The monoethylene glycol (MEG) market is driven by the increasing demand for polyester resins and fibers, as well as antifreeze and coolant products. The market is also influenced by the growing demand for MEG in the production of plasticizers, solvents, and detergents. The market is projected to grow further due to the increasing demand for MEG in emerging economies, particularly in Asia-Pacific. However, the market is faced with challenges such as price volatility, supply chain disruptions, and the availability of alternative products. The market is also facing environmental concerns regarding the use of MEG in plastic production. Despite these challenges, the MEG market is expected to continue growing due to the demand for sustainable and environmentally-friendly products, and increasing investment in research and development of new applications for MEG.
The Global Monoethylene Glycol Market is expected to surpass US$ 34.8 Billion by the end of 2028 and exhibit a CAGR of 3.9% during the forecast period (2021 to 2028).
Prominent Companies in the Monoethylene Glycol Industry:
1. Reliance Industries Limited
Founded in 1960, Reliance Industries Limited is an Indian multinational conglomerate company headquartered in Mumbai, India. It operates in multiple countries across the world, including the United States, Singapore, South Korea, and the United Kingdom, among others. The company is involved in various industries, including petrochemicals, refining, oil and gas exploration, and telecommunications. Reliance Industries Ltd, in December, 2022 signed definitive agreements to acquire 100% equity stake in METRO Cash & Carry India Pvt Ltd.
2. Saudi Basic Industries Corporation
Founded in 1976, Saudi Basic Industries Corporation (SABIC) is a Saudi Arabian multinational chemical manufacturing company headquartered in Riyadh, Saudi Arabia. The company operates in more than 50 countries worldwide and is involved in the production of various chemical products, including plastics, fertilizers, and metals. In April 2022, Sabic announced that it has developed a new range of polyetherimide (PEI) resins that are designed for use in high-performance applications, such as automotive and aerospace.
3. BASF SE
Founded in 1865, BASF SE is a German multinational chemical company headquartered in Ludwigshafen, Germany. The company operates in more than 80 countries across the world and is involved in the production of various chemicals, including plastics, coatings, and agricultural products. In March, 2023 BASF and Toyota launch automotive interior trims made with Ultramid® Deep Gloss grade
4. India Glycols Limited
Founded in 1983, India Glycols Limited is an Indian specialty chemical company headquartered in Noida, India. The company operates in multiple countries worldwide and is involved in the production of various chemicals, including glycols, ethylene oxide derivatives, and green technology products.
5. LyondellBasell Industries Holdings B.V.
Founded in 1953, LyondellBasell Industries Holdings B.V. is a Dutch-American chemical company headquartered in Rotterdam, Netherlands. The company operates in more than 100 countries worldwide and is involved in the production of various chemicals, including plastics, fuels, and lubricants.
6. Chemtex Speciality Limited
Founded in 1970, Chemtex Speciality Limited is an Indian specialty chemical company headquartered in Kolkata, India. The company operates in multiple countries worldwide and is involved in the production of various chemicals, including water treatment chemicals, polymers, and solvents.
7. Royal Dutch Shell PLC
Founded in 1907, Royal Dutch Shell PLC is a British-Dutch multinational oil and gas company headquartered in The Hague, Netherlands. The company operates in more than 70 countries worldwide and is involved in the production of various chemicals, including petrochemicals, lubricants, and renewable energy products. In February, 2023 Shell Petroleum NV, a wholly owned subsidiary of Shell plc (Shell), has completed the acquisition of 100% of the shares of Nature Energy Biogas A/S (Nature Energy).
8. Nouryon
Formerly known as AkzoNobel Specialty Chemicals, Nouryon is a Dutch multinational chemical company headquartered in Amsterdam, Netherlands. The company was founded in 2018 and operates in more than 80 countries worldwide, producing various chemicals, including surfactants, polymers, and organic peroxides.
9. Mitsubishi Chemical Corporation
Founded in 1934, Mitsubishi Chemical Corporation is a Japanese multinational chemical company headquartered in Tokyo, Japan. The company operates in more than 30 countries worldwide and is involved in the production of various chemicals, including resins, fibers, and electronic materials. In August 2022, Mitsubishi Engineering-Plastics Corporation announced that it has developed a new range of polyphenylene sulfide (PPS) compounds that are designed for use in high-temperature applications, such as automotive and aerospace.
10. Eastman Chemical Company
Founded in 1920, Eastman Chemical Company is an American multinational chemical company headquartered in Kingsport, Tennessee, United States. The company operates in more than 100 countries worldwide and is involved in the production of various chemicals, including coatings, adhesives, and specialty plastics.
*Definition- Monoethylene glycol (MEG) is a colorless, odorless, and slightly viscous organic compound commonly used as a raw material in the production of polyester fibers, resins, and films.
