Latest news with #MonoethyleneGlycol
The Hindu
19-07-2025
- Business
- The Hindu
Textile industry seeks uniform GST rate
The textile industry is pitching for a fibre-neutral GST at 5% for the entire textile and apparel value chain. Currently, cotton-based textile sector has 5% GST, except for garments priced above ₹1,000. These garments attract 12% duty. However, in the Man Made Fibre (MMF) sector, the GST on PTA (Purified Terephthalic Acid) and MEG (Monoethylene Glycol) that are critical raw materials for polyester production is 18%, MMF filament and spun yarn attract 12% duty, fabric and garments are at5 %, and garments and fabric priced above Rs. 1,000 a piece are at 12%. There should be no inverted duty structure and there should be a fibre-neutral rate which is the lowest in the GST slabs, said RK Vij, secretary general of Polyester Textiles Apparel Industry Association. If the industry should achieve the target of $100 billion annual exports and $250 billion domestic sales by 2030, all sectors of the textile industry should grow. For now, there is no major expansion in the pipeline for three years in the viscose sector and the cotton sector is not growing. The growth of the MMF sector is crucial and hence, the government should rationalise the GST rates for this sector, right from the raw material stage, he said. According to K. Selvaraju, secretary general of the Southern India Mills Association, garments and fabric priced above ₹2,000 should be levied 12% duty and for the other products across the textile value chain, be it cotton, viscose, or polyester, the rate should be 5%. The micro, small and medium-scale enterprises are struggling when funds are blocked in tax paid for inputs. MMF-based fabric and garment are the most affordable for the common man. And, hence, MMF sector should also be brought under uniform 5% duty. Further, textile and apparel sector is the highest job-generating industry and it should attract investments to create more jobs. Rationalisation of the GST rates will help make investments viable, he said.
Yahoo
27-05-2025
- Business
- Yahoo
Monoethylene Glycol Market to Reach USD 36.87 Billion by 2032
Rising demand for polyester-based apparel and eco-friendly coolants, coupled with advancements in MEG production technologies, is fueling robust monoethylene glycol market growth. Austin, May 27, 2025 (GLOBE NEWSWIRE) -- The Monoethylene Glycol Market Size was valued at USD 26.78 billion in 2024 and is expected to reach USD 36.87 billion by 2032, growing at a CAGR of 5.96% over the forecast period of 2025-2032. Download PDF Sample of Monoethylene Glycol Market @ Expanding Applications and Sustainable Innovations Propel Growth in Key Industrial Glycol Market The monoethylene glycol (MEG) market is expanding fast with its use in the production of PET for packaging and fibres. Increasing customer preference for environmentally-friendly packaging and lightweight textile fibers from around the world over, has boosted its demand. EIA data indicates that ethylene production will grow by 4.5% over the period 2022-2023, underpinning more production capacity for MEG. Industry heavyweights Dow Inc. and LyondellBasell are among those who say they are ramping up production to support this growth in demand. Besides industrial applications, MEG derivatives are increasingly used in personal care and cosmetics, indicating increased public awareness. Additionally, government backing in Europe and North America, describing recycling and bio-based raw materials, should further propel growth through 2032. The US Monoethylene Glycol Market Size was valued at USD 1.04 billion in 2023, projected to reach USD 1.44 billion by 2032, growing at a CAGR of 4.19% over the forecast period of 2024-2032. The U.S. monoethylene glycol market is witnessing a gradual growth with the increasing packaging and automobile sectors. The US Environmental Protection Agency (EPA) has promoted the use of MEG in greener packaging, and this is stimulating demand. Companies such as Shell Chemical have stepped up production in order to meet demand at home, a sign of the market's strength despite shifts in the supply chain. Key Players: SABIC Dow Inc. LyondellBasell Industries India Glycols Limited Reliance Industries Limited Shell Chemicals MEGlobal BASF SE Huntsman Corporation ExxonMobil Chemical Monoethylene Glycol Market Report Scope: Report Attributes Details Market Size in 2024 USD 26.78 Billion Market Size by 2032 USD 36.87 Billion CAGR CAGR of 5.96% From 2025 to 2032 Base Year 2024 Forecast Period 2025-2032 Historical Data 2021-2023 Report Scope & Coverage Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook Key Segments • By Grade (Parts per trillion (ppt), Parts per billion (ppb))• By Application (Semiconductors, PCB Panels, Pharmaceuticals) Key Drivers • Growth of PET packaging for food and beverages drives the market growth. If You Need Any Customization on Monoethylene Glycol Market Report, Inquire Now @ Evolving Supply Chain Dynamics and Raw Material