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What's Driving The Monoethylene Glycol Market Growth? | Exxonmobil, Shell, Reliance Industries Limited, BASF, The Dow Chemical Company, Lyondellbasell, Akzonobel

06-17-2019 07:21 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights

Monoethylene Glycol Market

Monoethylene Glycol Market

Monoethylene Glycol Market will likely surpass USD 40 billion by 2024; 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. 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.

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The stance for Asia Pacific remains robust as the region is considered as the one with the strongest growth opportunities in the world. The region continues to be the growth leader being home to 61% population in the world and consisting of 15 of the top 30 megacities in the world. The dynamic lifestyle changes of the massive youth population have created a huge demand for textiles for apparels as well as for home decoration. Growing polyester fiber demand from the textile industry in this region will be a major driver for the monoethylene glycol market growth in the coming decade. Polyester fabric finds extensive applications in yarns & ropes, home furnishings, apparels, and other industrial applications, which include insulating tapes and conveyor belts.

The rising usage of polyethylene terephthalate (PET) in various applications, consumer products including bottles and food containers will also propel the monoethylene glycol market demand over the next seven years. Changing consumer lifestyles, increasing the purchasing power of the population, and rapid urbanization in emerging economies including India, China, Mexico, and Brazil will foster the packaging industry in these countries. This will boost the monoethylene glycol market in these regions in the coming years.

Growth drivers Increasing production of polyethylene terephthalate (PET) Increasing demand for polyester fiber in Asia Pacific region Growth in several industrial sectors

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Shell
2. Reliance Industries Limited
4. SABIC (Saudi Basic Industries Corporation) For Petrochemical
5. Mitsubishi Chemical America
6. Lotte Chemical
7. Nan Ya Plastics Corporation
8. The Dow Chemical Company
9. Sinopec Zhenhai Refining & Chemical Company
10. LyondellBasell
11. MEGlobal
12. ExxonMobil
13. AkzoNobel
14. India Glycols Limited, Delhi
15. Chemtex Speciality Limited

Diethylene glycol (DEG) or diglycol, and triethylene glycol (TEG), popularly known as triglycol are the glycol byproducts, which act as substitutes. The high cost of refining ethylene glycol refining acts as a hindrance and is said to challenge the monoethylene glycol market in the upcoming years. Moreover, potential health hazards of the product owing to its toxic nature will further hamper the growth of the monoethylene glycol market in the future years.

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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.

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.

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.

Browse key industry insights spread across 260 pages with 418 market data tables & 27 figures & charts from the report, “Monoethylene Glycol Market” in detail along with the table of contents:

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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