Global Monoethylene Glycol Production Takes Off

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Researched by Industrial Info Resources (Sugar Land, Texas)--Monoethylene glycol (MEG), a product of ethylene/ethylene oxide and water, is a colorless, glue-like liquid that finds application across various industries. The market for MEG is currently thriving due to the rising demand from the packaging and textile industries, growing automotive sector, and significant progress being made in renewable energy. According to CHEMANALYST, the demand for MEG reached about 28 million tonnes in 2022 and is expected to grow at a compound annual growth rate of 3.2% until 2030.

MEG is primarily used in the production of polyethylene terephthalate (PET) and polyester fibers. Extensive use of PET in consumer durables such as bottles and containers, along with the growth in fabric manufacturing, has been driving the demand for MEG globally. MEG also serves as a vital component in antifreeze formulations, coolants and heat transfer fluids in solar panels, especially concentrated solar power.

Owing to these benefits, many companies are setting up new facilities and expanding existing ones to increase production and meet rising demand.

Industrial Info is tracking more than 70 capital projects that are worth about US$20 billion that are geared toward MEG production.

Asia is the biggest driver of investment, with spending of about US$19 billion. It is followed by Europe with an investment of US$900 million.

About half of the projects are unit additions, while 30% are grassroot projects. With 48% of the investment in the initial planning stages and 28% already under construction, most of these projects are anticipated to be completed between December 2027 and June 2028, while the rest will reach fruition by October 2030.

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Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).