Global Mono-ethylene Glycol Market - Segmented by Production Process, Application, End-User Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global mono-ethylene glycol (MEG) market is expected to witness a CAGR of 4.5% owing to the increase in utilization of polyethylene terephthalate (PET) in the packaging industry. The growing demand for polyester from the textile industry is also likely to stimulate the MEG market during the forecast period.
PET Demand from Packaging Industry Driving the Market
The demand of PET is on the surge from the packaging industry and has significantly upscaled the mono-ethylene glycol market, as it is widely used in PET production. Food & beverage and pharmaceutical packaging are the key contributors to the industry growth, due to the predominant utilization of PET to produce packaging products, such as films, sheets, bottles, etc.
Polyester Fiber the Dominant Application
Polyester fiber application accounted for more than 50% of the MEG market share. The driving force for polyester fibers market is the increasing demand from the textile industry, primarily in the Asia-Pacific region. PET bottles are the second leading market for MEG globally. Around 10% of the market is attributed to antifreeze, where MEG is used for different purposes, such as for preserving biological tissues and organs, or as de-icing fluids in windshields and aircraft. The PET application is expected to grow at the fastest rate, due to increasing demand for packaging from the food & beverage industry.
Textile Industry Supporting the MEG Market in Asia-Pacific
Asia-Pacific leads in the consumption and production of MEG and is likely to continue its position due to the increasing textile and fiber production in the region. The rise in demand from the automotive industry, where MEG is used as antifreeze and coolants, is a major factor contributing to the growth of the mono-ethylene glycol market in Asia-Pacific. North America and Europe are likely to show a sluggish growth owing to the presence of stringent regulations regarding the manufacturing of the product.
In Nov 2017, Braskem signed a partnership with Haldor Topsoe to develop bio-based MEG. The demonstration plant is likely to be built in Denmark, where operations are likely to begin in 2019.
Major players are SABIC, Royal Dutch Shell PLC, Reliance Industries Limited, Mitsubishi Chemical Corporation (MCC), and DowDuPont, amongst others.
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