Monoethylene Glycol (MEG) Market Insights
The global monoethylene glycol market is expected to grow at a CAGR of about 5.2% over the forecast period. This growth is mainly attributed to increasing demand for the product in several industries such as construction, consumer goods, automotive, textiles chemical processing, and pharmaceuticals among others. Along with this, rising application of Polyethylene Terephthalate (PET) in production of bottles and food containers is also likely to stimulate the market growth.
Moreover, benefits associated with MEG such as high viscosity, high boiling point, high heat transfer capabilities and low freezing point among others are expected to augment the market growth over the coming years. The growing trend of urbanization coupled with changing global lifestyle is also anticipated to foster market growth.
However, the market is likely to be hindered by potential health hazards caused by MEG and high cost associated with it.
Monoethylene Glycol Market: Technology Insights
By technology, the industry is segmented into naphtha-based, coal-& natural gas-based, bio-based MEG production, and technology providers. The bio-based MEG Production is further segregated into sucrose, starchy biomass, and lignocellulose The bio-based MEG is anticipated to register a significant growth rate over the forecast period on account of rising inclination of consumers towards bio-based PET for packaging industry.
Monoethylene Glycol Market: Application Insights
Monoethylene Glycol finds its application in fiber, polyethylene terephthalate, antifreeze & coolant, and film. The PET segment includes bottle and food packaging among others. The fiber segment is anticipated to dominate the market over the forecast period owing to increasing demand from the textile industries.
The PET segment is also likely to grow at a healthy CAGR owing to rising application in production of food containers and bottles.
Monoethylene Glycol Market: Regional Insights
Asia Pacific occupied the largest share of the market in 2016. This can be attributed to rising demand from several end use industries such as automotive, chemical & packaging industries. Demand is expected to rise from countries such as India, China and Japan among others. Europe and North America are likely to witness steady growth rates due to their gradual recovery from the economic slowdowns.
Monoethylene Glycol Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Monoethylene Glycol Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase monoethylene glycol over the coming years. Some of the leading consumers of this market are Amcor, Owens-Illinois, and Reynolds Group.
Monoethylene Glycol Market Share & Competitor Analysis
The global market for this product is expected to be significantly large due to the presence of numerous manufacturers. Some of the key players profiled in the market include Dowdupont, Reliance Industries, Sinopec, BASF, SABIC, MEGlobal, Shell, Formosa Plastics, PTTGC, Sibur, Lotte Chemical, Eastman, Exxonmobil, Huntsman, and Ineos Oxide.
In January 2018, SABIC signed an agreement with Samsung Engineering for constructing an Ethylene Glycol plant. The plant is expected to have a production capacity of 700,000 metric tons per year of Mono-Ethylene Glycol. The new plant will use innovative technologies to reduce emissions and increase energy efficiency.
The report segments the Monoethylene Glycol (MEG) Market Size on the basis of:
By Technology
Naphtha-Based
Coal-& Natural Gas-Based
Bio-Based MEG Production
Technology Providers
By Application
Fiber
Film
PET
Antifreeze & Coolant
Others
By Region:
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa
This article contains text from the ‘Monoethylene Glycol (MEG) Market’ report prepared by Global Market Estimates. For more information or to buy the report, please visit: https://www.globalmarketestimates.com/monoethylene-glycol-market/
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