[2029] India Monoethylene Glycol (MEG) Market Update, Overview, Data, Forecast

India Monoethylene Glycol (MEG) Market has reached USD2.53 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 5.00% through 2029. Mono Ethylene Glycol (MEG) is primarily produced through the oxidation of ethylene in the presence of a silver oxide catalyst at high temperatures.

The resulting ethylene oxide is then hydrated to yield mono ethylene glycol, accompanied by the production of di and tri ethylene glycols as co-products. MEG itself is a colorless, odorless, and syrupy liquid with a sweet taste. It can be stored in stainless steel, aluminum, or lined drums, tank cars, or tank trucks.With a specific gravity of 1.115 and a flashpoint of 110 °C (closed cup), it is important to note that MEG is unsuitable for transportation by road, rail, air, or sea due to its harmful nature, particularly if swallowed. The applications of mono-ethylene glycol are extensive.Notably, it is a crucial ingredient in the production of polyester fibers, polyethylene terephthalate (PET) resins, and engine coolants. Additionally, MEG and its intermediates find utility in resins, solvent couplers, freezing point depression, solvents, and humectants. Its humectant properties make it particularly suitable for use in textile fiber treatment, and the paper industry, as well as in adhesives, inks, and cellophane. Furthermore, it serves as a dehydration agent in natural gas pipelines, effectively preventing the formation of natural gas clathrates before being collected and reused. 

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  Beyond these applications, MEG finds wide usage in the manufacturing processes of food and beverages, medicines, cosmetics, and more. The growing demand for polyester fiber in the textile sector further drives the market for MEG. Additionally, the packaging and textile industries contribute to the upsurge in demand for MEG, as the use of plastics, particularly PET, continues to grow. The pharmaceutical and food & beverage packaging sectors, in particular, are notable factors for industry growth, given the extensive use of PET in the production of various packaging materials such as sheets, films, bottles, and containers. With these details, it becomes evident that mono-ethylene glycol plays a vital role in various industries, supporting their production processes and enabling the development of innovative products.

Key Market Drivers-India Monoethylene Glycol (MEG) Market

• Increasing Demand for Monoethylene Glycol from the Packaging Industry
Monoethylene glycol (MEG) is experiencing a remarkable surge in demand, primarily fueled by its increased utilization in the packaging industry. As the need for high-quality packaging materials continues to grow, along with the rising demand for polyester fibers, the monoethylene glycol market in India is expanding at an unprecedented rate.The packaging industry plays a pivotal role in driving the demand for monoethylene glycol in India. MEG serves as a fundamental ingredient in the production of polyethylene terephthalate (PET), which is widely used in various packaging applications. The exceptional properties of PET, such as its strength, transparency, and barrier capabilities, make it an ideal choice for packaging food and beverages, personal care products, pharmaceuticals, and more.With the increasing emphasis on sustainability and environmental consciousness, PET has gained significant popularity as an eco-friendly packaging material. This, in turn, has contributed to the growing demand for monoethylene glycol, as it is an essential component in PET production. India, with its rapidly expanding consumer base and rising disposable income, presents a significant growth opportunity for the monoethylene glycol market.As the packaging industry continues to evolve and meet the ever-changing needs of consumers, the demand for PET and, consequently, monoethylene glycol is expected to witness a robust upward trajectory. To meet the escalating demand for monoethylene glycol from the packaging industry, manufacturers are focusing on technological advancements and innovative production processes. These initiatives aim to enhance product quality, increase production efficiency, and develop cleaner and more sustainable manufacturing practices, thereby ensuring a steady supply of high-quality monoethylene glycol in the market. 

Key Market Players-India Monoethylene Glycol (MEG) Market

• Reliance Industries LimitedIndian Oil Corporation LimitedIndia Glycols LimitedArham Petrochem Private LimitedHELM India Private Limited
 

Growing Demand for Monoethylene Glycol from Textile Industry

The textile industry plays a crucial role in driving the demand for monoethylene glycol in India. Monoethylene glycol is widely used in the production of polyester fibers, which find extensive applications in the textile industry for the manufacturing of clothing, home textiles, and industrial textiles. Polyester is favored by consumers due to its exceptional properties such as durability, wrinkle resistance, and color retention. India’s textile industry is experiencing significant growth, fueled by factors such as population growth, rising disposable income, and evolving fashion trends. With the increasing demand for textiles, the need for polyester fibers is also on the rise, thereby further boosting the demand for monoethylene glycol. This upward trend in demand indicates a promising future for the textile and monoethylene glycol industries in India.

