In The Monoethylene Glycol (MEG) is estimated at USD 24.14 billion in 2017 and is projected to reach USD 30.40 billion by 2022, at a CAGR of 4.5% from 2017 to 2022. Growing demand for MEG in the production of PET and fiber and antifreeze & coolant applications especially in the APAC region is driving the MEG market.
The MEG market is expected to witness moderate growth during the forecast period. Changes in the regulations related to antifreeze & coolant is likely to affect the growth of Monoethylene Glycol (MEG) market. The shifting trend of usage from MEG to propylene glycol might influence the growth of the market. Moreover, stringent regulations related to PET recycling can encourage the use of bio-based MEG.
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Antifreeze & coolant is the fastest growing application for MEG. Growing automotive end-use industry is likely to propel the growth in MEG market. Global sales of passenger cars are expected to be around 78.6 million vehicles in 2017 China, Japan, Germany and US are driving the sales of automotive market. . China is already the world’s largest automobile market, with 19 million vehicles sold in 2012. This will in turn drive the demand for antifreeze & coolant thus, propelling the growth of MEG.
APAC is the fastest market for MEG (owing to the high growth in fiber) followed by PET applications. The region being supportive for automotive, packaging and textile end-use industries which are growing at a fast pace is driving the growth in MEG. The high-paced packaging industry drives the demand for PET bottles in turn increasing the demand for MEG. China and India require significant volume of MEG to produce polyester fiber and PET resin, which are further growing with increasing production facilities of polyester.
The report analyzes the key growth strategies adopted by leading market players between 2015 and 2017. SABIC (Saudi Arabia), Formosa (Taiwan), Dow (US), BASF SE (Germany), MEGlobal (UAE), Sinopec (China), Shell (Netherlands), Reliance (India), and SIBUR (Russia) are the key players operating in the MEG market. These companies adopted mergers & acquisitions, agreements & partnerships and investments & expansions strategies to strengthen their presence in the MEG market.
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SABIC (Saudi Arabia) is the market leader with a total MEG capacity of 6 million tons. SABIC has adopted investment & expansion strategy to expand in MEG market. The company is targeting the North American region to cater to the needs of MEG market. For instance, in May 2017, SABIC ExxonMobil Chemical are investing in a South Texas and Louisiana a strategic location for investment in an ethylene facility of 1.8 million metric ton/year to provide consistent raw material supply to MEG plants. 24% of global polyester produced uses MEG produced by SABIC.
Shell (Netherlands) is vertically integrated in the value chain and produces ethylene, ethylene glycols as well as glycol based heat transfer fluids. The company has major ethylene glycol plants in Netherland (0.16 million tons), China (0.18 million tons), Saudi Arabia (1.00 million tons), Canada (0.52 million tons), and US (0.4 million tons). The company is constantly investing across its value chain to grow in the market.
Shell is focused on investment & expansion in MEG market. In March 2016, China National Offshore Oil Corporation (CNOOC) and Shell Nanhai B.V. planned to expand CNOOC and Shell Petrochemical Company’s (CSPC) entered into a joint venture in Guangdong Province of China. After the investment, Shell technologies is expected to produce 480,000 ton per annum of ethylene glycol after the expansion. In September 2015, Shell Singapore doubled the production of ethylene oxide (HPEO) and ethoxylates at Jurong Island. The company invested in a purification facility of ethylene oxide having a capacity of 140,000 tons per annum. This investment will enable the company to supplement with raw material for the production of MEG.
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