sectoras the key market driver enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Mono Ethylene Glycol (MEG) Market Trends
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Increased demand for textile boosts the market growth
Textile is a primary end-user industry for mono-ethylene glycol, as the derivatives synthesize various polyester fibers. The production volume of textile fibers reached 113,600 thousand metric tons in 2021 and registered a growth of 4.8% compared to 108,300 thousand metric tons in 2020. India, China, and the United States represent major textile manufacturing countries worldwide. With growing investments and improved infrastructure facilities, the demand from the sector is likely to increase market CAGR in the forecast period. According to the IBEF, in India, exports of textiles and apparel, including handicrafts, totaled USD 29.8 billion from April to December 2021, up from USD 21.2 billion in the same period last year, thus registering a robust 41% increase over the previous year. Furthermore, favorable demographics and a shift in preference for branded products are expected to boost demand for the textile sector, thus boosting the mono-ethylene glycol market. The United States is among the key countries in exports of textile-related products. In 2021, US Fiber, textile, and apparel exports were USD 28.4 billion. According to the National Council of Textile Organizations report, the value of shipments for textiles and apparel was USD 65.2 billion. Thus, the abovementioned factors are expected to impact market growth during the forecast period significantly.
Additionally, increasing demand for polyester fiber from the textile sector increases the mono ethylene glycol (MEG) market revenue during the forecast period. Moreover, the upsurge witnessed in the packaging and textile industry is, in turn, driving the Monoethylene Glycol Market. Besides, the increasing use of plastics, preferably paperboard, wood, and metal, in the packaging industry is feeding the polyethylene terephthalate (PET) sector in the forecast period. Moreover, pharmaceutical and food & beverage packaging is the notable factor for the industry growth due to its extensive usage of PET to manufacture several packaging materials such as sheets, films, bottles, containers, etc.
April 2024
Glencore, a Swiss mining and commodities trading corporation, is in talks to buy Shell's Singapore oil refinery and petrochemical plants.
The UK-based oil company is looking for a new owner for the assets, which include a refinery with a capacity of 237,000 barrels per day (bpd), a one-million-tonne-per-year ethylene plant on Bukom Island, and a mono-ethylene glycol manufacturing facility on Jurong Island.
Glencore plans to have a strong physical presence in Asia's key oil hub after acquiring the Bukom and Jurong properties.
The Swiss firm is in discussions with Indonesian company PT Chandra Asri Petrochemical about a possible takeover. However, the aging facilities have been encountering economic issues, notably in the petrochemicals industry, and are competing with newer refineries, mainly in China.
Mono Ethylene Glycol (MEG) Market Segment Insights
Mono Ethylene Glycol (MEG) Product Technology Insights
Based on product technology, the Mono Ethylene Glycol (MEG) market segmentation includes two- gas-based, naphtha-based, coal-based, and bio-based. The naphtha-based sub-segment generated the largest revenue, Due to the enhanced chemical stability, ease of recyclability, high barrier features, and dimension stability.
November 2022: The government of Indi dropped the anti-dumping probe on imports of monoethylene glycol at Reliance industries request.
Sept 2022: LyondellBasell announces organizational changes to increase value from existing assets and targeted growth opportunities while accelerating the development of our circular and low-carbon solutions to meet increasing market demand.
Mono Ethylene Glycol (MEG) Battery Function Insights
Based on battery function, the Mono Ethylene Glycol (MEG) market segmentation includes chemical intermediate, solvent coupler, solvent, and humectant. The solvent category held the largest share in the market. The companies in the monoethylene glycol market are diversifying production or innovating in PET, which is converted into solvent.
Mono Ethylene Glycol (MEG) Application Insights
Based on application, the mono ethylene glycol (MEG) market data includes polyester fiber, PET products, antifreeze coolants, and industrial. The polyester fiber segment is estimated to witness the highest CAGR for the forecast period. The factors attributed to the segment's growth are associated with increased product consumption in the packaging industry due to its hygroscopic and water & vapor barrier attributes. Antifreeze Coolant is also expected to grow significantly due to the extensive use of polyester fiber in myriad end-use industries such as resins, textiles, electronics, etc.
Figure1: Mono Ethylene Glycol (MEG) Market, by Application, 2022& 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Mono Ethylene Glycol (MEG) Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific mono ethylene glycol (MEG) market will dominate this market; the Region's growth is attributed to rapidly growing per capita income and swelling economic conditions will boost the market growth in this Region. Moreover, China’s Mono Ethylene Glycol (MEG) market held the largest market share, and the Indian Mono Ethylene Glycol (MEG) market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: MONO ETHYLENE GLYCOL (MEG) MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's mono ethylene glycol (MEG) market accounts for the second-largest market share due to the rises in the standard of living of the people are crucial. The increasing use of plastics, preferably paperboard, wood, and metal, in the packaging industry is feeding the polyethylene terephthalate (PET) sector. Further, the German mono-ethylene glycol (MEG) market held the largest market share, and the UK mono ethylene glycol (MEG) market was the fastest-growing market in the European Region.
