Mono Ethylene Glycol Pricing Report, Trend, Index, Chart, Demand, Forecast and Historical Prices

The mono ethylene glycol (MEG) market is driven by a robust demand primarily from the polyester and polyethylene terephthalate (PET) industries, where MEG is used as a crucial raw material in the production of polyester fibers, PET bottles, and packaging materials. The global surge in demand for polyester fibers, especially in the textile industry due to their cost-effectiveness, versatility, and durability, significantly propels the consumption of MEG. Environmental sustainability trends are also influencing market dynamics, as MEG is integral in manufacturing bio-PET, which offers a greener alternative to conventional PET. Furthermore, the automotive sector’s increasing use of antifreeze and coolants, which contain MEG, supports market growth amid rising vehicle production and maintenance needs.

The global mono ethylene glycol price trend reached US$ 26.5 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 37.6 Billion, at a projected CAGR of 4.00% during 2023-2032. In Q4 2023, the MEG market in North America displayed a moderate market scenario, characterized by reduced consumption from downstream packaging industries. Producers with excessive inventories resorted to selling the product at discounted prices to avoid stockpiling, thereby impacting both supply and pricing trends. However, in Mexico, MEG experienced significant changes in pricing, with a price increase in December 2023, driven by low supply and high demand. Another factor that led to potential increase in MEG prices were the surge in crude oil prices, which affected production costs.

The MEG market in the APAC region witnessed a moderate to low supply and a moderate to high demand. Pricing trends in Taiwan, India, Indonesia, and China were influenced by factors such as escalating feedstock costs, depreciation of ethylene feedstock costs, and an increase in crude oil prices impacting production costs. Specifically, South Korea’s pricing trend was influenced by a bullish market situation and low supply, leading to heightened demand and a surge in prices. There was a 2% increase in MEG prices compared to previous quarter and a notable -13% change in prices from the same quarter of the previous year. 

Overall, the MEG prices saw substantial fluctuations in the last quarter due to global supply chain disruptions primarily caused by COVID-19, which led to shortages of critical raw materials like ethylene. Concurrently, crude oil price volatility further influenced ethylene costs. On the demand side, there was a resurgence in sectors like textiles and automotive, driving up MEG demand. Additionally, environmental policies advocating for recycled and bio-based PET and shifting trade policies, particularly between the U.S. and China, played significant roles in affecting market dynamics and pricing strategies.

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