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Monoethylene Glycol Market Key Players are AkzoNobel, Reliance, SABIC, Dow Chemicals, MEGlobal, Sinopec, LyondellBasell Industries, Royal Dutch and Mitsubishi
Monoethylene Glycol Market
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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.
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.
Expansion in various industrial sectors such as textile, automotive, paints & coatings, packaging and others owing to the economic growth and upsurge in spending power, will boost the monoethylene glycol market demand by 2024. Increasing demand for plastic packaging from pharmaceutical, cosmetics, food & beverage and other industries is the key driving factors for monoethylene glycol market growth. This is due to its extensive usage of the product in the manufacturing of PET and polyester resins. Increasing demand for polyester fiber, especially in Asia Pacific, is fueling the monoethylene glycol market demand, owing to its extraordinary chemical and mechanical properties.
Volatility in feedstock material prices will be the key restraining factor for the monoethylene market growth over the forecast period. The product is manufactured from ethylene, a derivative of crude oil and fluctuation in oil prices directly impacts on the raw material prices. Price fluctuation results in unpredictable supply, which hinders manufacturing processes, thus creating a major setback for the monoethylene glycol market.
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Monoethylene glycol market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Monoethylene Glycol Market by Grade by Application
• Polyester grade
o PET
o Polyester fiber
o Others
• Industrial grade
o Chemical intermediates
o Others
• Antifreeze grade
o Antifreeze & coolants
o Others
• Others
o Chemical intermediates
o Polyester fiber
o Others
Monoethylene Glycol Market by Application
• Polyester fiber
• PET
• Antifreeze & coolants
• Chemical intermediates
• Others
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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.
The prominent manufacturers in the monoethylene glycol market which include AkzoNobel, Reliance, SABIC, Dow Chemicals, MEGlobal, Sinopec, LyondellBasell Industries, Royal Dutch and Mitsubishi, which hold over half of the overall market share. SABIC has a significant integration throughout the product value chain as it manufacturers the raw materials required for the monoethylene glycol production.
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