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Product overview
Monoethylene glycol (MEG) is a non-volatile, colorless, odorless liquid, which is fully soluble in water and other organic solvents. MEG is manufactured industrially from ethylene, which is hydrated by the thermal or catalytic process, through ethylene oxide. Different sources, such as naphtha, synthesis gas, coal, and biomass, are obtained from the ethylene used in the manufacture of MEG, where gas-based technology is primarily used in the industry. Due to its renewability and reduced reliance on naphtha and coal-based sources, MEG's demand for the biomass-based production process is gaining popularity. MEG is one of the commonly used raw materials for the manufacture of polyester fibers and terephthalate polyethylene (PET) resins.
Market Highlights
Fatpos Global anticipates the Global and Japan Mono Ethylene Glycol Market to surpass USD 41.32 Billion by 2030, which is valued at 25.17 Billion in 2019 at a compound annual growth rate of 4.73%.
The prominent factor driving the global market growth is MEG's rising demand for polyester fiber-making. Polyester fibers are among the most commonly used fibers worldwide, accounting for more than 50 percent of the overall market for fibers. These fibers are used in the manufacture of many textile products, including garments, home furnishings, automotive fabrics, fabrics for tire cords, and nonwoven fabrics. Due to the many advantages provided by fibers over conventional fibers, such as resistance to moisture, grease, stains, and water, as well as high resistance to abrasion and wrinkles, the market for these fibers is increasing.
Global and Japan Mono Ethylene Glycol (MEG) Market Opportunity Analysis
Global and Japan Mono Ethylene Glycol Market: Segments
Global market has been segmented based on technology, application, and region.
By Technology (in %), Global and Japan Mono Ethylene Glycol Market, 2019
The moringa oil segment is anticipated to register XX% of the volume share.
The Global and Japan Mono Ethylene Glycol Market is segmented by technology into Naphtha-based, Coal-and natural gas-based, Bio-based, and Technology Providers. The naphtha-based segment is expected to grow at the highest CAGR during the forecast period. Due to its renewability and reduced reliance on naphtha and coal-based sources, MEG's demand for the biomass-based production process is gaining popularity.
By Application Type (in %), Global and Japan Mono Ethylene Glycol Market, 2019
Fiber segment accounted for XX% of the nation's volume in 2019
The Global and Japan Mono Ethylene Glycol Market is segmented by application into Fiber, PET, Film, Antifreeze & Coolant, and Others. Fiber is MEG's greatest application due to MEG's use in the manufacture of PET and polyester fibers. Polyester fiber accounts for around half of the total consumption of fibers, globally. It is commonly used in the clothing and apparel industry, in the manufacture of garments, home furniture, carpets and rugs, fiber filling, and non-woven fabrics. The rising automotive and building & design industries are contributing to the growth of the staple fiber market for polyester. Huge opportunity in the textile industry for the application of polyester leads to growth in the MEG market.
Global and Japan Mono Ethylene Glycol Market: Market Dynamic
Growing awareness and knowledge to increase the demand for moringa product market
The prominent factor driving global market growth is MEG's rising demand for polyester fiber-making. Polyester fibers are among the most commonly used fibers worldwide, accounting for more than 50 percent of the overall market for fibers. These fibers are used in the manufacture of many textile products, including garments, home furnishings, automotive fabrics, fabrics for tire cords, and nonwoven fabrics. Due to the many advantages provided by fibers over conventional fibers, such as resistance to moisture, grease, stains, and water, as well as high resistance to abrasion and wrinkles, the market for these fibers is increasing.
Health effects associated with MEG usage to hamper the market for MEG in Japan.
MEG is harmful to inhalation, absorption, and touch. The high aerosol concentration can cause respiratory irritation when inhaling MEG. One can suffer from mild eye discomfort followed by tears, pain, or even blurred vision when contacting the eyes. Skin contact may also cause slight irritation to the skin. Cardiopulmonary symptoms such as tachycardia, hypertension, extreme metabolic acidosis, hypoxia, congestive heart failure and syndrome of adult respiratory distress, as well as renal failure, may also be induced. The growth of the MEG market is hindered by these health hazards.
Global and Japan Mono Ethylene Glycol Market: Regions
In terms of value and volume, APAC accounted for XX% of total market volume share in 2019
The largest share of the overall business worldwide was in the APAC region. Due to the rising textile and packaging industries in the regional market, the regional market is projected to register the highest CAGR during the forecast period. The region's packaging industry is the largest in the world and is further expected to multiply due to increased disposable expenditure per capita and increasing demand for hygienic packaging in the pharmaceutical and food industries. Also, the expansion of the region's automotive industry is expected to further propel regional demand growth. In the upcoming years, the automotive industry in the economies of India, China, Japan, South Korea, and Thailand is projected to be the main MEG consumers in the regional market.
The region in Japan segment can be further divided into four major types including Eastern Japan, Northern Japan, Western Japan, and Southern Japan.
Japan Building Thermal Insulation Material Market is further segmented by region into:
Eastern Japan Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR
Northern Japan Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR
Western Japan Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR
Southern Japan Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR
Global and Japan Mono Ethylene Glycol Market: Competitive landscape
Key players depend on national and local suppliers to expand their share and their worldwide economy reach. Mergers and acquisitions are one of the main approaches used in this market. Strategy and business strategy and product introduction are some of the market strategies that the companies operating on the Mono Ethylene Glycol Market have undertaken. These strategies have helped the businesses expand and build a wider base of customers and partners in the key markets. The needs of end-user segments for MEG change constantly, making continuous investment in R&D and innovative solutions essential for manufacturers.
Global and Japan Mono Ethylene Glycol Market: Key Players
LG Chem
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
India Glycols Limited
Indian Oil Corporation Ltd.
Indorama Ventures Public Company Limited
Ineos Oxide
Kuwait Petroleum Corporation
Lotte Chemical Corporation
Mitsubishi Chemical Corporation
Mitsui Chemicals, Inc.
Other prominent players
Global and Japan Mono Ethylene Glycol Market report also contains analysis on:
Global and Japan Fatty Alcohol Market Segments:
By Technology:
Naphtha-based
Coal-and natural gas-based
Bio-based
Technology Providers
By Application:
Others
Antifreeze & Coolant
Film
PET
Fiber
Global and Japan Fatty Alcohol Market Dynamics
Global and Japan Fatty Alcohol Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints