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 industry 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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Favorable government regulations in emerging regions such as Latin America, Asia Pacific and Middle East & Africa is also supporting monoethylene glycol industry. 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.
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 industry 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 industry by 2024.
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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.
Major Key Points from Table of Content:
Chapter 5. Monoethylene Glycol Market, By Application
5.1. Global monoethylene glycol industry share by application, 2016 & 2024
5.2. Polyester fiber
5.2.1. Market estimates and forecasts, 2013 - 2024
5.2.2. Market estimates and forecasts by region, 2013 – 2024
5.3.1. Market estimates and forecasts, 2013 - 2024
5.3.2. Market estimates and forecasts by region, 2013 – 2024
5.4. Antifreeze & coolants
5.4.1. Market estimates and forecasts, 2013 - 2024
5.4.2. Market estimates and forecasts by region, 2013 – 2024
5.5. Chemical intermediates
5.5.1. Market estimates and forecasts, 2013 - 2024
5.5.2. Market estimates and forecasts by region, 2013 – 2024
5.6.1. Market estimates and forecasts, 2013 - 2024
5.6.2. Market estimates and forecasts by region, 2013 – 2024
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