Global Monoethylene Glycol Market is Projected to Have Massive Growth at an Impressive CAGR During the Forecast Period due to Increase in Manufacturing of Pet Packaging Solutions.
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Global Monoethylene Glycol Market is projected to have massive growth at an impressive CAGR during the forecast period due to increase in manufacturing of PET packaging solutions. China produces roughly seven million metric tons of plastic products every month.
Monoethylene glycol (MEG) is an essential feedstock used in the production of polyester fibers, polyethylene terephthalate (PET) resins, and engine coolants. China has universally aced in the manufacturing and consumption of Monoethylene Glycol among other countries. Other countries in Asia Pacific such as Singapore is gradually attracting foreign investment opportunities to build manufacturing units with optimum production capacity. Cash flow rich companies in the monoethylene glycol market are escalating R&D for the proprietary advanced process technology for of MEG which is garnering the growth of Global Monoethylene Glycol market during the forecast period.
Development of Textile Industry as well as Growing Dominance of Polyester Fiber
Detailed analysis across APAC Region for growing industrial and private consumption of Monoethylene Glycol reports Textile and Apparel Industry as a significant cornerstone. Developing countries across APAC region have captured huge revenue share for both Domestic and Export Market owing to the huge Textile Manufacturing setup in the countries. According to the European Commission, “The Textile Industry has undergone a disruptive change recently to ensure that its competitiveness stays at the top by shifting towards high quality value-added products. Textile and clothing have seen a strong export performance. Exports increased by 58% between 2010-2019, whilst imports increased by 43%”. The demand for automobiles has been propelled by factors such as improving socioeconomic situations, developing economies, improved infrastructure, and an increasing number of vehicles, among others. This has enabled the Global Monoethylene Glycol Market to grow rapidly during the forecast period.
Rising Demand for MEG in manufacturing of PET Packaging applications
Companies supplying high purity and anti-freeze Monoethylene Glycol have reported increased sales in 2022 in comparison to previous years which is mainly attributed to rising utilization of Monoethylene glycol across range of industries such as Textile, Packaging, Plastic, and Automotive. According to India Brand Equity Foundation (IBEF), “The paper and packaging sector in India is growing rapidly and has significant potential for future expansion. The industry was valued at $50.5 billion in 2019 and is anticipated to reach $204.81 billion by 2025, registering a CAGR of 26.7% from 2020 to 2025” Growing demand for Customized PET packaging solutions is also driving innovations in the product development of Mono Ethylene Glycol and its other industrial grades. Monoethylene Glycol is gradually becoming a significant market for various other end-user industrial markets which has led to increased domestic and export market for the companies operating in Global Monoethylene Glycol Market.
Recent Trends and Developments
- In January 2022, ExxonMobil and SABIC jointly started operating world-scale manufacturing facility in San Patricio County, Texas. The new manufacturing facility will be producing packaging, agricultural films, and construction materials by incorporating 1.8 million metric ton per year ethane steam cracker, two polyethylene units with production capacity of 1.3 million tons per year and a Monoethylene glycol unit with an installed capacity of 1.1 million metric tons annually.
- To meet growing requirement for Polyester fiber and Polyethylene Terephthalate (PET) used across various end-user industries like Textile and Packaging Industry, SABIC has funded for newly start-up activities to reach a production capacity of 700,000 metric tons of Monoethylene Glycol at its manufacturing affiliate, Jubail United Petrochemical Company.
Market Segmentation
Global Monoethylene Glycol Market is segmented based on Grade, Production Process, End-User Industry and Regional distribution. Based on Grade, the market is further segmented into High Purity Monoethylene Glycol (MEG), Anti - Freeze Monoethylene Glycol (MEG). Based on Production Process, the market is divided into Bio-Based MEG, Gas-Based MEG, Naphtha-Based MEG, Coal-Based MEG, and Others. Based on the End-User Industry, the market is segmented into Textile & Leather, Packaging, Adhesives & Sealants, Paints & Coatings, and Others. The market analysis also studies the regional segmentation divided among North American region, European region, Asia-Pacific region, South American region, and Middle East & African region.
Market Players
Saudi Basic Industries Corporation, BASF SE, Reliance Industries Limited, The Dow Chemicals Company, Shell plc, Akzo Nobel N.V., Oriental Union Chemical Corporation, Nan Ya Plastics Corporation, MEGlobal International FZE, and EQUATE Petrochemical Company are some of the major market players in Global Monoethylene Glycol Market.
Report Scope:
In this report, Global Monoethylene Glycol Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Monoethylene Glycol, By Grade:
- High Purity Monoethylene Glycol (MEG)
- Anti-Freeze Monoethylene Glycol (MEG)
Monoethylene Glycol, By Application:
- Dentistry
- Cosmetics
- Paints & Coatings
- Cleaning
Monoethylene Glycol, By Application:
- Dentistry
- Cosmetics
- Paints & Coatings
- Cleaning
Monoethylene Glycol, By Region:
- North America
- United States
- Mexico
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Netherlands
- Asia-Pacific
- China
- South Korea
- India
- Japan
- Australia
- South America
- Brazil
- Colombia
- Argentina
- Middle East and Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Global Monoethylene Glycol Market.
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Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Saudi Basic Industries Corporation
- BASF SE
- Reliance Industries Limited
- The Dow Chemicals Company
- Shell plc
- Akzo Nobel N.V.
- Oriental Union Chemical Corporation
- Nan Ya Plastics Corporation
- MEGlobal International FZE
- EQUATE Petrochemical Company
