Press release
Mono Ethylene Glycol Market is expected to grow at CAGR of ~6% between 2016 and 2022
Mono Ethylene Glycol Market
The Dow Chemical Company, Reliance Industries Limited., Saudi Basic Industries Corporation, BASF SE, India Glycols Limited, LyondellBasell Industries Holdings B.V., Chemtex Speciality Limited, ExxonMobil Chemical Company, Eastman Chemical Company, Huntsman Corporation LLC. Among others are some of the prominent players at the forefront of competition in the Global Mono Ethylene GlycolMarket and are profiled in MRFR Analysis.
Mono Ethylene Glycol Market – Overview
Mono Ethylene Glycol or Glycol is manufactured industrially from Ethylene Oxide and Ethylene. Mono Ethylene Glycol Market is expected to witness steady growth on account of its significant usage in polyethylene terephthalate as well as antifreeze application. Among application, polyethylene terephthalate (PET) accounted for the largest market share in 2016 and is predicted to retain its dominance over the estimated period due to high demand from packaging industry. Antifreeze segment is expected to witness healthy growth due to increasing aviation industry across the globe. Growing per capita disposable income in developed and developing region coupled with increasing use of packaged products is predicted to propel the growth of the market. Moreover continuous growth of textile industry along with rising consumption of Mono Ethylene Glycol is predicted to drive the demand for Mono Ethylene Glycol Market during the review period.
Geographically, Asia Pacific accounted for the largest market share for Mono Ethylene Glycol followed by North America and Europe in 2016. The Asia Pacific region dominated the Global Mono Ethylene Glycol Market share in 2016 and is expected to witness highest CAGR due to continuous growth of automotive and plastic industries specifically in China, India, Japan, Taiwan, Thailand, Malaysia, and South Korea. Additionally, the growth of mono ethylene glycol is largely driven by their utilization in packaging and textile industries. Furthermore, rising investment by major operating companies and shifting of Mono Ethylene Glycol manufacturing units as well as end use industries growth in this region is estimated to propel the Mono Ethylene Glycol regional market growth. North American market is expected to witness steady growth due to rising number of working professional which has resulted in increasing demand for packaging items and ultimately is expected to rise the consumption of Mono Ethylene Glycol in the upcoming years. Europe is estimated to witness healthy growth on account of rising demand from textile sector. Furthermore, strict regulations regarding the usage of this product has led to increase the innovation and development in this industry. Middle East & African market is estimated to register strong growth due to increasing plastic and packaging industries present in Qatar, Oman, Turkey, the United Arab Emirates, and Saudi Arabia. Market in Latin American countries such as Brazil and Guatemala, and Peru is estimated to register healthy growth on account of rising demand for textile and packaging items.
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Industry/ Innovation/ Related News:
April 2017- Indian Oil Corporation Limited planned to expand Paradip Refinery under this, the company will set up a second unit of monoethylene glycol plant which will cost around USD 614 Million. With this expansion the company will able to meet the growing demand from end use industries.
May 2017- ExxonMobil and SABIC signed an agreement to set up a petrochemical complex which include ethane steam cracker having capability of manufacturing 1.8 million tonnes of ethylene per annum, a monoethylene glycol unit, and two polyethylene units. With this expansion the company enhance its presence in Global Monoethylene Glycol Market.
March 2016- EQUATE Petrochemical Company with its subsidiary, MEGlobal planned to construct monoethylene glycol manufacturing unit at Dow’s Oyster Creek site in Texas. Company construct MEG plant to increase its global footprint and enhance its value as leading ethylene glycol producer and supplier. Company will be able to meet the growing demand in U.S. and Asian Market.
August 2016- Lotte Chemical and Axiall planned to set up a MEG plant through a joint venture called LACC LLC with an investment of around USD 1.1 Billion. With this expansion, the company is planning to expand its market basis in the U.S. and Europe.
Competitive Landscape
The Mono Ethylene Glycol Market Report analyses the degree of competition among the major players as well as industry growth and market scenario. The Global Mono Ethylene Glycol Market comprises of various players operating in the market which include large scale and medium size manufacturers. The prominent market players operating in the Global Mono Ethylene Glycol Industry is focusing towards growth association specifically by Asia Pacific as medium scale and small scale producers are from this region specifically from China, South Korea, India, Malaysia, and Japan. Additionally, the company is focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their production capacity of Mono Ethylene Glycol to meet the growing demand for Mono Ethylene Glycol.
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