The Asia Pacific Monoethylene Glycol Market would witness market growth of 3.5% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 13,299.4 Kilo Tonnes, showcasing a growth of 3.3% (2019-2022).
MEG is a crucial raw material in producing polyester fibers and resins used in various applications, including textiles, bottles, and packaging materials. The expansion of these industries drives the demand for MEG. MEG is finding new applications beyond its traditional uses. For example, it is being explored as a coolant in data centers, a pharmaceutical industry solvent, and a cosmetics component. These emerging applications contribute to market growth diversification. There is increasing interest in sustainable and environmentally friendly products. Bio-based MEG, produced from renewable feedstocks, is gaining attention as a more sustainable alternative to fossil-based MEG. This aligns with sustainability goals and reduces the carbon footprint. The packaging industry continues to expand, driven by e-commerce, convenience, and changing consumer preferences. PET bottles, which use MEG, are widely used in packaging beverages and personal care products.
The emphasis on recycling and sustainability leads to greater interest in closed-loop recycling systems for PET-based products. These systems aim to recover and reuse MEG from discarded PET bottles, reducing the need for virgin MEG. Sustainability-focused initiatives promote recycling and contribute to market growth.
China is a significant consumer of MEG, used in various industries, including textiles, packaging, automotive, and more. The country's industrial expansion has driven the demand for MEG, prompting the exploration of various production methods. Despite being a significant MEG producer, China has the highest demand for MEG and imports it. Recently, it has invested in coal-based production facilities. The country is anticipated to experience growth due to the coal-based method, one of the technologies utilized in MEG production.
According to U.S. Energy Information Administration, China's real GDP increased by 8.1% in 2021, a substantial improvement from the 2.2% growth in 2020 at the height of the COVID-19 lockdowns around the world. China was the fifth-largest producer of petroleum and other hydrocarbons in the world in 2021, and most of its production was derived from legacy fields. In 2021, natural gas accounted for 9 percent of total energy consumption. From 11.9 Tcf in 2020 to 13.4 Tcf in 2021, China's natural gas consumption increased by 13%. MEG is also used to dehydrate natural gas by absorbing water vapor from the gas stream. This process is essential for ensuring the quality and transportation of natural gas. Hence, all these elements will aid in the expansion of the regional market.
The China market dominated the Asia Pacific Monoethylene Glycol Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,479.8 million by 2029. The India market is registering a CAGR of 2.9% during (2023 - 2030). Additionally, The Japan market would showcase a CAGR of 4.2% during (2023 - 2030).
Based on End-Use, the market is segmented into Textile, Packaging, Automotive, Plastics, and Others. Based on Application, the market is segmented into Polyethylene Terephthalate (PET), Antifreeze, Polyester Fibers, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Monoethylene Glycol Market is Predict to reach $27.5 Billion by 2030, at a CAGR of 3.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Shell plc, LyondellBasell N.V., India Glycols Limited, SABIC, UPM Biochemicals, Kimia Pars Shayankar Co., Arham Petrochem Private Limited, Indian Oil Corporation Ltd., Pon Pure Chemicals Group, and ACURO ORGANICS LIMITED.
By End-Use (Volume, Kio Tonnes, USD Million, 2019-2030)
By Application (Volume, Kio Tonnes, USD Million, 2019-2030)
By Country(Volume, Kio Tonnes, USD Million, 2019-2030)
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