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Monoethylene glycol market to see lucrative gains till 2024, APAC dominated the regional landscape

Author : Ravi Chawat | Published Date : 2020-09-24 

Asia Pacific is likely to procure its position as one of the most profitable monoethylene glycol market and is poised to exhibit noteworthy expansion in the coming years. Regional market growth will be led by China and India. Enactment of strict laws concerning the production of the MEG in the developed regions of North America and Europe has resulted in majority of the production of monoethylene glycol being cornered towards Asia Pacific as well as other developing regions. Economic upturn in the region has enabled expansion of various industrial sectors, which, in turn, is promoting regional market growth.

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Favorable government regulations in emerging regions such as Latin America, Asia Pacific and Middle East & Africa is also supporting monoethylene glycol industry size. Fast track industrialization in Asia Pacific is providing a substantial impetus to the market outlook. Meanwhile, North America and Europe are likely to collectively procure revenues more than USD 10 bn by 2024.  The regions will reportedly account for around a quarter of the overall monoethylene glycol market.

The trend for fast fashion and growing purchasing power of consumers in emerging economies has added created an expansive market for clothes made of polyester fiber fabrics as polyester is cheaper and technological advancement has made polyester fabrics as comfortable as cotton. Polyester has become ubiquitous in most basic garments, such as t-shirts, dresses, and jeans. Cotton remains the most popular natural fiber, but it comes with its own drawbacks.

Cotton requires copious amounts water to cultivate and has to compete with other crops, including food crops, for cultivable land. On the other hand, though the production of polyester is energy intensive and it is derived from petroleum, yet it is cheaper and according to analysts, no more harmful for the environment than cotton garments. As consumer demand veers towards cheap fashion while polyester fibers are tweaked to include advanced properties that pertain comfort, monoethylene glycol market share is expected to surge from polyester fiber segment.

Global monoethylene glycol market demand is substantiated by steady demand from key end use industries such as packaging, automotive, paints & coatings, textiles, and others. In terms of revenue, global monoethylene glycol market is likely to surpass USD 40 bn by 2024. The product is extensively used for the production of PET materials and polyester fiber & resins, which are used across a wide spectrum of applications. Rising demand for plastic packaging from the pharmaceutical, food & beverage, and cosmetic industry is a chief factor triggering market growth.

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Monoethylene glycol (MEG) plays a significant role in the production of polyester and PET resins. It is used for plastic packaging in industries like pharmaceutical, cosmetics and food & beverage. Increasing expansion activities conducted by businesses in the automotive, textile, packaging and paints & coatings may benefit monoethylene glycol market growth. Moreover, an increase in consumer spending could raise product demand in the coming years.  

On the contrary, fluctuating prices of feedstock material may limit monoethylene glycol market expansion. Basically, MEG is produced from ethylene, a derivative of crude oil. Volatility in oil prices could directly impact prices of the product’s raw material. This fluctuation would lead to unstable supply, which would further impact the manufacturing of monoethylene glycol.

As per grade, the monoethylene glycol market is categorized into antifreeze, polyester and industrial segments. Among these, polyester grade has maintained a substantial market share and is expected to grow at a remarkable rate in the coming years. Polyester has a variety of applications ranging from packaging to textiles owing to its excellent mechanical strength and barrier properties over others alternatives.

Browse More News:

https://www.prnewswire.com/news-releases/leather-chemicals-market-to-reach-usd-11-42-billion-by-2026--says-global-market-insights-inc-300980524.html

https://www.globenewswire.com/news-release/2016/10/18/880265/0/en/Specialty-Chemicals-Market-size-worth-1-273-billion-by-2024-Global-Market-Insights-Inc.html

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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