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Several factors drive the Mono Ethylene Glycol (MEG) market by collectively shaping its dynamics and growth. Mono ethylene glycol is an important industrial chemical that is mainly used in the production of polyester fibers, resins, and antifreeze solutions. The demand from end-use sectors, raw material availability, environmental regulations, technological advancements, and global economic conditions are all factors affecting the MEG industry.
The increase in demand for polyester fibers and resins is one of the driving forces behind the Mono Ethylene Glycol Market. Polyester which is a diverse product widely used in textiles, packaging and plastic industries is manufactured from MEG as a basic building block. As populations across the globe grow, there has been an increase in demand for polyester based products thus driving up the Mono Ethylene Glycol (MEG) market . Expansion of textile and packaging sector particularly in emerging economies further fuels the demand for MEG.
One of these major drivers of Mono Ethylene Glycol Market is increasing consumption from polyester fibre and resin industries. In fact, it is a basic component required to produce various types of polyesters that are heavily used in textile industries, packaging firms as well as manufacturers of plastics products. This has seen an increased need for polyester based products due to rising world population hence contributing to enlargement of MEG industry. In addition, population growth especially among developing nations has resulted into growing textile and packing sectors thereby leading to heightened demand for ethylene glycol.
Mono Ethylene Glycol (MEG) market depends on raw materials availability which forms one of its critical determinants. Mainly derived from petrochemical sources, ethylene constitutes key raw material for making mono-ethylene glycols. Meanwhile, the cost structure followed by producers particularly those at full integration level can be affected significantly by variations crude oil prices or supply position regarding ethylene. Competitive landscape within MEG sector exhibits strong reaction to fluctuations occurring at global petrochemical backdrop implying that raw materials are indispensable for any market scenario.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 43.3949 Billion |
| Growth Rate | 6.10% (2023-2030) |
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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