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Monoethylene Glycol Market Outlook, Opportunity And Demand Analysis, Forecast to 2023
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The increasing demand for non-ionic surfactant and growing textile & fiber industries are expected to create ample opportunities for the growth of the global monoethylene glycol market, during the forecast period.
Based on application, the monoethylene glycol market can be segmented into antifreeze, polyester fiber, polyethylene terephthalate (PET), and others. The major application areas of monoethylene glycol are polyester fiber and polyethylene terephthalate (PET).
Monoethylene glycol is commonly known as ethylene glycol that is a colorless, sweet tasting, and odorless organic compound. Monoethylene glycol is manufactured from ethylene, a downstream product of natural gas and crude oil. Monoethylene glycol is one of the most important raw materials required for industrial applications.
Geographically, Asia-Pacific is the largest market for monoethylene glycol. During the forecast period, the Asia-Pacific monoethylene glycol market is expected to grow at the fastest rate, owing to the presence of large number of fibers and textile manufacturers in the region.
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Several major players such as Reliance Industries Limited and Royal Dutch Shell PLC are involved in the production of raw materials. Monoethylene glycol is produced from ethylene, a downstream product of crude oil. Reliance Industries Limited and Royal Dutch Shell PLC are also involved in the manufacturing of monoethylene glycol.
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