Chemicals and Materials Monoethylene Glycol (MEG) Market New | Page 2

PET is the second largest application in MEG market owing to high demand of MEG in the
production of PET bottles. Growing packaging end-use industry and changing trends in
packaging are encouraging the use of PET as it can be recycled and reused.
The Asia Pacific MEG market is projected to grow at the highest CAGR during the
forecast period
Asia Pacific is the largest and the fastest-growing market for MEG in terms of volume. It is
also a major market for textiles, packaging, automotive, chemical processing and oil & gas
globally. Countries in the Asia Pacific are expanding their production capacities and
investing in new projects to decrease dependence on imports and thereby boosting
regional energy security and autonomy. China is investing more in coal-based MEG
production facilities to decrease its imports. Growing economies, increasing population,
and standards of living are driving the applications such as PET and fiber in turn driving
the demand for MEG.
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The key players operating in the MEG Market are SABIC (Saudi Arabia), Formosa (Taiwan),
Dow (US), BASF SE (Germany), MEGlobal (UAE), Sinopec (China), Shell (Netherlands),
Reliance (India), and SIBUR (Russia). These companies undertake dynamic business
strategies that propel the growth of the MEG Market.
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