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Monoethylene Glycol (MEG) Market

Monoethylene Glycol Market (Application: Polyester Fiber, Polyethylene Terephthalate [PET], Antifreeze, and Others [Intermediate Chemicals]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Monoethylene Glycol Market Outlook 2031

  • The global monoethylene glycol market was valued at US$ 34.1 Bn in 2020
  • It is estimated to expand at a CAGR of 6.1% from 2021 to 2031
  • The global monoethylene glycol market is expected to cross the value of US$ 61.7 Bn by the end of 2031

Analysts’ Viewpoint on Monoethylene Glycol Market Scenario

Even though market sentiments are improving after the peak of the COVID-19 pandemic, variants such as Omicron are compelling companies in the monoethylene glycol market to strike a right balance between demand and supply to stay financially afloat. Plastic and polyester industries are creating incremental opportunities for MEG manufacturers. However, manufacturers should adhere to stringent handling, storage and distribution requirements, since MEG lacks regulations for transport on road, rail, air, and sea & can be potentially harmful if swallowed in the liquid form. Hence, manufacturers should adopt safety standards to boost their credibility credentials. Companies are expanding production of MEG for developing packaging materials and polyester films.

Proprietary Process Technologies Help Manufacturers Gain Competitive Edge in Market

Monoethylene glycol (MEG) is a vital ingredient in the production of polyester fibers, polyethylene terephthalate (PET) resins, and engine coolants. China is one of the world’s largest consumers of MEG. Other countries in Asia Pacific such as Singapore is attracting investments to establish manufacturing plants.

Cash-rich companies in the monoethylene glycol market are increasing R&D for the proprietary process technology for both catalytic/thermal and solely catalytic production of MEG. Established companies are emerging as a tough competition to small-scale market players. They are boosting research in process technologies that use a catalyst to convert ethylene and oxygen into ethylene oxide, followed by a thermal process.

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Balanced Relationship with Suppliers Beneficial amid COVID-19 Pandemic

Companies in the monoethylene glycol market are maintaining optimum inventory levels to ensure business continuity and prevent disruptions in supply chains during the ongoing COVID-19 pandemic. They are boosting local production capabilities to reduce dependence on other countries for raw materials. Manufacturers are focusing on key revenue generating applications such as the production of polyester fiber, antifreeze agents, and intermediate chemicals to keep economies running.

Manufacturers in the monoethylene glycol market are establishing balanced relationship with suppliers and ecosystem partners to overcome challenges of the coronavirus pandemic. They are adopting contingency planning to tide over potential uncertainties emerging from the Omicron variant and rapid increase in infection cases in India, the U.K., and other parts of the world.

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MEG Manufacturers Consider Safety Standards for Production of Aircraft Anti-icers

The monoethylene glycol market players are bolstering output capacities for liquid form of MEG. Manufacturers are increasing the availability of industrial grade MEG used in the production of polyester.

On the other hand, coolants, aircraft anti-icers, and de-icers are fueling the demand for MEG. Manufacturers in the monoethylene glycol market are taking advantage of this opportunity to boost their production capacities.

Even though the market is anticipated for a healthy growth rate, companies need to consider stringent handling, storage, and distribution requirements for MEG. Monoethylene glycol has an NFPA health rating of 2, indicating that overexposure to the skin and eyes can cause irritation & residual injury.

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Plastic & Polyester Production Processes Create Stable Revenue Streams

Antifreeze applications are creating stable revenue streams for manufacturers in the monoethylene glycol market. They are extending production arms to unlock income sources for the production of hydraulic brake fluids and cooling systems such as in vehicles and air conditioning units, as it acts as a coolant & heat transfer agent. The strong demand for MEG is evident in the plastic industry, as it is a vital ingredient in the production of polyester fibers, resins, and films.

Companies in the monoethylene glycol market are diversifying production for innovating in PET, which is converted into plastic bottles. It is found that a significant volume of the global MEG is used as a chemical intermediate for polyester production processes.

