Wilmington, Delaware, United States, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global monoethylene glycol (MEG) market was estimated to have acquired US$ 34.1 billion in 2020. It is anticipated to register a 6.1% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 67.1 billion.
The companies in the monoethylene glycol market are increasing their MEG liquid output capacity. Manufacturers are making industrial grade MEG, which is used to make polyester, more widely available. Coolants, de-icers, and aircraft anti-icers are driving the demand for MEG. Producers within the monoethylene glycol industry are seizing this chance to increase their output levels.
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While a robust growth rate is projected for the industry, businesses must take into account the strict storage, handling, and distribution guidelines for MEG. With an NFPA health rating of 2, monoethylene glycol can cause irritation and lasting damage if it is overexposed to the skin and eyes.
Key Findings of Market Report
- Profitable firms in the monoethylene glycol industry are investing more in research and development of their own process technology, which may be used for either the exclusively catalytic or catalytic/thermal synthesis of MEG.
- Small-scale market competitors are under fierce competition from established firms.
- Research on process technologies—which involve converting ethylene and oxygen into ethylene oxide via a catalyst and then a thermal process—is being accelerated.
Market Trends for Monoethylene Glycol (MEG)
- One primary reason propelling the global monoethylene glycol market is the notable rise in the use of monoethylene glycol in manufacturing PET resins and polymer textiles, especially in emerging nations.
- The surge in polymer requirements in the textile manufacturing sector is also a significant factor bolstering the growth. The chemical and physical characteristics of polyesters that make them perfect for tropical climates increase demand for them.
- Growing urban populations' discretionary income in emerging nations also drives global monoethylene glycol market growth. The global demand for monoethylene glycol is further propelled by this product's rising use in the production of several textile and packaging solutions.
Global Market for Monoethylene Glycol (MEG): Regional Outlook
Various reasons are propelling the growth of the monoethylene glycol (MEG) market in different regions. These are:
- Asia Pacific is the market leader for monoethylene glycol globally. Asia Pacific is anticipated to generate over 69% of the global monoethylene glycol volume by the end of the projection period. China, Taiwan, and India are thought to be the region's top users of monoethylene glycol because of their comparatively large need for polyester fiber and polyethylene terephthalate.
- There is a significant increase in Latin America and the Middle East and Africa owing to the need for monoethylene glycol due to the increased use of PET and polyester.
- The growing concerns about the material's sustainability are projected to cause a reduction in the demand for monoethylene glycol in North America and Europe in the near future.
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Global Monoethylene Glycol (MEG) Market: Key Players
Even with these market players owning sizable shares, the global monoethylene glycol market is highly competitive and somewhat fragmented. This can be attributed to the notable impact of several local and indigenous manufacturers of monoethylene glycol.
The global monoethylene glycol market is getting more competitive, with regional firms putting a strong emphasis on increasing their production capacity in an effort to surpass market leaders from other countries. Over the next few years, there will likely be an even greater increase in the level of competition. The following companies are well-known participants in the global monoethylene glycol (MEG) market:
- Royal Dutch Shell Plc.
- SABIC
- Dow Chemical Company
- MEGlobal
- Reliance Industries Limited
- Mitsubishi Chemical Corporation (MCC)
- Indian Oil Corporation Limited
- BASF SE
- LyondellBasell Industries N.V.
- GC Glycol Company Limited
- SIBUR
- NAN YA PLASTICS CORPORATION
- Clariant
Key developments in the global monoethylene glycol (MEG) market are:
| Company | Year | Key Developments |
| ExxonMobil | 2022 |
|
| SABIC | 2021 |
|
Global Monoethylene Glycol (MEG) Market Segmentation
Application
- Polyester Fiber
- Polyethylene Terephthalate (PET)
- Antifreeze
- Others (including Intermediate Chemicals)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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