The Global Monoethylene Glycol (MEG) Market is growing rapidly mainly due to the prominence of MEG the as a raw material in the manufacturing of resins, heat transfer fluids, de-icing fluids, automotive antifreeze and coolants, latex paints and asphalt emulsions, water-based adhesives, electrolytic capacitors, paper, leather, and textile fibers. Besides, the augmenting demand for MEG in the production of polyester fiber and PET acts as a tailwind substantiating the market growth to an extent.
Recognizing the traction the market is witnessing currently; Market Research Future (MRFR) has in its recently published study report asserts that the Global Mono Ethylene Glycol Market will garner fabulous accruals by 2023, posting a steady CAGR during the assessment period (2017 2023).
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Additional factors supporting the market growth include increasing population along with the increasing urbanization & industrialization worldwide. Improving economy across the globe augments the demand for the product from the industries such as packaging, automotive, and textiles, enhancing consumers purchasing power.
On the other hand, the volatility in raw material cost and health hazards related to the product use are expected to present challenges to the market growth. Nevertheless, the emergence of production of bio-based MEG from sugar is expected to provide substantial opportunities to the market growth over the review period.
Global Mono-Ethylene Glycol Market - Segmentations
The MRFR analysis is segmented into three key dynamics:-
By Applications: Polyester Fiber, Polyethylene Terephthalate (PET), Antifreeze & Coolants, Solvent, and Chemical Intermediate among others.
By End-Use Industries: Packaging, Automotive, Textiles, Paper, Leather, and Chemicals, among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
Global Mono Ethylene Glycol Market - Geographical Analysis
The Asia Pacific region leads the Global Mono-Ethylene Glycol Market with the largest market share. The market is growing with the increasing demand for polyester fiber, consumer goods manufacturing and the expanding production capacities in the region. Besides, the increasing industrial sector in China and India fosters the market growth in the region. The region is expected to retain its dominance during the forecast period.
On the other hand, Monoethylene Glycol Market in North America and Europe region are expected to experience a sluggish growth due to the stringent regulations imposed on the manufacturing of the product by various associations such as Toxic Substances Control Act, European Protection Agency, and European Union.
Global Mono-Ethylene Glycol Market Competitive Landscape
The competitive market of Mono Ethylene Glycol appears to be fragmented with the matured & small key players along with the new entrants forming a competitive landscape. These players try to gain competitive advantage through the strategic partnership, acquisition, expansion, collaboration, and product/technology launch. Substantial investments are transpired in the R&D to develop an entirely different technology compared to their competition.
Key Players:
Some of the eminent players leading the Global Mono-Ethylene Glycol Market are The Dow Chemical Company (US), SABIC (Saudi Arabia), Akzo Nobel N. V. (Netherlands), Royal Dutch Shell plc (Netherlands), Mitsubishi Chemical Corporation (Japan), LOTTE Chemical CORPORATION (South Korea), Exxon Mobil Corporation (US), China Petroleum & Chemical Corporation (China), Formosa Plastics Corporation (Taiwan), MEGlobal (UAE), and BASF SE (Germany).
Industry/Innovation/Related News:
August 8, 2018 Hubei Sanning Chemical Industry Co., Ltd, (China), a leading manufacturer of agricultural chemical products, announced that the company will be using Honeywell UOP s hydrogen technology (an innovative technology) to produce monoethylene glycol (MEG) from coal. The Honeywell UOP s Polybed Pressure Swing Adsorption (PSA) technology is designed to produce 165,000 m3/h of high-quality hydrogen.
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