Market Overview

The Global Monoethylene Glycol (MEG) Market is expected to reach a value of USD 26,290.3 million in 2023, and it is anticipated to grow with a compound annual growth rate (CAGR) of 3.5% for the forecasted period (2023 to 2032).

Monoethylene glycol (MEG) is a key raw material used in the manufacturing of polyester fibers, resin and films. About 60% of MEG produced globally is used to make polyethylene terephthalate (PET) and related products.

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Market Trends

• Capacity expansions in Middle East & China due to abundant availability and cost economics of feedstocks
• Growing consumption of PET resin, polyester fibers and films driving production globally
• Technology advancements like coal-to-MEG enhancing supply capabilities and margins

Market Leading Segmentation

By Applications

• Polyethylene Terephthalate (PET)
• Polyester Fibers
• Anti-Freeze
• Others

By End-Use

• Textile
• Packaging
• Automotive
• Plastics
• Others

Market Key Players

• Royal Dutch Shell PLC
• Mitsubishi Chemical Corporation
• China Petroleum and Chemical Corporation
• MEGlobal
• India Glycols, Ltd
• Ishtar Company, LLC
• Arham Petrochem Pvt. Ltd.
• Pon Pure Chemicals Group
• Indian Oil Corporation Ltd.
• Raha Group
• Euro Industrial Chemicals
• UPM Biochemicals
• Other Key Players

Factors Influencing Demand

• MEG widely used as feedstock in manufacturing PET products for packaging applications
• Demand from deicing fluids, coolants, solvents, paints and other intermediates supporting growth
• Strong outlook for target downstream industries especially food & beverage packaging

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Challenges

• Demand cyclicality and raw materials price volatility impacting profitability
• Capacity additions outpacing consumption growth putting pressure on operating rates
• Regulatory concerns over emissions from manufacturing facilities

Opportunities

• Leveraging biotechnology for bio-based MEG production from renewable sources
• Rising demand for green products providing impetus to sustainable MEG adoption
• Scope for growth integration in MEG production through derivatives and consolidations

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