Monoethylene Glycol Market Size By Grade (Polyester, Industrial, Antifreeze), By Application (Polyester Fiber, PET, Antifreeze & Coolants, Chemical Intermediates), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

Published Date: Nov 2017  |  Report ID: GMI2198  |  Authors: Kiran Pulidindi, Akshay Prakash

Report Format: PDF   |   Pages: 260   |   Base Year: 2016

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Monoethylene Glycol Market size estimated at USD 25 billion in 2016 and will grow at a CAGR of more than 6% from 2017 to 2024.

Monoethylene Glycol Market

Get more details on this report - Request Free Sample PDF

Growing use of monoethylene glycol (MEG) as a raw material for producing polyester fiber and polyethylene terephthalate (PET) will likely surge the monoethylene glycol market size by 2024. Improved standard of living in addition to modern fashion inclinations of the consumers for recently designed attires is expected to drive the polyester fiber demand, directly surging the product market size in the forecast period. The product further finds application in several industrial uses such as antifreeze, hydrate inhibitor in gas pipelines, coolants and as a heat transfer agent, that is projected to produce ample prospects from various end-use industries. In addition, swelling demand for polyester fiber from the textile sector is increasing MEG production in the forecast period. Asia Pacific proves to be one of the key profitable regions for the polyester fiber market. It registered a revenue more than USD 50 billion in 2016. This is owing to the surging disposable income, drift in customer preferences and abundant availability of low-cost labor will surely boost the product market size by 2024.

Furthermore, growing use of plastics instead of paperboard, wood and metal in the packaging industry is fueling the polyethylene terephthalate (PET) sector in the forecast timeframe. This shift in trend considerably upsurge the product market size by 2024. Pharmaceutical and food & beverage packaging are the major industry growth contributors owing to their extensive usage of PET to manufacture various packaging materials such as sheets, films, bottles, containers etc. In addition, improved chemical resistance, ease of recyclability, elevated barrier properties and dimension stability will surely boost the PET demand, surging the production of MEG by 2024.

Growing inclination for bio-based materials and volatility in oil prices is anticipated to trigger substantial resistance in the growth of product monoethylene glycol (MEG) market size by 2024. The product is mainly obtained from ethylene, which is a byproduct of crude oil, and the volatility in crude oil prices has led to fluctuations in raw material prices. However, the decline in crude oil prices in 2014 piloted a reduction in MEG prices to USD 750/kilo ton in Asia Pacific, that is certain to bring abundant opportunities for the product market size in the forecast timespan.

Monoethylene Glycol Market Report Coverage
Report Coverage Details
Base Year:2016
Market Size in 2016:25 Billion (USD)
Forecast Period:2017 to 2024
Forecast Period 2017 to 2024 CAGR:6%
2024 Value Projection:40 Billion (USD)
Historical Data for:2013 to 2016
No. of Pages:260
Tables, Charts & Figures:443
Segments covered:Grade, Application and Region
Growth Drivers:
  • Increasing production of polyethylene terephthalate (PET)
  • Increasing demand for polyester fiber in Asia Pacific region
  • Growth in several industrial sectors
Pitfalls & Challenges:
  • Volatility in the raw material prices
  • Health hazards related to the usage of product

Get more details on this report - Request Free Sample PDF

Monoethylene Glycol Market, By Grade

Polyester grade recorded the foremost revenue share over 70% in 2016 and is projected to spectate a considerable growth by 2024. This grade is mainly used to manufacture PET, polyester resins and fiber owing to its moisture absorbing properties, low-volatility and few other features. Its hygroscopic specialty makes it appropriate for its use in synthetic rubber, conditioning agent and other paper items. Widespread application of polyester grade MEG in chemical intermediates, solvent couples, heat transfer agents, unsaturated polyester resins and plasticizers, which instead will propel the product industry size in the forecast timespan.

Monoethylene Glycol (MEG) Market, By Application

Product application in polyethylene terephthalate (PET) is growing at a rapid pace and is expected to surge with a CAGR over 5.5% by 2024. Escalating consumption of the product in the packaging industry due to its hygroscopic and water & vapor barrier attributes. Therefore, the significant usage of monoethylene glycol to manufacture PET will directly drive the monoethylene glycol market revenue during the forecast period.

Polyester fiber is the primary application for the MEG and registers a revenue share over 55% among the global industry share in 2016. Vast use of polyester fiber in myriad end-use industries such as resins, textile, electronics etc. due to its excellent chemical and mechanical qualities that is estimated to fuel the product market size in the coming years.

 By Region

Asia Pacific MEG market is projected to escalate with a CAGR more than of 6.5% during the forecast timeframe. The rapidly growing per capita income in addition to the swelling economic conditions in the region will fuel several advancements in the textile sector. Substantial manufacture of polyester fiber and polyethylene terephthalate (PET) in emerging economies involving India, China, Malaysia etc. will establish an abundant consumption of MEG in the region driving its industry size in the near future.

Competitive Market Share

The prevalent industry contributors include Royal Dutch Shell, SABIC, AkzoNobel, The Dow Chemicals, Reliance Industries, Mitsubishi Chemical, Lotte Chemical Corporation, Sinopec Zhenhai Refining & Chemical Co., Nan Ya Plastics Corporation, MEGlobal, LyondellBasell Industries, ExxonMobil Corporation, Chemtex Speciality Limited and India Glycols.

Mitsubishi Chemicals and Reliance Industries jointly captures more than 40% of the overall monoethylene glycol market size. Similarly, in 2015, SABIC captured around 10% of the overall product market share and is highly integrated.

Industry Background

Escalating consumption across end-use industries in addition to technological advancements is projected to boost the product market size in the forecast timespan. The product is widely applicable to manufacture anti-corrosion agent, anti-freeze, coolant material, dewatering agent, deicers and several other chemical intermediates. The MEG has further applications in producing various hygroscopic materials that are used in several major end-use industries such as textiles, packaging, automotive etc. Additionally, capacity expansion in China and Middle East are projected to fuel the product market growth by 2024.

Frequently Asked Questions (FAQ) :

Monoethylene Glycol Market size estimated at USD 25 billion in 2016
Monoethylene Glycol Market will grow at a CAGR of more than 6% from 2017 to 2024.

Premium Report Details

  • Published Date: Nov 2017
  • Pages: 260
  • Tables: 416
  • Charts / Figures: 27
  • Companies covered: 15
  • Countries covered: 19

Get a report that explains COVID-19 impact on this market

Buy NowImmediate delivery available

Need a Discount? Get in touch with us for special pricing

Request Discount

 Connect with our sales team

Chat with us
We use cookies to enhance user experience. (Privacy Policy) X