Though production has seen modest growth (5% of CAGR), it is not enough to meet domestic demand. India's limited production mandates users and distributors to procure MEG through imports. There is, therefore, very little scope for India exporting MEG.
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Capacity utilization has been increased to achieve the level of nearly 100%, while no new facilities have come online. Demand for MEG has been strong in the domestic market, witnessing a CAGR of 10.3%. The growth momentum is expected to continue with demand expected to cross 2 million tons by 2016-2017, while it was recorded to be around 18, 33,700 metric tons in 2013-14.
MEG demand is primarily fuelled by its use in PET, packaging, automotive coolants and polyester manufacture. A surge or fall in the end consumption will, therefore, have a direct influence on the production and demand scenario in India. Also, feedstock production and demand also determine MEG economics, since the cost of feedstock is the single largest contributor to MEG's production prices.
Contact our team of experts for reliable and exclusive coverage of the sector. As the only service provider that brings you updates on the Indian MEG market, Indianpetrochem's data and market analysis will be critical to your business decisions and operation expansion plans.
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