The North American mono ethylene glycol (MEG) market is expected to grow at the fastest CAGR from 2023 to 2030. The increasing use of plastics, preferably paperboard, wood, and metal, and the increasing environmental concern supports regional market growth.
Mono Ethylene Glycol (MEG)Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the mono ethylene glycol (MEG) market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The mono ethylene glycol (MEG) industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the mono ethylene glycol (MEG) industry to benefit clients and increase the market sector. In recent years, the mono ethylene glycol (MEG) industry has offered some of the most significant advantages to the automobile sector. Major players in the mono ethylene glycol (MEG) market, including Royal Dutch Shell PLC, Dow (US), Mitsubishi Chemical Corporation, Exxon Mobil Corporation (US), China Petroleum & Chemical Corporation, India Glycols Limited (India), ME (UAE), Petro Rabigh (Saudi Arabia), NAN YA PLASTICS CORPORATION, LyondellBasell Industries Holdings BVand others, are attempting to increase market demand by investing in research and development operations.
Shell is a energy company with around 87,000 employees in over 70 countries. We work together to power progress through more and cleaner energy solutions. We serve over 30 million customers at almost 46,000 retail service stations daily. Shell is an Anglo–Dutch multinational oil and gas company moving forward with the development plan for a US$ 1.2 billion Monoethylene glycol plant in Louisiana. MEG is used to manufacture paints, adhesives, papers, polyester fibers, and polyester terephthalate, a resin for plastic bottles and antifreeze.
Saudi Basic Industries Corporation, known as SABIC, is a Saudi chemical manufacturing company. Saudi Aramco owns 70% of SABIC's shares. It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals.SABIC is identifying and developing opportunities in key end markets such as electrical and electronics, transportation, medical devices, construction, packaging, agri-nutrients, and clean energy. SABIC has over 33,000 employees worldwide and operates in over 50 countries. Fostering innovation and a spirit of ingenuity, we have about 12,500 patent filings. We have significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, North East Asia, and South East Asia.
SABIC announced the initial startup activities of the Ethylene Glycol Plant – 3 at its manufacturing affiliate, Jubail United Petrochemical Company (United), with an estimated annual production capacity of 700,000 metric tons of mono-ethylene glycol. Saudi Basic Industries Corporation, known as SABIC, is a Saudi chemical manufacturing company. Saudi Aramco owns 70% of SABIC's shares. It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals. SABIC is identifying and developing opportunities in key end markets such as electrical and electronics, transportation, medical devices, construction, packaging, agri-nutrients, and clean energy. SABIC has over 33,000 employees worldwide and operates in over 50 countries. Fostering innovation and a spirit of ingenuity, we have about 12,500 patent filings. We have significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, North East Asia, and South East Asia. SABIC announced the initial startup activities of the Ethylene Glycol Plant – 3 at its manufacturing affiliate, Jubail United Petrochemical Company (United), with an estimated annual production capacity of 700,000 metric tons of mono-ethylene glycol.
Key companies in the Mono Ethylene Glycol (MEG)market include
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Royal Dutch Shell PLC
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Dow (US)
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Mitsubishi Chemical Corporation
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China Petroleum & Chemical Corporation
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India Glycols Limited (India)
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ME (UAE)
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Petro Rabigh (Saudi Arabia)
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NAN YA PLASTICS CORPORATION
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LyondellBasell Industries Holdings BV
Mono Ethylene Glycol (MEG) Industry Developments
January 2022: ExxonMobil and SABIC announced the successful startup of Gulf Coast Growth Ventures' world-class manufacturing facility in San Patricio County, Texas. The new facility operations include a mono-ethylene glycol unit with a 1.1 million metric tons annual capacity.
November 2021: SABIC announced the initial startup activities of the Ethylene Glycol Plant – 3 at its manufacturing affiliate, Jubail United Petrochemical Company (United), with an estimated annual production capacity of 700,000 metric tons of mono-ethylene glycol.
Mono Ethylene Glycol (MEG) Market Segmentation
Mono Ethylene Glycol (MEG) Product Technology Outlook
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Gas-Based
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Naphtha-Based
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Coal-Based
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Bio-Based
Mono Ethylene Glycol (MEG) Battery Function Outlook
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Chemical Intermediate
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Solvent Coupler
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Solvent
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Humectant
Mono Ethylene Glycol (MEG) Application Outlook
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Polyester Fiber
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PET Products
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Antifreeze Coolant
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Industrial
Mono Ethylene Glycol (MEG)Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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