Asia Holds Lucrative Revenue Opportunities in Ever-expanding Textile Industry

Due to a large number of fiber and textile producers in Asia, there is high demand for polyester fiber. Companies in the monoethylene glycol market are capitalizing on this opportunity to meet high demand for polyester fiber. China, India, and Taiwan are prime countries in Asia Pacific associated with high volume production capabilities. On the other hand, Middle East and Africa are flagging demand for MEG used to manufacture coolants and products in the packaging industry.

Fiber and textile producers in Asia are fueling the demand for MEG. Ethylene glycol is also used for the production of antifreeze agents used as the liquid for preserving biological tissues and organs & as de-icing fluids in windshields & aircraft.

Monoethylene Glycol Market: Overview

  • Monoethylene glycol is a sweet syrupy liquid, which is colorless and odorless in its purest form. Monoethylene glycol is used in chemical intermediates for humectants, chemical intermediates, freezing point depression, solvents, resins, and solvent couplers. These applications of monoethylene glycol are considered crucial in the manufacture of a wide variety of products such as coolants and automotive antifreeze, deicing fluids, asphalt emulsions and latex paints, heat transfer fluids, resins, leather and paper, electrolytic capacitors, textile fibers, and water-based adhesives.
  • According to Transparency Market Research’s latest research report on the monoethylene glycol market for the forecast period of 2021 to 2031, rise in usage of monoethylene glycol in the textile industry is a key factor that is expected to boost the global  monoethylene glycol market during the forecast period

Extensive Demand for Monoethylene Glycol in Textile Industry to Drive Monoethylene Glycol Market

  • Significant increase in the usage of monoethylene glycol in the production of PET resins and polymer fabrics, particularly in emerging economies, is a vital factor that is driving the global monoethylene glycol market. Rise in requirement for polymers in the textile manufacturing industry is a significant factor that is boosting the global monoethylene glycol market. Demand for polyesters is driven by chemical and physical properties that make them ideal for the tropical climate.
  • Rise in disposable income of the urban population in developing countries is also augmenting the global monoethylene glycol market. Increase in usage of monoethylene glycol in the manufacture of a wide range of packaging and textile solutions is further boosting the global monoethylene glycol market.

Asia Pacific to Remain Dominant in Global Monoethylene Glycol Market

  • Asia Pacific occupies the leading position of the global monoethylene glycol market. By the end of the forecast period, Asia Pacific is expected to garner around 69% share of the total volume of monoethylene glycol produced globally. Taiwan, China, and India are regarded as the dominant consumers of monoethylene glycol in the region, due to their significantly high need for polyethylene terephthalate and polyester fiber.
  • The requirement for monoethylene glycol is also rising at a substantial rate in Latin America and Middle East & Africa, owing to the growth in consumption of PET and polyester in these regions
  • Demand for monoethylene glycol in Europe and North America is likely to decline in the near future due to the growth in concerns about sustainability of the material and sluggish economic growth

Monoethylene Glycol Market: Competition Landscape

  • Top three companies operating in the global monoethylene glycol market are Dow Chemical Company, Royal Dutch Shell Plc., and SABIC. According to Transparency Market Research, these three companies accounted for a collective share of 29.3% of the global market in 2020.
  • Despite considerable amount of shares being held by these market players, the global monoethylene glycol is still competitive and fairly fragmented. This can be ascribed to the significant influence of different indigenous and regional producers of monoethylene glycol.
  • The global monoethylene glycol market is becoming competitive with local players striving to outperform leading international players by emphasizing on expansion of production capacities. The intensity of the competition is forecast to rise further over the next few years.
  • TMR discovers that the threat of new entry is considerably low and is anticipated to remain low till the end of the forecast period. Market players must steer skillfully through strict regulatory frameworks that are prevailing in the global monoethylene glycol market and garner enough funds to update the existing infrastructure.

