Monoethylene Glycol Market is set achieve lucrative growth during the forecast period; according to a new research report. Asia Pacific monoethylene glycol industry has been projected to register a rather commendable growth rate of 7% over 2017-2024, driven by the extensive contribution of countries such as India and China and the robust demand for polyester fiber in the region. The fact that more than 90% of the global polyester fiber production of 2014 took place in Asia Pacific affirms the aforementioned analysis. Subject to the robust economic growth of the emerging nations, higher disposable incomes and relaxed regulations on the manufacturing of MEG, Asia Pacific will register the highest demand as well as supply for MEG, providing a major stimulus to the regional MEG market.
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North America MEG industry on the other hand, may register a slower growth rate due to the imposition of stringent regulations on the manufacturing of MEG in these regions. In consequence, it has even been observed that major MEG industry players have shifted their base to Middle East and Africa.
Based on grade, monoethylene glycol market is segmented into polyester, industrial, antifreeze, and low conductivity. With a major share in the market, the polyester grade will witness significant gains over the forecast time spell driven by its extensive applications in the packaging and textiles industry. The product exhibits exceptional performance, strength, and mechanical properties.
The extensive application spectrum of monoethylene glycol market is one of the pivotal drivers responsible for its extensive growth in recent years. Subject to the fact that it is a basic raw material endowed with outstanding properties such as tenacity, durability, and hydrophobicity, it is used extensively to develop polyester fiber, that is further deployed in the manufacturing of ropes, outwears, garments, rugs, carpets, and numerous other household products.
It is prudent to mention that global polyester fiber sector revenue stood at a massive USD 85 billion in 2016, and has been anticipated to expend further in the years to come, which will substantially augment the commercialization potential of monoethylene glycol industry as well. The utilization range of this material spans myriad niche verticals, pertaining to which MEG market size was pegged at an appreciable USD 25 billion in 2016.
Considering application, the monoethylene glycol market is bifurcated as PET, polyester fiber, antifreeze & coolants, chemical intermediates, and others. The significant automotive industry growth will propel the antifreeze & coolants market to surpass USD 3 billion by the end of the forecast period.
The huge textile and packaging industry coupled with strong development in the automotive industry will foster the monoethylene glycol market in the Asia Pacific region. Asia Pacific will be the fastest growing region led by India and China owing to strong growth opportunities in these countries. With a collated share close to USD 10 billion, North America and Europe will capture close to 25% monoethylene glycol market by 2024.
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Table Of Content For This Research Report:
Chapter 4. Monoethylene Glycol Market, Grade By Application
4.1. Global monoethylene glycol market share grade by application, 2016 & 2024
4.2. Polyester grade
4.2.1. Market estimates and forecasts, by application, 2013 – 2024
- Polyester fiber
4.2.2. Market estimates and forecasts by region, 2013 – 2024
4.3. Industrial grade
4.3.1. Market estimates and forecasts, by application, 2013 – 2024
- Chemical intermediates
4.3.2. Market estimates and forecasts by region, 2013 – 2024
4.4. Antifreeze grade
4.4.1. Market estimates and forecasts, by application, 2013 – 2024
- Antifreeze & coolants
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Major players operating in the monoethylene glycol market include Reliance Industries, Mitsubishi Chemical, AkzoNobel, Royal Dutch, The Dow Chemicals, and SABIC. These companies being significant players hold close 45% market share collectively. Other prominent companies are ExxonMobil Corporation, MEGlobal, LyondellBasell Industries, Sinopec Zhenhai Refining & Chemical Company, Nan Ya Plastics Corporation, Lotte Chemical Corporation, Chemtex Specialty, and India Glycols to name a few.
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