WorldWide Monoethylene Glycol Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Monoethylene Glycol Market

Industry / Sector Trends

Monoethylene Glycol Market size estimated at USD 25 billion in 2016 and will grow at a CAGR of more than 6% from 2017 to 2024.

 

U.S. Monoethylene Glycol (MEG) Market Size, by Application, 2013 – 2024 (USD Billion)

 

Growing use of monoethylene glycol (MEG) as a raw material for producing polyester fiber and polyethylene terephthalate (PET) will likely surge the monoethylene glycol market size by 2024. Improved standard of living in addition to modern fashion inclinations of the consumers for recently designed attires is expected to drive the polyester fiber demand, directly surging the product market size in the forecast period. The product further finds application in several industrial uses such as antifreeze, hydrate inhibitor in gas pipelines, coolants and as a heat transfer agent, that is projected to produce ample prospects from various end-use industries. In addition, swelling demand for polyester fiber from the textile sector is increasing MEG production in the forecast period. Asia Pacific proves to be one of the key profitable regions for the polyester fiber market. It registered a revenue more than USD 50 billion in 2016. This is owing to the surging disposable income, drift in customer preferences and abundant availability of low-cost labor will surely boost the product market size by 2024.
 

Furthermore, growing use of plastics instead of paperboard, wood and metal in the packaging industry is fueling the polyethylene terephthalate (PET) sector in the forecast timeframe. This shift in trend considerably upsurge the product market size by 2024. Pharmaceutical and food & beverage packaging are the major industry growth contributors owing to their extensive usage of PET to manufacture various packaging materials such as sheets, films, bottles, containers etc. In addition, improved chemical resistance, ease of recyclability, elevated barrier properties and dimension stability will surely boost the PET demand, surging the production of MEG by 2024.
 

Growing inclination for bio-based materials and volatility in oil prices is anticipated to trigger substantial resistance in the growth of product monoethylene glycol (MEG) market size by 2024. The product is mainly obtained from ethylene, which is a byproduct of crude oil, and the volatility in crude oil prices has led to fluctuations in raw material prices. However, the decline in crude oil prices in 2014 piloted a reduction in MEG prices to USD 750/kilo ton in Asia Pacific, that is certain to bring abundant opportunities for the product market size in the forecast timespan.
 

Market Segmentation, Outlook & Regional Insights: Monoethylene Glycol Market

 Monoethylene Glycol Market, By Grade

Polyester grade recorded the foremost revenue share over 70% in 2016 and is projected to spectate a considerable growth by 2024. This grade is mainly used to manufacture PET, polyester resins and fiber owing to its moisture absorbing properties, low-volatility and few other features. Its hygroscopic specialty makes it appropriate for its use in synthetic rubber, conditioning agent and other paper items. Widespread application of polyester grade MEG in chemical intermediates, solvent couples, heat transfer agents, unsaturated polyester resins and plasticizers, which instead will propel the product industry size in the forecast timespan.
 

Monoethylene Glycol (MEG) Market, By Application

Product application in polyethylene terephthalate (PET) is growing at a rapid pace and is expected to surge with a CAGR over 5.5% by 2024. Escalating consumption of the product in the packaging industry due to its hygroscopic and water & vapor barrier attributes. Therefore, the significant usage of monoethylene glycol to manufacture PET will directly drive the monoethylene glycol market revenue during the forecast period.
 

Polyester fiber is the primary application for the MEG and registers a revenue share over 55% among the global industry share in 2016. Vast use of polyester fiber in myriad end-use industries such as resins, textile, electronics etc. due to its excellent chemical and mechanical qualities that is estimated to fuel the product market size in the coming years.
 

 By Region

Asia Pacific MEG market is projected to escalate with a CAGR more than of 6.5% during the forecast timeframe. The rapidly growing per capita income in addition to the swelling economic conditions in the region will fuel several advancements in the textile sector. Substantial manufacture of polyester fiber and polyethylene terephthalate (PET) in emerging economies involving India, China, Malaysia etc. will establish an abundant consumption of MEG in the region driving its industry size in the near future.
 

Key Players, Recent Developments & Sector Viewpoints: Monoethylene Glycol Market


The prevalent industry contributors include Royal Dutch Shell, SABIC, AkzoNobel, The Dow Chemicals, Reliance Industries, Mitsubishi Chemical, Lotte Chemical Corporation, Sinopec Zhenhai Refining & Chemical Co., Nan Ya Plastics Corporation, MEGlobal, LyondellBasell Industries, ExxonMobil Corporation, Chemtex Speciality Limited and India Glycols.
 

Mitsubishi Chemicals and Reliance Industries jointly captures more than 40% of the overall monoethylene glycol market size. Similarly, in 2015, SABIC captured around 10% of the overall product market share and is highly integrated.
 

Industry Viewpoint
 

Escalating consumption across end-use industries in addition to technological advancements is projected to boost the product market size in the forecast timespan. The product is widely applicable to manufacture anti-corrosion agent, anti-freeze, coolant material, dewatering agent, deicers and several other chemical intermediates. The MEG has further applications in producing various hygroscopic materials that are used in several major end-use industries such as textiles, packaging, automotive etc. Additionally, capacity expansion in China and Middle East are projected to fuel the product market growth by 2024

Key Insights Covered: Exhaustive Monoethylene Glycol Market
1.  Market size (sales, revenue and growth rate) of Monoethylene Glycol industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Monoethylene Glycol industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Monoethylene Glycol industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Monoethylene Glycol industry.

Research Methodology: Monoethylene Glycol Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.