Mono Ethylene Glycol (MEG) Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, Application, Distribution Channel, Regional Demand, 2015-2030

[Online Quarterly Update]The Mono Ethylene Glycol market witnessed a demand of 27.64 million tons in 2020 and is anticipated to grow at a healthy CAGR of 4.60% through the forecast period, 2030. MEG is a slightly viscous, colorless, odorless organic compound with a sweet taste. It is also known as 1,2-ethanediol and is soluble with most of the organic compounds, alcohols and water.  It is mainly produced by Ethylene via Ethylene Oxide hydrolysis along with the release of two co-products, Diethylene Glycol (DEG) and Triethylene Glycol (TEG). The feedstocks used for the production of MEG are natural gas, coal, naphtha and bioethanol; hence its market is segmented into 4 types on the basis of the aforementioned sources from which it is derived. Among these, natural gas holds the major share for MEG production followed by Naphtha and Coal. Though due to rising environmental concerns to reduce the carbon footprint, the majority of the manufacturers are now focusing to shift toward the production of biobased Mono Ethylene Glycol instead of petrochemical-based MEG. 

 

Mono Ethylene Glycol (MEG) is a versatile industrial chemical with high demand owing to its properties such as high durability, hydrophobic nature, and extreme tenacity. It is keenly used as a key ingredient or as a feedstock for manufacturing a variety of products such as Polyester Fibres, Polyester Films, Polyethylene Terephthalate (PET), antifreeze products, Coolants, solvents, etc. Additionally, it is employed in paper, printing inks, leather, fibres treatment and cellophane industries due to its humectant nature. Based on its applications, MEG market is segmented into two grades i.e. Polyester and Non-Polyester Grades. Owing to all these applications, the major end use industries of MEG are Textile, Packaging, Cosmetics, Pharmaceuticals, Food and Beverage, Automobile, Chemicals, Adhesives & Sealants, and Others. Most of the MEG produced globally is utilized in the production of Polyester Fibers followed by Polyethylene Terephthalate (PET) and Polyester films. The major restraint in the market for Mono Ethylene Glycol is the fluctuation in the prices of Petrochemicals as majority of the MEG is produced by Petrochemicals as its feedstock. 

 

In the first half of 2020, due to the spread of COVID-19 across the globe, major economies had imposed nationwide lockdowns, which impacted most of the industries as industries and refineries went non-operational following government’s regulations. There was a decline in the demand of Mono Ethylene Glycol (MEG) due to the dip in the production and demand of various derivatives and end products. There was a slump in sectors such as Textile, Food and Beverages, Chemicals, Automobile which consequently hit the market for MEG amid COVID-19 crisis.However, an improvement is witnessed by the end of 2020 as industries start operating their manufacturing units at maximum efficiencies and establishing new units following increasing demand for MEG, globally.

 

Region wise, Asia Pacific accounted for the major share of the Mono Ethylene Glycol market, globally.  Rapid industrialization, growing population as well as China being the leading manufacturer of various derivatives of MEG are the key factors that are going to fuel the growth of Mono Ethylene Glycol Market in the forecast period. Additionally, flourishing industries like Packaging, Pharmaceuticals and Food and Beverage in the region are also positively influencing the growth of the Mono Ethylene Glycol market. Moreover, countries like China and India are the leading textile manufacturer, globally. Therefore, application of MEG in fiber is also likely to boost its demand in Asia Pacific over the forecast period. In terms of regional analysis, North America is anticipated to grow at a promising rate in the forecast period due to the presence of petrochemicals (raw material) in abundance such as natural gas. 

 

Key players operating in the Mono Ethylene Glycol market are 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.

 

Years Considered for this Report:

 

Historical Years: 2015 – 2019

Base Year: 2020

Estimated Year: 2021

Forecast Period: 2022 – 2030

 

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Objective of the Study: 

 

• The primary objective of the study was to evaluate and forecast the Mono Ethylene Glycol capacity, production, demand, inventory, and demand–supply gap globally. 

• To categorize Mono Ethylene Glycol demand based on Application, Type, region, and distribution channel

• To identify major customers of Mono Ethylene Glycol globally.

• To evaluate and forecast Mono Ethylene Glycol pricing globally.

• To identify and profile major companies operating globally Mono Ethylene Glycol market.

• To identify major news, deals and expansion plans globally Mono Ethylene Glycol market.