Mono Ethylene Glycol Market CAGR Status, Size Estimation, Industry Share, Growth Trend, Business Analysis and Forecast 2023

Mono Ethylene Glycol Market CAGR Status, Size Estimation, Industry Share, Growth Trend, Business Analysis and Forecast 2023

Mono Ethylene Glycol Market to Grow Steadily through 2023
Global Mono-Ethylene Glycol Market Information: By Application (Polyester Fiber, Polyethylene Terephthalate, Antifreeze & Coolants, Solvent, Chemical Intermediate), End-Use Industries (Packaging, Automotive, Textiles, Chemicals, And Others), And Region Forecast Till 2023

The market for Monoethylene Glycol (MEG) is growing due to the rising demand for MEG from polyethylene terephthalate (PET) and polyester fiber manufacturing industries. Around 55% Mono-Ethylene Glycol is used for the production of polyester fiber whereas 25% used for PET. Apart from production, PET is also being used for packaging items such as bottles and tetra packs because it is biodegradable. The growth of the industrial sector (including agriculture, manufacturing, mining, and others) is propelling the Global Mono-Ethylene Glycol Market upwards.

Trends in Global Mono-Ethylene Glycol Market include process developments and product launches like high-performance industrial antifreeze that based on Mono-Ethylene Glycol. Such products can protect engineered systems to extremely low temperature as -50ºC. Mono-Ethylene Glycol produced from ethylene oxide is efficient because it does not produce any byproducts and achieves 99% conversion. Production process involving mono-ethylene glycol made from ethylene oxide utilizes 20% less steam and 30% less water than the traditional thermal conversion process, hence, reducing the carbon dioxide emission per ton of MEG produced. The biggest challenges that the market is likely to face are health hazards related to the product use and volatility in the cost of raw material. Nevertheless, the production of bio-based MEG from sugar stands the possibility of providing substantial opportunities to market growth over the assessment period.

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Market Research Future (MRFR) has prepared a report on the Global Mono-Ethylene Glycol Market for the forecast period of 2018-2023. Global Mono-Ethylene Glycol Market expected to achieve a steady growth over 2023. The Segmentation of Global Mono-Ethylene Glycol Market has been done based on application, end-use industries, and region. By Application, the Global Mono-Ethylene Glycol Market is segmented into antifreeze & coolants, chemical intermediate, polyester fiber and polyethylene terephthalate. Based on End-Use Industries, Global Mono-Ethylene Glycol Market has been segmented into automotive, chemicals, leather, textiles, and others.

Key Players:

Some of the bigwigs of Global Mono-Ethylene Glycol Market include Akzo Nobel N. V. (Netherlands), BASF SE (Germany), China Petroleum & Chemical Corporation (China), Exxon Mobil Corporation (USA), Formosa Plastics Corporation (Taiwan), LOTTE Chemical CORPORATION (South Korea), MEGlobal (UAE), Mitsubishi Chemical Corporation (Japan), Royal Dutch Shell PLC (Netherlands), SABIC (Saudi Arabia) and The Dow Chemical Company (USA).

Latest Industry News:

SK Global Chemical Co. Ltd. is acquiring polyvinylidene chloride, or PVDC, a resins business owned by Dow Chemical Co.

The Dow Chemical Company is expanding its operations into Eastern Canada, by opening its first new sales center in the country in more than 20 years. This is expected to allow the company get closer to its customers and collaborate better.

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Regional Analysis:

The Regional Segmentation of Global Mono-Ethylene Glycol Market includes Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa (MEA). Asia Pacific is the fastest emerging market for ethylene glycol, the expansion of the industrial sector of China and India (both countries witnessing rapid industrialization) is driving the market growth in this region. There is a strong possibility of the market in Europe and North America witnessing sluggish growth due to the stringent regulations on the manufacturing of the product by laws like Toxic Substances Control Act and organizations like European Protection Agency and European Union. Latin America and MEA are expected to experience a significant market growth, given the changing trend where Mono-Ethylene Glycol production is replacing Paraxylene production. Being used for producing dimethyl terephthalate (DMT), purified terephthalic acid (PTA) and terephthalic acid (TPA) Mono-Ethylene Glycol obtain higher profitability. Increase in production spells more exports that are more likely to drive the market growth.

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