Market Synopsis —
The Global Mono-Ethylene Glycol Market is presumed to post a steady CAGR during the forecast period (2017-2023) owing to rapid urbanization, asserts Market Research Future (MRFR). Mono-Ethyl Glycol (MEG) is referred to as an odorless and colorless syrup liquid which possesses a sweet taste. It is produced from ethylene via ethylene oxide and is further hydrated through thermal or catalytic process. Mono-Ethylene Glycol is an important raw material used to manufacture resins, heat transfer fluids, deicing fluids, water-based adhesives, automotive antifreeze and coolants, electrolytic capacitors, latex paints and asphalt emulsions, leather, textile fibers, and paper.
Drivers and Constraints Impacting the Market
With the increasing demand for Mono-Ethylene Glycol in the production of polyethylene terephthalate and polyester fiber, the market is considered to flourish across the globe. Polyethylene terephthalate is extensively used in packaging items such as bottles and tetra packs owing to its bio-degradability which is considered to fuel the market growth. Also, with the growth in industrial sectors such as agriculture, manufacturing, mining, and others, the Global Mono-Ethylene Glycol Market is estimated to foster the market growth during the assessment period. Additionally, rapid industrialization and urbanization coupled with rising population are expected to contribute to the market growth. Moreover, growing demand for polyester fiber from the textile industry has triggered the production of mono-ethylene glycol. Mono-Ethylene Glycol also possesses superior properties such as low freezing point, high viscosity, and high boiling point, and is thus employed in the deicing materials and manufacture coolants. This is further estimated to offer impetus to the global market during the review period.
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On the flip side, health hazards associated with Mono-Ethyl Glycol are estimated to retard the market growth to a large extent. Ethylene-glycol breaks down in the body to form chemicals that crystallize in the kidney, thus affecting the kidney function. It also forms acidic chemicals in the body which alters the body’s acid/base balance, thereby affecting the nervous system, heart, and lungs. Moreover, the volatility in raw material prices is considered to impede the market growth in the coming years.
November 29, 2018: China's National Standardization Administration has recently issued a new national standard for mono-ethylene glycol GB/T 4649-2018 for industrial use. The revised quality specifications will witness the purity of content increasing from the existing 99.8% to 99.9%, and water content will be reduced to 0.08% from 0.1%.
The prominent players operating the Global Mono-Ethylene Glycol Market are MEGlobal (UAE), LOTTE Chemical CORPORATION (South Korea), Formosa Plastics Corporation (Taiwan), Akzo Nobel N. V. (Netherlands), Mitsubishi Chemical Corporation (Japan), SABIC (Saudi Arabia), Royal Dutch Shell plc (Netherlands), The Dow Chemical Company (U.S.), China Petroleum & Chemical Corporation (China), Exxon Mobil Corporation (U.S.), and BASF SE (Germany).
Global Mono-Ethylene Glycol Market: Segmental Analysis
The Global Mono-Ethylene Glycol Market has been segmented on the basis of application, End-Use Industries and Region.
By mode of Application, the Global Mono-Ethylene Glycol Market has been segmented into polyethylene terephthalate, polyester fiber, solvent, antifreeze & coolants, chemical intermediate, and others. Among these, the polyester fiber application accounts for the major market share owing to the increasing demand from the textile industry. Polyethylene terephthalate (PET) bottles account for the second largest share and are estimated to expand at the fastest rate owing to the rising demand for packaging from the F&B industry.
By mode of End-Use Industries, the Global Mono-Ethylene Glycol Market has been segmented into automotive, packaging, chemicals, textiles, leather, paper, and others.
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Geographically, the Mono-Ethylene Glycol Market span across regions namely, North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa.
Among all the regions, Asia Pacific is presumed to be the fastest emerging growing region in the global market. The growth is attributed to the increasing demand for polyester fiber. Moreover, with the growth in industrial sector in economies such as India and China, the market is likely to flourish in this region.
The European and North American region is considered to experience a sluggish growth owing to the strict mandates imposed on the manufacturing of the product by associations such as European Protection Agency, Toxic Substances Control Act, and European Union.
The Middle East & Africa along with Latin America are expected to demonstrate a significant growth rate owing to the shifting trend towards the production of Mono-Ethylene Glycol in place of Paraxylene which is used to produce purified terephthalic acid, terephthalic acid, and dimethyl terephthalate. Moreover, the growing production and exportation are likely to trigger the demand for Mono-Ethylene Glycol Market in this region.
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