The global monoethylene glycol market is expected to witness significant growth over the forecast period on account of its widespread applications in numerous end-use industries including consumer goods, construction, automotive, pharmaceutical, textiles, and chemical processing. Increasing demand for polyester fiber from the global textile industry has triggered increased production of monoethylene glycol (MEG) which is expected to be a major driver for market growth. Increasing application scope of polyethylene terephthalate (PET) in numerous consumer good products such as food containers and bottles is anticipated to propel demand for MEG over the next seven years. Rapid urbanization and changing lifestyle of consumers, particularly in emerging economies including China, India, Brazil and Mexico have been driving the packaging industry which in turn is anticipated to provide impetus to MEG market over the forecast period. Owing to its superior chemical properties including high viscosity, low freezing point, and high boiling point, MEG is widely employed in the manufacture of coolants and deicing materials. Burgeoning automotive sector coupled with aircraft manufacturing units in emerging economies of Asia Pacific and Latin America is further likely to fuel market demand. However, threat of substitutes from higher glycol byproducts such as DEG and TEG coupled with high cost involved in refining of ethylene glycols is challenge MEG market over the next seven years. Potential health hazards of MEG on account of its toxic nature are further anticipated to pose a credible threat to market.
Monoethylene glycol is primarily used in the manufacturing of PET and polyester resins. Rising demand for PET containers from various commercial and industrial end-use markets including packaging due to better strength and impact resistance is expected to positively drive MEG market over the next seven years. Polyester fabrics are extensively used in apparels, home furnishings, yarns & ropes and other industrial applications including conveyor belts and insulating tapes which are likely to drive the demand for MEG over the forecast period. Market for monoethylene glycol is segmented on the basis of application into polyester resins, PET, antifreeze & coolants, chemical intermediates, and heat transfer fluids. Polyester resin along with PET was the largest application segments in 2014 accounting for more than half of the global consumption. Polyester resin is expected to be the fastest growing segment over the forecast period owing to surging textile industry in China and India.
Asia Pacific was the largest monoethylene glycol market in 2014 accounting for nearly half of the global consumption on account of rapid growth in numerous end-use industries including consumer goods, textile and automobile in China, India, and South Korea. Latin America is also expected to have strong growth prospects over the next seven years on account of rapid industrialization in Brazil and Mexico. North America and Europe are anticipated to have moderate growth rates owing to their gradual recovery from the economic slowdown.
Major market participants include LyondellBasell, The Dow Chemical Company, MEGlobal, SABIC, ExxonMobil Corporation, Formosa Plastic Group, AkzoNobel, and Honam Petrochemical Corporation.
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The prevalence of COVID-19 has led to decreased utilization rates of refineries across the globe, resulting in supply shortages for various end-use sectors. The health crisis has, on a different note, has led to a sudden spike in demand for olefins which find usage in the formulation of sanitizers and other cleaning products. The report will account for Covid19 as a key market contributor.