Mono Ethylene glycol or MEG refers as the organic compound which is syrupy liquid, odorless, colorless, with a sweet taste. It is basically produced from the ethylene via ethylene oxide, which is hydrated through the thermal or catalytic process. It is utilized as the antifreeze for different uses like preserving biological tissues & organs or as de-icing fluids. It is an important raw material for the number of industrial applications such as manufacturing namely polyethylene terephthalate and manufacturing of polyester fiber, fabrics and among others.
Referring to the study, “Global and Japan Mono Ethylene Glycol (MEG) Market; by Application(Fiber, PET, Film, Antifreeze & Coolant and Others); By Technology (Naphtha-based, Coal-and natural gas-based, Bio-based and Technology Providers); and Region –Analysis of Market Size, Share & Trends for 2016 – 2019 and Forecasts to 2030”. The key companies operating in the Global and Japan Mono Ethylene Glycol (MEG) Market are India Glycols Limited, Indorama Ventures Public Company Limited, Indian Oil Corporation Ltd., Lotte Chemical Corporation, Ineos Oxide, Mitsubishi Chemical Corporation, Kuwait Petroleum Corporation and Mitsui Chemicals, Inc, LG Chem. Leading players depend on national & local suppliers to increase their share & their worldwide economy reach. Mergers & acquisitions are one of the key approaches used in this market. Business strategy and product introduction are few of the market strategies that companies operating on the MEG Market have undertaken. These strategies have helped the organizations to expand and build a wider base of the customers and partners in the key markets.
Based on type, MEG market is segmented as industrial grade MEG, fiber grade MEG and antifreeze grade MEG. Based on technology, market is segmented as coal & natural gas-based, naphtha-based, bio-based mono ethylene glycol production and others. The naphtha-based segment is likely to grow at the highest CAGR due to its renewability & reduced reliance on naphtha or coal-based sources during the forecast period. Based on application, market is segmented as antifreeze & coolants, polyester resins, heat transfer fluids, chemical intermediates and others. In addition, based on end-use industries, market is segmented as packaging, textiles, automotive, chemicals and others.
The MEG market is driven by rise in demand for polyester fiber & polyethylene terephthalate (PET), followed by rise in demand for MEG in antifreeze and coolant applicant. However, increase in issues related to toxicity of MEG may impact the market. Moreover, increase in coal plants in China, high potential for the development of bio-based MEG and rise in demand from emerging economics are key opportunities for market. Furthermore, growth in technology advancements in MEG is a major trend for market.
Based on geography, the Asian-Pacific region holds major share in global MEG market owing to rise in textile & packaging industries and increase in disposable expenditure per capita in the region. Japan is expected to witness higher growth rate due to rise in demand for hygienic packaging in the pharmaceuticals and food industries over the forecast period. It is estimated that future of the global market will be bright on account of growth in automotive industries during the forecast period. The Global and Japan MEG market to surpass US $41.32 Billion by 2030, which is valued approximately at US $25.17 Billion in 2019 at a CAGR of 4.73%.
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Ankur Gupta, Head Marketing & Communications