Monoethylene Glycol Market Snapshot

Attribute

Detail

Market Size Value in 2020 (Base Year)

US$ 34.1 Bn

Market Forecast Value in 2031

US$ 61.7 Bn

Growth Rate (CAGR)

6.1%

Forecast Period

2021-2031

Quantitative Units

US$ Bn for Value & Kilo Tons for Volume

Competition Landscape

Company Profiles section includes overview, product portfolio, key subsidiaries or distributors, strategy & recent developments, and key financials.

Format

Electronic (PDF) + Excel

Market Segmentation

  • Application
    • Polyester Fiber
    • Polyethylene Terephthalate (PET)
    • Antifreeze
    • Others (including Intermediate Chemicals)

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Countries Covered

  • U.S.
  • Canada
  • Germany
  • France
  • U.K.
  • Italy
  • Russia & CIS
  • China
  • Japan
  • India
  • ASEAN
  • Brazil
  • Mexico
  • GCC Countries
  • South Africa

Companies Profiled

  • Royal Dutch Shell Plc
  • SABIC
  • Dow Chemical Company
  • MEGlobal
  • Reliance Industries Limited
  • Mitsubishi Chemical Corporation (MCC)
  • Indian Oil Corporation Limited
  • BASF SE
  • LyondellBasell Industries N.V.
  • GC Glycol Company Limited
  • SIBUR
  • NAN YA PLASTICS CORPORATION
  • Clariant

Customization Scope

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Pricing

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Monoethylene Glycol Market – Segmentation

TMR’s research study assesses the global monoethylene glycol market in terms of application and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global monoethylene glycol market.

Application
  • Polyester Fiber
  • Polyethylene Terephthalate (PET)
  • Antifreeze
  • Others (including Intermediate Chemicals)
Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
Monoethylene Glycol (MEG) Market

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1. Preface

    1.1. Report Description

    1.2. Research Scope & Assumptions

    1.3. Market Segmentation

    1.4. Research Methodology

2. Executive Summary

    2.1. Global Monoethylene Glycol Market, 2020-2031, (Kilo Tons) (US$ Bn)

    2.2. Monoethylene Glycol: Market Snapshot (2020 and 2031)

3. Monoethylene Glycol Market: Industry Analysis

    3.1. Introduction

    3.2. Value Chain Analysis

    3.3. Market Drivers

        3.3.1. Rising Demand for Polyester Fiber in Asia Pacific

        3.3.2. Increasing Production of Polyethylene Terephthalate (PET)

    3.4. Restraints

        3.4.1. Fluctuating Prices of Feedstock Materials

    3.5. Opportunity

        3.5.1. Bio-based Monoethylene Glycol

        3.5.2. Emerging Application in Solar Panels

    3.6. Porter’s Five Forces Analysis

        3.6.1. Bargaining Power of Suppliers

        3.6.2. Bargaining Power of Buyers

        3.6.3. Threat of Substitutes

        3.6.4. Threat of New Entrants

        3.6.5. Degree of Competition

    3.7. Market Attractiveness Analysis

    3.8. Company Market Share Analysis, 2020

4. Price Trend Analysis

    4.1. Monoethylene Glycol: Global Price Trends, 2020-2031

5. Monoethylene Glycol Market – Application Analysis

    5.1. Global Monoethylene Glycol Market: Application Overview

        5.1.1. Global Monoethylene Glycol Market Volume Share, by Application, 2020 and 2031

    5.2. Monoethylene Glycol Market: By Application

        5.2.1. Global Monoethylene Glycol Market for Polyester Fiber, 2020 – 2031 (Kilo Tons) (US$ Bn)

        5.2.2. Global Monoethylene Glycol Market for PET, 2020 – 2031 (Kilo Tons) (US$ Bn)

        5.2.3. Global Monoethylene Glycol Market for Antifreeze, 2020 – 2031 (Kilo Tons) (US$ Bn)

        5.2.4. Global Monoethylene Glycol Market for Others, 2020 – 2031 (Kilo Tons) (US$ Bn)

6. Monoethylene Glycol Market: Regional Analysis

    6.1. Global Monoethylene Glycol Market - Regional Overview

        6.1.1. Global Monoethylene Glycol Market Share Volume, by Region

    6.2. North America

        6.2.1. North America Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.2.2. North America Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.2.3. U.S. Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.2.4. U.S. Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.2.5. Canada Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.2.6. Canada Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.2.7. Mexico Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.2.8. Mexico Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

