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How will rapid industrialization favor monoethylene glycol market trends?
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Frontrunners in the Tungsten Market:
Royal Dutch Shell plc, Reliance Industries Limited, BASF SE, Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Corporation (MCC), Lotte Chemical Corporation, Nan Ya Plastics Corporation, The Dow Chemical Company, Sinopec Zhenhai Refining & Chemical Company (ZRCC), LyondellBasell Industries N.V., MEGlobal, ExxonMobil Corporation, AkzoNobel, India Glycols, Chemtex Speciality Limited
Favorable government regulations in emerging regions such as Latin America, Asia Pacific and Middle East & Africa is also supporting monoethylene glycol industry size. Fast track industrialization in Asia Pacific is providing a substantial impetus to the market outlook. Meanwhile, North America and Europe are likely to collectively procure revenues more than USD 10 bn by 2024. The regions will reportedly account for around a quarter of the overall monoethylene glycol market.
Other factors supporting market trends include extending spending capabilities, economic progress on a global scale and subsequent expansion of end-use industrial sectors. Additionally, rising usage of the product in the textile industry on account of excellent strength, barrier, and other features is slated to further strengthen market trends.
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Polyester grade monoethylene glycol demand is soaring high due to extensive application in a plethora of industries including oil & gas and packaging. The textile and packaging industries, in particular, generate massive demand for the product due to its superior moisture barrier and strength characteristics. The polyester grade monoethylene glycol market share is expected to exceed USD 30 Mn by 2024.
Monoethylene glycol is well suited for application in chemical intermediates, polyester fiber, polyethylene terephthalate (PET), and antifreeze & coolants. Other applications of MEG include usage in leather processing, water-based adhesives, asphalt emulsions, latex paints, and humectants. Polyethylene terephthalate (PET) and polyester fiber are likely to jointly command almost 70% share of the market in the coming years owing to their excellent chemical as well as mechanical attributes.
Garnering positive response from the automotive industry, antifreeze & coolants segment is likely to surpass USD 3 bn by 2024. Monoethylene glycol is being widely used as a raw material in IC engine coolants and antifreeze formulations.
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Asia Pacific is likely to procure its position as one of the most profitable monoethylene glycol markets and is poised to exhibit noteworthy expansion in the coming years. Regional market growth will be led by China and India. Enactment of strict laws concerning the production of the MEG in the developed regions of North America and Europe has resulted in majority of the production of monoethylene glycol being cornered towards Asia Pacific as well as other developing regions. Economic upturn in the region has enabled expansion of various industrial sectors, which, in turn, is promoting regional market growth.
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