The global Monoethylene Glycol (MEG) Market is expected to regiser CAGR of 6.3% during 2017-2025, as per Brisk Insights.
Synthetic gas (carbon monoxide and hydrogen) is oxidized in the presence of methanol to produce monoethylene. Conversely, increasing popularity of bio-based monoethylene glycol is estimated to offer opportunities in upcoming years.
Polyethylene terephthalate (PET) is the fastest growing application of the monoethylene glycol market. Increase in usage of polyethylene terephthalate in the packaging industry is projected to boost the monoethylene glycol market. The popularity of PET has been growing in developing economies as a cheaper and lighter replacement for glass in the manufacture of bottles and packaging. The application scope of PET is growing at a very fast rate across emerging economies, significantly to the demand for monoethylene glycol. Growing production of polyester fiber in Asia Pacific is also likely to drive the demand for monoethylene glycol in the near future. The demand for monoethylene glycol is also increasing significantly in Latin America and MEA due to increasing consumption of polyester and PET.