Growing Demand for Monoethylene Glycol (MEG) in the Production of Batteries

The increasing adoption of electric vehicles (EVs) and the global shift towards renewable energy sources have led to a significant rise in battery demand. Batteries play a crucial role in powering EVs and storing renewable energy generated from sources such as solar and wind. Among the various components of batteries, monoethylene glycol (MEG) is utilized in the electrolyte solution of lithium-ion batteries, where it helps enhance the efficiency and performance of the batteries. India, as a nation, is witnessing rapid growth in the EV market, driven by the government’s focus on promoting electric mobility and reducing carbon emissions. In line with this vision, the country aims to achieve 30% electrification of vehicles by 2030, setting an ambitious target that requires significant advancements in battery technology. This, coupled with the rising demand for energy storage solutions, is driving the need for MEG in battery production.MEG stands out as an ideal choice for lithium-ion batteries due to its unique properties. With a high boiling point, low vapor pressure, and the ability to dissolve lithium salts, MEG contributes to the overall performance and stability of the batteries. The utilization of lithium-ion batteries brings several advantages over traditional lead-acid batteries, including higher energy density, longer lifespan, and faster charging capabilities. These factors, combined with ongoing technological advancements in battery production, are contributing to the increasing demand for MEG in India’s battery manufacturing sector.As the government continues to promote clean and sustainable energy alternatives, the demand for lithium-ion batteries is expected to surge. This, in turn, will fuel the demand for MEG, creating significant opportunities for the monoethylene glycol market in India to expand further. With its critical role in battery production, MEG is poised to become an integral component of the evolving energy landscape, supporting the country’s journey towards a greener future. 

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Key Market Challenges-India Monoethylene Glycol (MEG) Market

• Volatility in Prices of Raw Materials
Crude oil prices have a direct and significant impact on the pricing of ethylene, a primary raw material extensively used in the production of monoethylene glycol. Ethylene, which is derived from crude oil or natural gas liquids, plays a crucial role in determining the cost of production for monoethylene glycol. Therefore, any fluctuations in the price of crude oil can have a cascading effect on the overall cost of ethylene, consequently affecting the pricing of monoethylene glycol.In the global monoethylene glycol market, the challenge of continuous fluctuations in raw material prices is a common phenomenon, and India is no exception. The volatility in crude oil prices can significantly impact the profitability and operational efficiency of manufacturers in the monoethylene glycol industry. The instability in raw material prices poses challenges for both MEG manufacturers and consumers in India. 

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• Product OverviewResearch MethodologyImpact of COVID-19 on India Monoethylene Glycol (MEG) MarketExecutive SummaryVoice of CustomerIndia Monoethylene Glycol (MEG) Market: Demand & Supply Analysis
6.1.  Production6.1.1.    By Company6.2.  Import6.3.  Export6.4.  Inventory6.5.  Demand-Supply Gap

7. India Monoethylene Glycol (MEG) Market Outlook

7.1.  Market Size & Forecast7.1.1.    By Value & Volume7.2.  Market Share & Forecast7.2.1.    By Type (Polyester Fiber and Yarn, PET Resin, Polyester Film, Others)7.2.2.    By End Use (Packaging, Textile, Automotive, Others)7.2.3.    By Region7.2.4.    By Company (2023)7.3.  Market Map7.3.1.    By Type7.3.2.    By End Use7.3.3.    By Distribution Channel

8. North India Monoethylene Glycol (MEG) Market Outlook

8.1.  Market Size & Forecast8.1.1.    By Value & Volume8.2.  Market Share & Forecast8.2.1.    By Type8.2.2.    By End Use

9. South India Monoethylene Glycol (MEG) Market Outlook

9.1.  Market Size & Forecast9.1.1.    By Value & Volume9.2.  Market Share & Forecast9.2.1.    By Type9.2.2.    By End Use