Introduction
Monoethylene glycol (MEG) is a vital chemical compound used in various industries, primarily as a raw material in the production of polyester fibers, resins, and antifreeze solutions. It is a colorless, odorless, and viscous liquid with excellent thermal and chemical stability. The monoethylene glycol market has witnessed substantial growth in recent years, driven by the increasing demand from key end-use industries such as textile, packaging, automotive, and construction. This article provides an overview of the current state of the monoethylene glycol market, key trends, and future prospects.
Market Drivers
- Polyester Fiber Industry: The polyester fiber industry is the largest consumer of monoethylene glycol, accounting for a significant portion of its global demand. Polyester fibers are widely used in textiles for clothing, home furnishings, and industrial applications due to their durability, wrinkle resistance, and cost-effectiveness. The growing demand for polyester fibers, especially in emerging economies, is driving the need for monoethylene glycol as a key raw material.
- Packaging Industry: The packaging industry is another major consumer of monoethylene glycol. MEG is used in the production of polyethylene terephthalate (PET) resins, which are widely used in food and beverage packaging, as well as in the manufacturing of bottles, films, and containers. The increasing demand for packaged food and beverages, driven by changing consumer preferences and the growth of e-commerce, has fueled the demand for monoethylene glycol.
- Automotive Sector: Monoethylene glycol finds applications in the automotive industry as an essential component of antifreeze and coolant solutions. These solutions help regulate the temperature of internal combustion engines, protecting them from overheating and freezing. The growing automotive production and the rising demand for commercial and passenger vehicles, particularly in emerging economies, are driving the demand for antifreeze solutions and, subsequently, monoethylene glycol.
Key Trends
- Growing Focus on Bio-based MEG: With increasing environmental concerns and the shift toward sustainable practices, there is a growing interest in bio-based monoethylene glycol. Bio-based MEG is derived from renewable feedstocks such as sugarcane or corn, offering a lower carbon footprint compared to its conventional counterpart. Manufacturers are investing in research and development to develop bio-based MEG production technologies, aiming to meet the increasing demand for sustainable solutions.
- Technological Advancements: Continuous advancements in production technologies and process optimization have improved the efficiency and cost-effectiveness of monoethylene glycol production. Innovations in catalysts, feedstock selection, and energy-efficient processes have contributed to reducing production costs and enhancing the overall competitiveness of monoethylene glycol in the market.
- Shift towards Recycled MEG: Recycling and circular economy principles are gaining traction in the monoethylene glycol market. The recycling of PET bottles and other polyester-based products can be an effective source of recycled monoethylene glycol. Manufacturers are developing processes to purify and refine recycled MEG to meet the required quality standards. The adoption of recycled MEG not only reduces the environmental impact but also provides a cost advantage to end-users.
Future Outlook
The monoethylene glycol market is expected to witness steady growth in the coming years. The increasing demand for polyester fibers in the textile industry, the growing packaging industry, and the rising automotive production will continue to drive market growth. Additionally, the focus on sustainability and the adoption of bio-based and recycled monoethylene glycol are expected to present new opportunities for market expansion.
However, the market may face challenges such as the volatility of raw material prices, particularly ethylene, which affects the production cost of monoethylene glycol. Furthermore, the emergence of alternative materials and the regulations pertaining to environmental and health concerns related to monoethylene glycol could pose challenges to market growth.
Key Market Players:
- Dow (US)
- Mitsubishi Chemical Corporation
- Exxon Mobil Corporation (US)
- China Petroleum & Chemical Corporation
- India Glycols Limited (India)
- ME (UAE)
- Petro Rabigh (Saudi Arabia)
- NAN YA PLASTICS CORPORATION
- LyondellBasell Industries Holdings BV
Conclusion
The monoethylene glycol market is witnessing significant growth, driven by the demand from industries such as textiles, packaging, and automotive. Technological advancements, the focus on sustainable solutions, and the shift towards recycled monoethylene glycol are shaping the market trends. With the increasing emphasis on sustainability and regulations, the market is expected to continue its growth trajectory. To capitalize on the opportunities, manufacturers should focus on innovation, cost optimization, and the development of eco-friendly production processes.
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Mono Ethylene Glycol (MEG) Market research report includes specific segments by region (country), by manufacturers, by Type and by Application.
Each type provides information about the production during the forecast period of 2016 to 2027. by Application segment also provides consumption during the forecast period of 2016 to 2027.
