Mono Ethylene Glycol Market on the Rise: Projected 3.2% CAGR Growth 2023-2030


The global Mono Ethylene Glycol (MEG) market has experienced significant expansion during the historic period from 2015 to 2022 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period until 2030. This growth is primarily attributed to the increasing demand from various end-use industries, including Polyester Fibre and Yarn, PET Resin, and Polyester Film.


Mono Ethylene Glycol (MEG) is a slightly viscous, colorless, odorless organic compound with a sweet taste. It is also known as 1,2-ethanediol and is soluble in most organic compounds, alcohols, and water. MEG is mainly produced from Ethylene through the hydrolysis of Ethylene Oxide, along with the production of two co-products, Diethylene Glycol (DEG) and Triethylene Glycol (TEG). The feedstocks used for MEG production include natural gas, coal, naphtha, and bioethanol. MEG has various niche applications in resins, deicing fluids, heat transfer fluids, automobile antifreeze and coolants, water-based adhesives, latex paints, asphalt emulsions, electrolytic capacitors, textile fibers, pulp, and leather.


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The main driver of Mono Ethylene Glycol (MEG) is its use in the synthesis of Polyester fibers. Polyester is known for its strength, resistance to chemicals, and water resistance, making it suitable for various applications in apparel, upholstery, furniture cushions, and more. Home furnishings, automotive components, and textiles are expected to boost MEG demand over the forecast period. In the process of synthesizing polyester, MEG serves as a chemical intermediate, primarily used for producing Polyethylene Terephthalate (PET). The increasing demand for PET is driven by its use in food and beverage packaging, including carbonated soft drink containers, packaged food, electronics, and automotive applications.


Moreover, MEG is utilized as an antifreeze agent or deicer, especially in aircraft, which is expected to further boost its demand. Another application of MEG is in the production of Polyester film, which is widely used in various industries, including wire manufacturing, cable overwrap, membrane touch switches, transformers, face shields, flexible printed circuit boards, and printed labels. Polyester film also finds applications in solvent-based coatings, printing, and motor insulation, which are anticipated to drive the MEG market in the coming years.


The global MEG market is segmented based on end-use, sales channel, and region. In terms of end-user industries, it is categorized into Polyester Fibre and Yarn, PET Resin, Polyester Film, and others. Among these, the Polyester Fibre and Yarn industry dominates the MEG market, accounting for roughly 58% of the market in 2022. MEG is widely used in the antifreeze industry as an important component in the production of antifreeze, coolants, aircraft anti-icers, and deicers. It is also used in the production of alkyd resins for paints, enamels, and varnishes, as well as a desiccant in pipeline systems to prevent the formation of clathrates.


Regionally, the Asia Pacific region leads the Mono Ethylene Glycol (MEG) market, followed by Europe. In 2022, this region held a market share of approximately 45%, and it is expected to continue dominating the global market. China, the largest consumer and producer of MEG, uses the chemical extensively in the production of Polyester Fiber.


Key players in the global Mono Ethylene Glycol (MEG) market include SABIC, ExxonMobil Corporation, Mitsubishi Chemical, Formosa, Chemtex Speciality Limited, The Dow Chemicals, LyondellBasell Industries, Royal Dutch Shell, AkzoNobel, MEGlobal, Reliance Industries, Lotte Chemical Corporation, Nan Ya Plastics Corporation, China Petroleum and Chemical Corporation, India Glycols, and Sinopec Zhenhai Refining & Chemical Co.


Karan Chechi, Research Director at TechSci Research, a research-based management consulting firm associated with ChemAnalyst, stated, "Mono Ethylene Glycol is recognized as a versatile industrial chemical with a wide range of applications in various sectors due to its properties, including high durability, hydrophobic nature, and extreme tenacity. Additionally, the increasing demand for Polyethylene Terephthalate (PET) due to its use as a lightweight, biodegradable thermoplastic polymer resin, and its extensive applications in packaging, food containers, and bottles, is expected to propel the MEG market in the forecast period."

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