The Global Market Report, with details of the Mono Ethylene Glycol (MEG) Market, revealed that the market would make a leap forward from its previous valuation of USD 26billion with a 5% CAGR during the forecast period of 2019 to 2025. Market Research Future (MRFR) claimed that this market would gain notably from end user companies associated with the textile industry and the packaging sector. Its application in the production of polyester fiber is providing much tailwind. Features like water-resistant nature and the ability to provide substantial support against abrasion are also influencing its percolation into the packaging industry.
However, the fluctuating crude oil price can be a challenge. Its hazardous features can also hold back market growth. But the growing demand for bio-based MEG can change the scenario.
SABIC (Saudi Arabia), Royal Dutch Shell PLC (Netherlands), Dow (US), China Petroleum & Chemical Corporation (China), Mitsubishi Chemical Corporation (Japan), MEGlobal (UAE), Petro Rabigh (Saudi Arabia), Exxon Mobil Corporation (US), LyondellBasell Industries Holdings BV (Netherlands), NAN YA PLASTICS CORPORATION (Taiwan), Reliance Industries Limited (India), LOTTE Chemical CORPORATION (South Korea), and India Glycols Limited (India) are some of the prominent names in the Global Mono Ethylene Glycol (MEG) Market. Their efforts to boost the market stand using various tactical measures show how various trends are setting up the market for the coming days.
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The Global Report, studying various nuances of the Mono Ethylene Glycol (MEG) Market, reveals segments that can help in a proper assessment of the market. These segments are function, technology, and application. These segments and data gleaned from it have scientific analytic procedures embedded, which would help in a proper assessment of the market.
By Technology, the report on the Global Mono Ethylene Glycol (MEG) Market includes segments like naphtha-based, gas-based, bio-based, coal-based, and others.
By Function, the study containing details of the Global Mono Ethylene Glycol Market comprises solvent coupler, solvent, chemical intermediate, and humectant.
By Application, the report discussing the changes in the Global Mono Ethylene Glycol Market includes PET products, polyester fiber, industrial, anti-freeze coolant, and others. The global market is getting huge traction from the polyester fiber segment as its inclusion in the textile industry is rising. This would boost the market notably. On the other hand, the packaging industry is also benefiting from the expansion of this market. This is possible due to the growing acceptance of PET products in several industries to protect goods from any kind of reaction or unwanted abrasions.
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Asia Pacific has the maximum market coverage and China is the regional leader with a total share of around 35% of the regional market. The huge packaging industry of the region is providing noteworthy support to the market.
In July 2020, reports revealed that the Chinese market for Mono Ethylene Glycol is steady due to ample supply taking place. However, this can get worse with new capacities coming into play in the second half of the year. Various polyester plants are still maintaining a good supply-demand curve. But a lack of demand can be witnessed from end users, which might affect the market in the coming years.
The Global Market for MEG has suffered significantly due to a huge price drop in the petroleum-related products and a weak supply chain due to the COVID-19 pandemic. These have destabilized the global market significantly. But recent changes in various lockdown policies, steps taken by governments to restore financial state, and others are expected to boost the global market.
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