Rising Application Potential In Electronic Industries Is Likely To Boost The Sales Of Monoethylene Glycol Market

Monoethylene glycol use is reported to be strongly reliant on the country's economy. While Asia's economies are experiencing cyclical growth, demand for monoethylene glycol for applications such as polyester fibres and PET is expected to stay strong.

The growth in the packaging sector has driven the monoethylene glycol market during the past several years. This, together with urbanisation, changing consumer lifestyles, increased disposable income, and other factors, have a substantial influence on the monoethylene glycol market as well as the demand for monoethylene glycol.

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The constant volatility of raw material costs is a key problem in the monoethylene glycol market. Crude oil prices have an indirect impact on ethylene pricing. The continued fluctuation of raw material costs is a hurdle for the monoethylene glycol market's growth since it affects demand and delays end-user expenditure.

Cost pressures, along with high raw material costs, are projected to lower product margins for monoethylene glycol market participants. This scenario has driven monoethylene glycol market participants to improve the efficiency and productivity of their operations in order to continue monoethylene glycol market development.

East Asia is reported to account for the lion's share of the monoethylene glycol market. Despite accounting for a colossal share of the regional monoethylene glycol market, China is a rapidly expanding ma monoethylene glycol market for PET films and polyester fibres.

South Asia, with its expanding economy, is one of the most profitable locations for monoethylene glycol makers. Monoethylene glycol manufacturers are mostly concentrated in the Middle East and Africa, with Saudi Arabia topping the list in terms of annual net exports.

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KEY TAKEAWAYS:

The polyester fibre segment of the application sector in monoethylene glycol market is projected to expand at a CAGR of 5% through 2032.
Textile sector of the end use industry segment in monoethylene glycol market, to develop with a 4.9% CAGR through 2032.
The monoethylene glycol market in the United States is expected to reach US$ 22.1 Billion by 2032, growing at a CAGR of 5.2% during the forecast period.
The UK monoethylene glycol market is anticipated to be worth US$ 2.9 Billion by 2032, with a CAGR of 3.6% through 2032.
South Korea is expected to reach a market size of US$ 2.5 Billion in monoethylene glycol by 2032; with a CAGR of 4.3% over the forecast period.
China is estimated to reach a market size of US$ 4.7 Billion in monoethylene glycol by 2032, with a CAGR of 4.8% over the forecast period.
Japan's monoethylene glycol market is expected to be worth US$ 4.1 Billion by 2032, with a CAGR of 4.6% throughout the forecast period.

COMPETITIVE LANDSCAPE:

Among the monoethylene glycol market participants identified across the value chain in the global monoethylene glycol market are Royal Dutch Shell plc, SABIC, Reliance Industries Ltd, Indian Oil Corporation Ltd, LyondellBasell Industries Holding B.V., Nouryon B.V., BASF SE, Johnson Matthey, Clariant AG, Huntsman Corporation, LG Chem Ltd., Mitsubishi Corporation, Mitsui Chemicals, Inc., Sasol Limited, and Shanghai Petrochemical.

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RECENT DEVELOPMENT:

ExxonMobil and SABIC announced the successful launch of Gulf Coast Growth Ventures' world-class manufacturing plant in San Patricio County, Texas, in January 2022. A monoethylene glycol unit with an annual capacity of 1.1 million metric tonnes is part of the new facility's activities.
SABIC announced the start-up of the Ethylene Glycol Plant - 3 at its manufacturing subsidiary, Jubail United Petrochemical Company (United), in November 2021, with an anticipated annual production capacity of 700,000 metric tonnes of monoethylene glycol.

Key Segments

By Application :
Polyester Fiber
PET Bottle
PET Film
Antifreeze
Industrial

By End User :
Textile
Packaging
Plastic
Automotive and Transportation
Other End User Industries

By Region :
North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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The COVID-19 pandemic has had an unprecedented impact on the global economy and the state of the chemical industry, which experienced a significant decline in demand over the past eight months. While the industry was already facing cyclical challenges such as overcapacity, pricing pressures, and trade uncertainty before 2020, many postpandemic changes have shown a structural or disruptive character. Chemical companies in the United States have responded to the crisis by focusing on operational efficiency, asset optimization, and cost management.

As the industry moves into 2021, the changed economic, social, environmental, and political expectations are expected to play an even greater role in shaping its future. To succeed in the shifting industry landscape of the chemical market, companies should consider implementing a series of targeted, strategic initiatives across major functional areas such as R&D and technology. Too much focus on the short term, however, could mean that companies end up neglecting long-term opportunities, including investing in innovation, emerging applications, and adopting new business models that generate sustained growth

Customers' modern fashion tendency for newly created attires is expected to promote polyester fibre demand, directly increasing the product industry size in the forecast time. The product is also used in a variety of industrial applications, including antifreeze, hydrate inhibitor in gas pipelines, and heat transfer agent, and is expected to generate a large number of prospects from various end-use industries.

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