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Monoethylene Glycol Market Size to Register Extensive Growth Over 2019-2024, Rising Usage of Polyethylene Terephthalate (PET) In Various Applications

Author : Ronak Bora | Published Date : 2019-08-05 

Monoethylene Glycol Market will be propelled by rising usage of polyethylene terephthalate (PET) in various applications, consumer products including bottles and food containers. Changing consumer lifestyles, increasing the purchasing power of the population, and rapid urbanization in emerging economies including India, China, Mexico, and Brazil will foster the packaging industry in these countries. This will boost the monoethylene glycol market in these regions in the coming years.

The extensive application spectrum of monoethylene glycol market is one of the pivotal drivers responsible for its extensive growth in recent years. Subject to the fact that it is a basic raw material endowed with outstanding properties such as tenacity, durability, and hydrophobicity, it is used extensively to develop polyester fiber, that is further deployed in the manufacturing of ropes, outwears, garments, rugs, carpets, and numerous other household products. It is prudent to mention that global polyester fiber sector revenue stood at a massive USD 85 billion in 2016, and has been anticipated to expend further in the years to come, which will substantially augment the commercialization potential of monoethylene glycol industry as well. The utilization range of this material spans myriad niche verticals, pertaining to which MEG market size was pegged at an appreciable USD 25 billion in 2016.

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Diethylene glycol (DEG) or diglycol, and triethylene glycol (TEG), popularly known as triglycol are the glycol byproducts, which act as substitutes. The high cost of refining ethylene glycol refining acts as a hindrance and is said to challenge the monoethylene glycol market in the upcoming years. Moreover, potential health hazards of the product owing to its toxic nature will further hamper the growth of the monoethylene glycol market in the future years.

Based on grade, monoethylene glycol market is segmented into polyester, industrial, antifreeze, and low conductivity. With a major share in the market, the polyester grade will witness significant gains over the forecast time spell driven by its extensive applications in the packaging and textiles industry. The product exhibits exceptional performance, strength, and mechanical properties.

Considering application, the monoethylene glycol market is bifurcated as PET, polyester fiber, antifreeze & coolants, chemical intermediates, and others. The significant automotive industry growth will propel the antifreeze & coolants market to surpass USD 3 billion by the end of the forecast period.

The huge textile and packaging industry coupled with strong development in the automotive industry will foster the monoethylene glycol market in the Asia Pacific region. Asia Pacific will be the fastest growing region led by India and China owing to strong growth opportunities in these countries. With a collated share close to USD 10 billion, North America and Europe will capture close to 25% monoethylene glycol market by 2024.

Major players operating in the monoethylene glycol market include Reliance Industries, Mitsubishi Chemical, akzonobel, Royal Dutch, The Dow Chemicals, and SABIC. These companies being significant players hold close 45% market share collectively. Other prominent companies are exxonmobil Corporation, meglobal, lyondellbasell Industries, Sinopec Zhenhai Refining & Chemical Company, Nan Ya Plastics Corporation, Lotte Chemical Corporation, Chemtex Specialty, and India Glycols to name a few.

Glimpse of Table of Content (ToC)

Chapter 3. Monoethylene Glycol Market Insights

3.1. Monoethylene Glycol Market segmentation

3.2. Monoethylene Glycol Market size and forecast, 2013 - 2024

3.3. Monoethylene Glycol Market ecosystem analysis

3.3.1. Vendor matrix

3.3.2. Distributor channel analysis

3.3.3. Profit margin analysis

3.3.4. Value addition at each stage

3.4. Raw material analysis

3.5. Industry impact forces

3.5.1. Growth drivers

3.5.1.1. Increasing production of polyethylene terephthalate (PET)

3.5.1.2. Increasing demand for polyester fiber in Asia Pacific region

3.5.1.3. Growth in several industrial sectors

3.5.2. Industry pitfalls & challenges

3.5.2.1. Volatility in the raw material prices

3.5.2.2. Health hazards related to the usage of product

3.6. Growth potential analysis

3.7. Porter’s analysis

3.8. Technology trends

3.9. Regulatory trends

3.10. Company market share analysis, 2016

3.10.1. Strategic landscape

3.11. PESTEL analysis

3.12. Pricing analysis

3.12.1. Regional pricing

3.12.2. Cost structure analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/monoethylene-glycol-meg-market

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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