[123 Pages Report] The Monoethylene Glycol (MEG) Market is estimated at USD 24.41 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 PET and polyester fiber applications in textile and packaging end-use industries is driving the MEG market.

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Research Methodology

This study estimates the size of the MEG market for 2017 and projects its growth by 2022. It provides a detailed qualitative and quantitative analysis of the MEG market. Secondary sources, such as Hoovers, Bloomberg Business Week, and Factiva, among others have been used to identify and collect information useful for this extensive, commercial study of the MEG market. Primary sources such as experts from related industries and suppliers of MEG have been interviewed to obtain and verify critical information and assess future prospects of the MEG market.

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Among applications fiber led the MEG market in 2016

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.

The Asia Pacific MEG market is projected to grow at the highest CAGR during the forecast period

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. Countries in the Asia Pacific are expanding their production capacities and investing in new projects to decrease dependence on imports and thereby boosting regional energy security and autonomy. China is investing more in coal-based MEG production facilities to decrease its imports. Growing economies, increasing population, and standards of living are driving the applications such as PET and fiber in turn driving the demand for MEG.

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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