Cost Trends Shaping the Monoethylene Glycol Market Fluctuations in crude oil and natural gas prices directly impact the cost of ethylene, a primary raw material for Monoethylene Glycol production. Disruptions in global logistics and shipping, including container shortages and port delays, have caused intermittent supply chain bottlenecks affecting MEG availability. Increased investments in shale gas extraction, particularly in North America, have lowered ethylene feedstock costs, improving MEG production margins. Growing emphasis on sourcing bio-based ethylene as a sustainable alternative is influencing raw material pricing and supply chain diversification strategies. Trade policies and tariffs between major producing and consuming countries, such as the US, China, and Europe, continue to affect import-export costs and MEG market pricing dynamics. By Application, the PET Segment Dominated the Monoethylene Glycol Market in 2023 with a 68% Market Share This growth is led by the increasing use of PET bottles and packaging materials in the food and beverage industry and the growing tendency of consumers towards lightweight, recyclable packaging materials. Powerful packaging groups Amcor and Ball Corporation have ramped up their use of PET, fueling demand for MEG. Moreover, the use of PET fibers for durable, versatile fabrics by the textile industry also contributes to the continued strength in the PET resin market. Demand for PET recycling Despite the continuous sustainability campaigns on recycling PET products, it is anticipated that growth in this segment market will continue throughout the entire 2022. By End-use Industry, Textile Dominated the Monoethylene Glycol Market in 2023 with a 42% Market Share MEG is a key raw material for polyester fibers, which are in turn used in making textiles around the world. The growing demand for polyester apparel and home textiles, with technological advancements in moisture-wicking and durable fabrics, has contributed to the growth of this segment. Companies such as Invista and Toray have indicated increased polyester fiber production in North America and Asia, highlighting the integral part MEG plays in the value chain. The wear is also supported by growing clothing consumption in developing countries and growing investment in technical textiles. Asia Pacific dominated the Monoethylene Glycol Market in 2023, Holding a 42% Market Share The region's leadership is a result of fast-paced industrialization, increasing textile manufacturing hubs in China and India, and surging packaging demand. The growing downstream sector, along with chemicals capacity expansion, backed by favorable government schemes, makes Asia Pacific the leading MEG consumer. For instance, Reliance Industries' large-scale MEG increases in capacity in India, as well as the further increase in polyester fiber output in China, emphasize the market domination in this part of the world. Other than this, increased bio-based MEG project investments are scaling up the sustainable growth in the region. North America Emerged as the Fastest Growing Region in the Monoethylene Glycol Market with A Significant Growth Rate in The Forecast Period This increase is influenced by growing demand from the packaging and automotive industries for eco-friendly and light weight materials. US government support for bio-based chemical production and the increasing importance of shale gas ethylene feedstock will give cost benefit. Companies including Dow and LyondellBasell are committed to making capacity expansions and technology upgrades to serve to growing demand. Additionally, increasing eco-friendly antifreeze formulations and burgeoning polyester textile output in the region are boosting the market growth. Recent Developments October 2024: Sustainea and Primient planned a $400M Bio-MEG plant in Indiana, boosting sustainable MEG production and local employment by 2028. June 2024: Technip Energies acquired Shell's glycol purification tech to advance bio-based MEG production, aiming for commercial launch by Full Research Report on Monoethylene Glycol Market 2025-2032 @ Table of Contents – Major Key Points 1. Introduction 2. Executive Summary 3. Research Methodology 4. Market Dynamics Impact Analysis 5. Statistical Insights and Trends Reporting 6. Competitive Landscape 7. Monoethylene Glycol Market Segmentation, By Application 8. Monoethylene Glycol Market Segmentation, By End User Industry 9. Regional Analysis 10. Company Profiles 11. Use Cases and Best Practice 12. Conclusion Read Our Trending Reports: Europe Propylene Glycol Market Size and Emerging Trends (2024-2032) North America Holds 35% Share in Polyethylene Glycol Market with Expected CAGR of 6.3% Driven by Cosmetics and Pharmaceutical Growth North America Leads Bio-Based Propylene Glycol Market with 34.1% Share Driven by Sustainable Product Demand and Automotive Industry Growth About Us: SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world. 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