India Monoethylene Glycol (MEG) Market to Grow with a CAGR of 5.00% through 2029

Growing demand of monoethylene glycol (MEG) in plastics industry is expected to drive the India Monoethylene Glycol (MEG) Market growth in the forecast period, 2025-2029.

According to TechSci Research report, “India Monoethylene Glycol (MEG) Market- By Region, Competition, Forecast and Opportunities, 2019-2029”, the India Monoethylene Glycol (MEG) Market stood at USD 2.53 billion in 2023 and is anticipated to grow with a CAGR of 5.00% in the forecast period, 2025-2029. Initiative taken by government based on monoethylene glycol (MEG) has led to favorable market conditions for the India Monoethylene Glycol (MEG) Market. Several factors contribute to the growth of various monoethylene glycol (MEG) products.

The Indian government recently made a significant decision by dropping an anti-dumping investigation into MEG imports, responding to a request from Reliance Industries Limited (RIL). This move is aimed at bolstering the availability and accessibility of MEG within the country, which plays a crucial role as a raw material for Polyester Staple Fibre (PSF). By rejecting the imposition of anti-dumping duty on MEG, India is ensuring a stable supply of this essential component and supporting the growth of the polyester industry.

Furthermore, as part of their efforts to bridge the gap in the petrochemical industry, the Indian government has unveiled ambitious plans to attract approximately $87 billion worth of new petrochemical projects. This strategic initiative is designed to enhance the production and availability of various petrochemical products, including MEG. With this comprehensive approach, India is poised to strengthen its position in the petrochemical sector and stimulate economic growth in the country.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "India Monoethylene Glycol (MEG) Market”

The automotive industry heavily depends on plastics for a wide range of components. These include not only interior parts and exterior body panels but also crucial engine components. One important element in the production of polyethylene terephthalate glycol (PETG) is MEG, which plays a vital role in automotive manufacturing. Given the robust growth of the automotive sector, the demand for MEG in the plastics industry has seen a significant increase. This trend is driven by the industry's continuous innovation and adoption of plastics for various applications, further reinforcing the integral role of MEG in shaping the future of automotive manufacturing.

India Monoethylene Glycol (MEG) Market is segmented into type, end use, regional distribution, and company

Based on its end use, the polyester fiber and yarn segment held the largest market share in the forecast period. The polyester resin, an essential component in the production of polyester fiber, is meticulously transformed into fibers through various methods like melt spinning and wet spinning. One notable advantage of employing MEG (monoethylene glycol) in the process is its cost-effectiveness as a raw material, alongside its commendable safety and environmental characteristics. Moreover, MEG finds application in antifreeze due to its ability to lower the freezing point of water. This remarkable property arises from the formation of hydrogen bonds between MEG and water molecules, effectively preventing freezing even in extremely cold weather conditions. Consequently, the inclusion of MEG in antifreeze ensures the prevention of engine coolant from freezing, guaranteeing optimal performance regardless of the temperature.

Within the forecast period, the Polyethylene Terephthalate (PET) segment is projected to dominate the market share. This dominance is primarily attributed to the exceptional properties of MEG compared to alternative products in PET production. These properties encompass thermal stability, reactivity, compatibility, clarity & transparency, and barrier properties. As a critical raw material, MEG plays a vital role in the synthesis of polyester fiber. It reacts with terephthalic acid, leading to the formation of Dimethyl Terephthalate (DMT), which subsequently undergoes polymerization to generate polyester resin. This intricate process showcases the significance of MEG in the intricate production chain of polyester fiber.

Based on region, West India segment is expected to grow during the forecast period. The increasing demand from the textile, packaging, and electronics industries in the region can be attributed to several factors. Firstly, the textile industry, which is one of the major end-users in India, heavily relies on the product. Polyester fibers, derived from the manufacturing process, find applications in various textile products including clothing, carpets, and furniture. The versatility and durability of polyester fibers make them a preferred choice in the textile industry. The growing demand for polyester fibers from the textile industry is expected to play a significant role in driving regional market growth. As the textile industry continues to expand and evolve, the demand for the product is anticipated to rise even further, creating new opportunities for market players in the region. Overall, the increasing demand from multiple industries and the strong presence of the textile sector make the region a promising market for the product's growth and development.

Major companies operating in India Monoethylene Glycol (MEG) Market are:

• Reliance Industries Limited
• Indian Oil Corporation Limited
• India Glycols Limited
• Arham Petrochem Private Limited
• HELM India Private Limited

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“Growing application of monoethylene glycol (MEG) in various end user industries are key drivers of the monoethylene glycol (MEG) market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of monoethylene glycol (MEG) with every passing year are anticipated to register an impressive growth to India Monoethylene Glycol (MEG) Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“India Monoethylene Glycol (MEG) Market By Type (Polyester Fiber and Yarn, PET Resin, Polyester Film, Others), By End Use (Packaging, Textile, Automotive, Others), By Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated the future growth potential of India Monoethylene Glycol (MEG) Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Monoethylene Glycol (MEG) Market.

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