Understanding the segments helps in identifying the importance of different factors that aid the market growth.Download FREE Sample of this Report @ https://www.24chemicalresearch.com/download-sample/75297/global-mono-ethylene-glycol-2021-862 Segment by TypeFiber Grade MEGIndustrial Grade MEGAntifreeze Grade MEGSegment by ApplicationPolyester ResinsAntifreeze and CoolantsChemical IntermediatesHeat Transfer FluidsOthersBy CompanyAkzo NobelBASFDowHuntsman InternationalLyondellBasellShellChemtex SpecialitySABICLotte ChemicalMEGlobalNAN YA PLASTICSReliance IndustriesIndia GlycolsProduction by RegionNorth AmericaEuropeChinaJapanConsumption by RegionNorth AmericaU.S.CanadaEuropeGermanyFranceU.K.ItalyRussiaAsia-PacificChinaJapanSouth KoreaIndiaAustraliaTaiwanIndonesiaThailandMalaysiaPhilippinesVietnamLatin AmericaMexicoBrazilArgentinaMiddle East & AfricaTurkeySaudi ArabiaU.A.EReasons to Purchase Our Research Report:1.
Market dynamics scenario, along with growth opportunities of the market in the years to come3.
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects4.
Regional and country-level analysis integrating the demand and supply forces that are influencing the growth of the market.5.
Based on the raw material, market is segmented into 4 major types: Natural Gas Type, Coal Type, Naphtha Type and Bioethanol Type.Read Free Sample Report Online: https://www.chemanalyst.com/ChemAnalyst/RequestFormMono ethylene Glycol is extensively use as a key ingredient, solvent, chemical intermediate, heat transferring agent or as a feedstock for manufacturing variety of products.
Polyester Fibers holds the major share of the MEG demand globally and is anticipated to grow at impressive rate in the forecast period.
), 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.
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.
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.
Among application, polyethylene terephthalate (PET) accounted for the largest market share in 2016 and is predicted to retain its dominance over the estimated period due to high demand from packaging industry.
Growing per capita disposable income in developed and developing region coupled with increasing use of packaged products is predicted to propel the growth of the market.
The Asia Pacific region dominated the global monoethylene glycol market share in 2016 and is expected to witness highest CAGR due to continuous growth of automotive and plastic industries specifically in China, India, Japan, Taiwan, Thailand, Malaysia, and South Korea.
North American market is expected to witness steady growth due to rising number of working professional which has resulted in increasing demand for packaging items and ultimately is expected to rise the consumption of monoethylene glycol in the upcoming years.
Europe is estimated to witness healthy growth on account of rising demand from textile sector.
Market in Latin American countries such as Brazil and Guatemala, and Peru is estimated to register healthy growth on account of rising demand for textile and packaging items.Access Complete Report @ https://www.marketresearchfuture.com/reports/mono-ethylene-glycol-market-2709 Industry/ Innovation/ Related News:April 2017- Indian Oil Corporation Limited planned to expand Paradip Refinery under this, the company will set up a second unit of monoethylene glycol plant which will cost around USD 614 Million.
According to the new market research report by IndustryARC titled “Asia Ethylene Glycol Market: By Type (MEG, TEG and DEG), By End-User Application (Polyester Fibres, PET bottles/films, Antifreeze and Others) and By Geography - Forecast (2018-2023)”, the market is driven by the continuous strong growth in domestic demand, and supported by an external trade performance in all the countries.Asia’s ethylene glycol market in terms of demand was estimated to be 16.38 Million Metric Tons (MMT) in 2017, and is projected to reach at 21.29 MMT, growing at a CAGR of 4.5% in 2023 due to increase in demand in polyethylene terephthalate (PET) and polyester fiber industries.
As per the current trends, Indian Oil Corporation Limited is planning to start its mono-ethylene glycol plant of capacity 325 KTA, located at its Paradip refinery in Odissa, India.
Also, India is projected to register the highest growth rate of 9.5% CAGR throughout the forecast period.To access / purchase the full report browse the link belowhttps://industryarc.com/Report/15017/asia-ethylene-glycol-market.htmlSelected / Sample Analysis done in the full Report:Chemical manufacturers had slowed down due to lower feedstock costs in establishing Asia based facilities or in cutting the production capacity in order to stabilize the market scenario.Asia’s ethylene glycol production is mostly based upon naphtha route, but China has limited crude oil for the production of material, and it covers the market share in the market.
As a result, they are recently focusing on the methods to use its coal reserves as a substitute for its crude oil based feedstock in the chemical industry.The value chain starts with the identification of suitable feedstock for the desired petrochemicals.
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They form an important part of the overall oil and gas industry (and over the past years and decades have substantially gained in expertise and importance), but will not be the focus of the overview.Infrastructure such as transport (pipelines, access to roads, rail and ports etc.)
