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Monoethylene Glycol Market 2023 - By Application, By End-use Industry, By Region, Opportunities And Global Forecast To 2032
Monoethylene Glycol Market
The Business Research Company's Monoethylene Glycol Global Market Report 2023 identifies rise in the packaging industry as the major driver for the Monoethylene Glycol market's growth in the forecast period. Packaging refers to enclosing or protecting products for distribution, storage, sale, and use. As a result, increasing demand in the packaging industry increases the demand for mono ethylene glycol. For instance, in 2021, according to the India Brand Equity Foundation, an Indian government export promotion agency, packaging demand and consumption in India increased 200%, from 4.3 kgs per person per annum (PPPA) to 8.6 kgs PPPA.
The global mono ethylene glycol market size grew from $30.71 billion in 2022 to $33.35 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the global mono ethylene glycol market size is expected to grow to $43.07 billion in 2027 at a CAGR of 6.6%.
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Major competitors in the Monoethylene Glycol market are BASF SE, Dow Chemical Company, LyondellBasell Industries Holdings B.V., Royal Dutch Shell plc, MEGlobal B.V.
A key trend in the Monoethylene Glycol market includes strategic partnerships. Major companies operating in the mono ethylene glycol sector are looking for partnerships to reinforce their position in the market. For instance, in March 2022, Braskem, a Brazil-based petrochemical company, partnered with Sojitz Corporation, a Japan-based trading company. This partnership aims to increase the industrial production and sale of chemicals made from renewable sources. Further, in July 2021, Clariant AG, a Switzerland-based chemical company, partnered with India Glycols, an India-based green technology-based chemicals company. Through this partnership, both companies established a 51-49% joint venture for renewable ethylene oxide (EO) derivatives after receiving all necessary regulatory approvals.
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The Monoethylene Glycol market is segmented -
• By Production Process: Gas-Based, Naphtha-Based, Coal-Based, Methane-to-Olefins (MTO), Bio-Based
• By Application: Polyester Fiber, Polyethylene Terephthalate (PET) Resins, Polyethylene Terephthalate (PET) Film, Antifreeze, Other Applications
• By End Users: Textiles and Leather, Packaging, Adhesives and Sealants, Paints and Coatings, Chemical, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Monoethylene Glycol market.
The Business Research Company's "Global Monoethylene Glycol Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Monoethylene Glycol Market Include:
1. Executive Summary
2. Monoethylene Glycol Market Characteristics
3. Monoethylene Glycol Market Trends And Strategies
4. Monoethylene Glyco Market - Macro Economic Scenario
5. Monoethylene Glycol Market Size And Growth
………………………………………
26. Africa Monoethylene Glycol Market
27. Monoethylene Glycol Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Monoethylene Glycol Market
29. Monoethylene Glycol Market Future Outlook and Potential Analysis
30. Appendix
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