H1 2023: The prominent producers of Mono Ethylene Glycol (MEG) in H1 2023 were Nan Ya Plastics, Mitsubishi Chemical Corporation, and Reliance Industries Limited. In March 2023, Indian Oil board passed the approval of setting of a new complex, Paradip Petrochemical Complex which aims at producing various chemicals like MEG, Poly propylene, High Density Polyethylene, Linear Low Density Polyethylene, Poly Vinyl Chloride, and Others. The plant will be located at Paradip, Odisha, India. This plant aims at fulfilling the chemical needs of East India and is the largest spending of IOCL at a single location and is worth USD 7320 million (INR 61007 crore). Geographically, MEG was majorly consumed by the Asia Pacific region in H1 2023. The MEG prices constantly increased in the Chinese market beginning from January 2023. Numerous Chinese MEG manufacturers had their operation plants under maintenance shutdown in H1 2023. MEG availability was tight in the Asian nation as several MEG units and plants in China were temporarily closed. Downstream industries in China were running at low-capacity utilization. Also, MEG prices were also influenced by the scarcity of feedstock supply and volatility in the crude oil market. Additionally, Fund Energy had a 10-day maintenance schedule MEG plant in late February 2023. Sinopec Zhenhai Refining & Chemical Company (ZRCC), a Chinese MEG manufacturer, had their plant shut for 60 days, beginning from March 2023.
The global Mono Ethylene Glycol (MEG) market reached about 36 million and is expected to grow at a steady CAGR of 4.44% during the forecast period until 2034. 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.
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 global MEG market is estimated to reach a volume of approximately 58 million tonnes in 2034.
Regionally, the Asia Pacific region is dominating the Mono Ethylene Glycol (MEG) market followed by Europe. This region held a market share of approximately 52% in 2023. Because of the strong demand of MEG from developing countries like China and India along with flourishing textile and rubber industry, the Asia Pacific region will most likely continue to dominate the global market.
Based on the end-user industry, the global Mono Ethylene Glycol (MEG) market is segmented into Textiles, Plastic and packaging, Automotive, and Others. Among these, Textiles industry is dominating the Mono Ethylene Glycol (MEG) market and held roughly 44% of the market in 2023. Due to its capacity to lower the freezing temperature of water, mono ethylene glycol is primarily used in the antifreeze industry as a component in the production of antifreeze, coolants, aircraft anti-icers, and deicers. Furthermore, mono ethylene glycol is used in the production of alkyd resins, which are utilised in paints, enamels, and varnishes to produce a film. To prevent the formation of clathrates, MEG is also employed here as a desiccant in petrol pipelines.
Major players in the Global Mono Ethylene Glycol (MEG) market are Nan Ya Plastics, Mitsubishi Chemical Corporation, Reliance Industries Limited, Eastern Petrochemical Company (SHARQ, Shell Chemicals, MEGlobal, Huntsman Corporation, Lianyungang Petrochemical, Hengli Petrochemicals Co.,Ltd, Jubail United Petrochemical company, INEOS and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Mono Ethylene Glycol (MEG) which covers production, demand and supply of Mono Ethylene Glycol (MEG) market in the globe.
• To analyse and forecast the market size of Mono Ethylene Glycol (MEG)
• To classify and forecast Global Mono Ethylene Glycol (MEG) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Mono Ethylene Glycol (MEG) market in the globe.
To extract data for Global Mono Ethylene Glycol (MEG) market, primary research surveys were conducted with Mono Ethylene Glycol (MEG) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Mono Ethylene Glycol (MEG) market over the coming years.
ChemAnalyst calculated Mono Ethylene Glycol (MEG) demand in the globe by analyzing the historical data and demand forecast which was carried out considering demand for Mono Ethylene Glycol (MEG) by the end-user industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Mono Ethylene Glycol (MEG) manufacturers and other stakeholders
• Organizations, forums and alliances related to Mono Ethylene Glycol (MEG) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Mono Ethylene Glycol (MEG) s manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Mono Ethylene Glycol (MEG) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
36 million tonnes
Market size Volume by 2034
58 million tonnes
Growth Rate
CAGR of 4.44% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2023
Forecast period
2024 – 2034
Quantitative units
Demand in million tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process, Port-Wise Export.
Segments covered
By End-Use: (Textiles, Plastic and packaging, Automotive, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What is the expected CAGR of growth of global market size of Mono Ethylene Glycol (MEG) in terms of volume for 2034?
Ans:
The global market size of Mono Ethylene Glycol (MEG) is expected to grow at an expected CAGR of 4.44% by 2034.
Q2.
Which end-use industry is dominating the global Mono Ethylene Glycol (MEG) market?
Ans:
Textiles industry is dominating the global Mono Ethylene Glycol (MEG) Market.
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