    6.3. Europe

        6.3.1. Europe Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.3.2. Europe Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.3.3. Germany Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.3.4. Germany Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.3.5. Turkey Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.3.6. Turkey Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.3.7. U.K. Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.3.8. U.K. Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.3.9. France Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.3.10. France Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.3.11. Italy Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.3.12. Italy Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.3.13. Rest of Europe Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.3.14. Rest of Europe Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

    6.4. Asia Pacific

        6.4.1. Asia Pacific Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.4.2. Asia Pacific Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.4.3. China Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.4.4. China Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.4.5. India Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.4.6. India Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.4.7. ASEAN Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.4.8. ASEAN Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.4.9. Rest of Asia Pacific Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.4.10. Rest of Asia Pacific Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

    6.5. Latin America

        6.5.1. Latin America Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.5.2. Latin America Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.5.3. Brazil Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.5.4. Brazil Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.5.5. Rest of Latin America Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.5.6. Rest of Latin America Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

    6.6. Middle East & Africa

        6.6.1. Middle East & Africa Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.6.2. Middle East & Africa Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.6.3. GCC Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.6.4. GCC Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.6.5. South Africa Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.6.6. South Africa Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

        6.6.7. Rest of Middle East & Africa Monoethylene Glycol Market Volume, by Application, 2020-2031 (Kilo Tons)

        6.6.8. Rest of Middle East & Africa Monoethylene Glycol Market Revenue, by Application, 2020-2031 (US$ Bn)

7. Monoethylene Glycol Market: Production Analysis, 2014

8. Company Profiles

    8.1. Royal Dutch Shell plc

        8.1.1. Company Overview

        8.1.2. Product Portfolio

        8.1.3. Financial Overview

        8.1.4. Business Strategy

        8.1.5. Recent Development

    8.2. Reliance Industries Limited

        8.2.1. Company Overview

        8.2.2. Product Portfolio

        8.2.3. Financial Overview

        8.2.4. Business Strategy

        8.2.5. Recent Development

    8.3. Saudi Basic Industries Corporation (SABIC)

        8.3.1. Company Overview

        8.3.2. Product Portfolio

        8.3.3. Financial Overview

        8.3.4. Business Strategy

        8.3.5. Recent Development

    8.4. BASF SE

        8.4.1. Company Overview

        8.4.2. Product Portfolio

        8.4.3. Financial Overview

        8.4.4. Business Strategy

        8.4.5. Recent Development

    8.5. Mitsubishi Chemical Corporation (MCC)

        8.5.1. Company Overview

        8.5.2. Product Portfolio

        8.5.3. Financial Overview

        8.5.4. Business Strategy

        8.5.5. Recent Development

    8.6. Nan Ya Plastics Corporation

        8.6.1. Company Overview

        8.6.2. Product Portfolio

        8.6.3. Financial Overview

        8.6.4. Business Strategy

        8.6.5. Recent Development

    8.7. Lotte Chemical Corporation

        8.7.1. Company Overview

        8.7.2. Product Portfolio

        8.7.3. Financial Overview

        8.7.4. Business Strategy

        8.7.5. Recent Development

    8.8. The Dow Chemical Company

        8.8.1. Company Overview

        8.8.2. Product Portfolio

        8.8.3. Financial Overview

        8.8.4. Business Strategy

        8.8.5. Recent Development

    8.9. Sinopec Zhenhai Refining & Chemical Company (ZRCC)

        8.9.1. Company Overview

        8.9.2. Product Portfolio

        8.9.3. Financial Overview

        8.9.4. Business Strategy

        8.9.5. Recent Development

    8.10. LyondellBasell Industries N.V.

        8.10.1. Company Overview

        8.10.2. Product Portfolio

        8.10.3. Financial Overview

        8.10.4. Business Strategy

        8.10.5. Recent Development

    8.11. Others

9. Primary Research – Key Findings

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