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According to the new market research report “Monoethylene Glycol (MEG) Market by Application (Fiber, PET, Antifreeze & Coolant, Film), Technology, and Geography (Asia Pacific, North America, Europe, Middle East & Africa, and South America) – Global Forecast to 2022″, Growing demand for MEG in the Fiber, PET, and film applications coupled with high demand in APAC region are driving the MEG market. The growing demand for polyester in textile industry is driving the demand of MEG in textile end-use industry. The textile end-use industry is expected to witness a large demand of MEG in the market especially in countries such as China and India. Increasing use of PET in this region in packaging which is an ever-growing end-use industry in the developing countries would support the growth in demand for MEG.
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Fiber is the largest application of MEG owing to its high demand in the production of PET and polyester fiber. The global production of polyester grew by 4.2% in 2016 with polyester filament market is witnessing a growth rate of 5.5%, whereas stable growing at a rate of 3.1%. Moreover, the total polyester production was 49.3 million tons in 2016. The overall growth in fiber market is decent and offers growth opportunities for MEG.
PET is the second largest application in MEG market owing to high demand of MEG in the production of PET bottles. Growing packaging end-use industry and changing trends in packaging are encouraging the use of PET as it can be recycled and reused.
Browse and in-depth TOC on “Monoethylene Glycol (MEG) Market – Global Forecast to 2022”
71 – Tables
40 – Figures
123 – Pages
View more detailed TOC @ https://www.marketsandmarkets.com/Market-Reports/monoethylene-glycol-meg-market-19801030.html
The MEG market is estimated at USD 24.14 Billion in 2017 and is projected to reach USD 30.40 Billion by 2022, at a CAGR of 4.5% from 2017 to 2022. Growing demand for MEG in the production of PET and fiber and antifreeze & coolant applications especially in APAC region is driving the MEG market.
The report analyzes the key growth strategies adopted by leading market players between 2015 and 2017. SABIC (Saudi Arabia), Formosa (Taiwan), Dow (US), BASF SE (Germany), MEGlobal (UAE), Sinopec (China), Shell (Netherlands), Reliance (India), and SIBUR (Russia) are the key players operating in the MEG market. These companies adopted mergers & acquisitions, agreements & partnerships and investments & expansions strategies to strengthen their presence in the MEG market.
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SABIC (Saudi Arabia) is the market leader with a total MEG capacity of 6 million tons. SABIC has adopted investment & expansion strategy to expand in MEG market. The company is targeting the North American region to cater to the needs of MEG market. For instance, in May 2017, SABIC ExxonMobil Chemical are investing in a South Texas and Louisiana a strategic location for investment in an ethylene facility of 1.8 million metric ton/year to provide consistent raw material supply to MEG plants. 24% of global polyester produced uses MEG produced by SABIC.
Shell (Netherlands) is vertically integrated in the value chain and produces ethylene, ethylene glycols as well as glycol based heat transfer fluids. The company has major ethylene glycol plants in Netherland (0.16 million tons), China (0.18 million tons), Saudi Arabia (1.00 million tons), Canada (0.52 million tons), and US (0.4 million tons). The company is constantly investing across its value chain to grow in the market.
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