Mono Ethylene Glycol (MEG) Market to Grow at a CAGR of 4.60% by 2030
According to ChemAnalyst report, “Mono Ethylene Glycol Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Mono Ethylene Glycol market has witnessed a demand of 27.64 million tons in 2020 and the market is anticipated to grow at a significant rate with a healthy CAGR of 4.60% through the forecast period 2030, owing to the wide range applications of MEG and its derivatives in several end-use industries such as Textile, Packaging, Cosmetics, Pharmaceuticals, Food and Beverage, Automobile, Chemicals, Adhesives & Sealants and Others.
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Mono Ethylene Glycol also known as MEG, 1,2-ethanediol, & EG, is a colorless, odorless, and slightly viscous organic compound with a sweet taste. It is miscible with water, most of the organic compounds and alcohols. MEG is produced by Ethylene via Ethylene Oxide hydrolysis and two co-products, Diethylene Glycol (DEG) and Triethylene Glycol (TEG). It is driven from both Petrochemical and Natural feedstocks such as natural gas, coal, naphtha and Bioethanol. and among these raw materials Natural gas accounted for the maximum share followed by Naphtha and Coal in the production of Mono Ethylene Glycol. Based on the raw material, market is segmented into 4 major types: Natural Gas Type, Coal Type, Naphtha Type and Bioethanol Type.
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Mono ethylene Glycol is extensively use as a key ingredient, solvent, chemical intermediate, heat transferring agent or as a feedstock for manufacturing variety of products. It finds its major applications in manufacturing high utility products such as Polyester Fibers, Polyethylene Terephthalate (PET), Polyester Films, Antifreeze agents and Deicers, Coolants, etc. Polyester Fibers holds the major share of the MEG demand globally and is anticipated to grow at impressive rate in the forecast period. Wide range utilization of Polyester Fiber in Textile (Industrial fabrics, non-woven fabrics etc.), Home Furnishings (cushions, quilts, carpets, pillows, sleeping bags etc.), Automotive (Airbags, Headliners, seat belts, Tire cords), Personal care (Diapers, Wipes and Hygiene products for female) is likely to boost its demand over the forecast period.
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. 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. However, the major restraint in the market for MEG is that the primary raw material used in its production is Petrochemical based and the volatility in the prices of petrochemicals coupled with the rise in the environmental concern to reduce carbon footprint may hinder the growth of Mono Ethylene Glycol market over the Forecast years.
In 2020, the spread of COVID-19 in major global economies caused nationwide lockdowns which had an impact on a number of industries including Mono Ethylene Glycol and the associated industries as most of the manufacturing plants were operational with very less efficacy coupled with the disruption the demand and supply chain during the lockdowns. A dip in the demand of MEG and its derivatives was observed during the pandemics as the major end use industries such as Textile, Automobile, Chemicals, Cosmetics and Food and Beverages were drastically hit. Though the demand from packaging sector for Mono Ethylene Glycol is increased due to the rise in e-commerce amid COVID-19 crisis and there was also a growth in the demand from pharmaceutical sector. However, by the end of 2020 as industries start operating their manufacturing units at maximum efficiencies and there was upliftment of lockdowns, an improvement is witnessed in the demand of Mono Ethylene Glycol and is anticipated to grow through the Forecast period.
Region wise, Asia Pacific dominates the market for Mono Ethylene Glycol globally and is anticipated to remain the same in the forecast period owing to rapid industrialization, growing population and the large consumer base in the region. Additionally, China and India are the leading Textile manufacturer as well as the manufacturing hub of various other end products of MEG which is going to fuel the growth of Mono Ethylene Glycol Market in the forecast period. Additionally, growing Pharmaceuticals, Packaging, and Food and Beverage industries in the region are also boosting the growth of the Mono Ethylene Glycol market.
According to ChemAnalyst report, Mono Ethylene Glycol Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Major players for Mono Ethylene Glycol globally include 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. among others.
“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. MEG utilization as coolant is widely used in Automobile industry and therefore growth in the Automotive sector would also boost its demand in the forthcoming years. 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. Moreover, the majority of the manufacturers are now focusing to shift towards biobased Mono Ethylene Glycol as an alternative to petrochemical based MEG due to increasing environmental concern to reduce carbon footprint would likely to offer opportunities for Manufacturers to expand their capacities in the upcoming years” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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