South Korea's auto industry driving MEG demand in Asia

10-Sep-10

Strong growth in sales figures in South Korea's automobile industry is driving demand for mono ethylene glycol (MEG), as per Chemical Explorer. In August, South Korea's number one and the world's fifth largest automaker Hyundai Motors reported a 17% jump in sales, affiliate Kia Motors witnessed a 55% jump in sales. Both these automakers have launched and prepare to introduce newer models this year. Even Sangyong Motor, which is in bankruptcy protection and has signed a preliminary acquisition agreement with India's Mahindra and Mahindra, saw its sales more than triple last month from a year ago. MEG is used in the production of antifreeze fluid used in automobile radiators.