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Monoethylene glycol market size, share, key players are BASF, SABIC, MCC, Dow, ZRCC, AkzoNobel, India Glycols, Chemtex Speciality
monoethylene glycol market
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In terms of application, MEG is majorly used in PET, polyester fiber, chemical intermediates, and antifreeze & coolants. It is used in the production of water-based adhesive, asphalt emulsions, latex paints and humectants. Of these key applications, PET and polyester fiber are estimated to maintain over 70% of the global monoethylene glycol market share by 2024.
Meanwhile, in terms of revenue, the antifreeze & coolant segment is expected to exceed USD 3 billion by 2024. MEG acts as a raw material for the formulation of antifreeze & coolants. An increase in the demand for IC engine coolants may foster monoethylene glycol market growth over the predicted timeframe.
On the geographical front, Asia Pacific monoethylene glycol market is anticipated to generate lucrative proceeds. Polyester fiber is gaining substantial traction in APAC. This growth may be attributed to its extraordinary mechanical and chemical properties. Countries like India and China have held a substantial share in the APAC MEG market. Meanwhile, North America and Europe MEG markets are projected to jointly garner over USD 10 billion by 2024, registering around a quarter of the global monoethylene glycol market.
Some of the leading companies present in monoethylene glycol market include Reliance, AkzoNobel, Dow Chemicals, SABIC, Sinopec, MEGlobal, Royal Dutch, Mitsubishi and LyondellBasell Industries. Reportedly, SABIC has a crucial role in the product value chain as it produces raw materials needed to create monoethylene glycol.
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