[123 Pages Report] The Monoethylene Glycol (MEG) market was valued at USD 23.12 billion in 2016 and is projected to reach USD 30.40 billion by 2022, at a CAGR of 4.5% during the forecast period. The high demand for MEG in applications including, PET, fiber, film, and antifreeze & coolant is driving the MEG market
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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.
Asia Pacific is the largest and the fastest-growing market for MEG in terms of volume. It is also a major market for textiles, packaging, automotive, chemical processing and oil & gas globally.
The key players operating in the MEG Market are SABIC (Saudi Arabia), Formosa (Taiwan), Dow (US), BASF SE (Germany), MEGlobal (UAE), Sinopec (China), Shell (Netherlands), Reliance (India), and SIBUR (Russia). These companies undertake dynamic business strategies that propel the growth of the MEG Market.
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