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The Monoethylene Glycol (MEG) Markethas witnessed several strategic collaborations and expansion initiatives aimed at strengthening market presence and meeting the growing demand. In 2023, SABIC, a global leader in diversified chemicals, announced plans to expand its MEG production capacity in the Middle East. This move is part of SABIC’s strategy to cater to the increasing demand for polyester fibers and resins in the region, reflecting the company’s commitment to supporting industry growth through capacity enhancement.โ
Such developments indicate a trend where key players are actively investing in expanding their production capabilities and forming strategic partnerships. These initiatives are crucial for maintaining a competitive edge, ensuring a stable supply chain, and addressing the evolving needs of various industries reliant on MEG. The focus on mergers and acquisitions also highlights the industry’s efforts to consolidate resources, optimize operations, and drive innovation in MEG production and application.
Estimated Growth Rate for Monoethylene Glycol (MEG) Market
The Monoethylene Glycol (MEG) Market size was valued at USD 35.12 Billion in 2023 and the total Debt Collection Software revenue is expected to grow at a CAGR of 6.2 % from 2024 to 2030, reaching nearly USD 53.51 Billion by 2030
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Regional Analysis :
The expanding textile and automotive industries, especially in China, India, and Japan, propelled the Asia-Pacific region to dominate the global monoethylene glycol (MEG) market in 2023. China is a significant producer and user of MEG and its derivative, PET, thanks to its low production costs and easy access to raw materials. The demand for MEG is driven by the nation’s well-known PET resin producers, such as Jiangsu Synganglion and PetroChina Group, which have capacities of over 2 million tons. The demand for MEG is further driven by China’s booming textile sector and its position as the world’s top supplier of apparel. With large production capacities, India also makes a big contribution to the monoethylene glycol (MEG) market in the region. The greatest center for car manufacturing is Asia-Pacific, where strong output growth is fueling
Monoethylene Glycol (MEG) Market Segmentation:
by Process
Oxidation of Ethylene
Bio-Based Monoethylene Glycol Production
by Application
Polyester Fiber
PET Bottle
PET Film
Antifreeze & Coolant
Others
The strong demand for textiles and clothing around the world in 2023 drove the manufacturing of polyester fiber to dominate the monoethylene glycol (MEG) market. The production of PET bottles comes next, driven by the food and beverage industries’ increasing desire for robust, lightweight packaging options. PET film production continues to hold a sizable market share, bolstered by its use in industrial, electrical, and packaging applications.
The market for coolant and antifreeze was anticipated to grow steadily, especially in HVAC and automobile systems. Other specialized applications like solvent production, chemical intermediates, and medicines contribute to the MEG market as a whole, even though these applications are the main drivers of demand.
by End Use Industry
Textile
Packaging
Plastic
Automotive and Transportation
Other End-user Industries
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Key Players :
Discover strategies of the key players in the market and explore how they are navigating trends, expanding their portfolios, and capitalizing on emerging applications. From global leaders to regional influencers, this report provides a complete competitive analysis.
1. SABIC
2. Formosa
3. Dowdupont
4. BASF
5. MEGlobal
6. Sinopec
7. Shell
8. Reliance
9. SIBUR
10. PTTGC
11. Royal Dutch Shell
12. AkzoNobel
13. The Dow Chemicals
14. Mitsubishi Chemical
15. Lotte Chemical Corporation
16. Zhenhai Refining & Chemical Co., Nan Ya Plastics Corporation
17. LyondellBasell Industries
18. ExxonMobil Corporation
19. Chemtex Speciality Limited
20. India Glycols
For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/monoethylene-glycol-meg-market/2018/
Key Highlights:
- Historical Market Data (2018-2023)
- Forecasts by Segment, Region, and Industry Application (2024-2030)
- SWOT Analysis, Value Chain Insights, and Growth Drivers
- Legal Aspects by Region and Emerging Opportunities
Top Questions Answered:
- What are the key growth drivers and trends in the market?
- Who are the major players, and how do they maintain a competitive edge?
- What new applications are poised to revolutionize theย Monoethylene Glycol (MEG)industry?
- How will the market grow in the coming years, and at what rate?
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