Reliable Data You Can Trust
Reliable Data You Can Trust
A recent
report published by Infinium Global Research on monoethylene glycol market
provides an in-depth analysis of segments and sub-segments in the global as well
as regional monoethylene glycol market. The study also highlights the impact of
drivers, restraints, and macro indicators on the global and regional
monoethylene glycol market over the short term as well as long term. The report
is a comprehensive presentation of trends, forecasts, and dollar values of the
global monoethylene glycol market. According to the report, the global
monoethylene glycol market is projected to grow at a CAGR of 6% over the
forecast period of 2022-2028. The revenue generated by the monoethylene glycol market was approximately
USD 29 billion in 2022 and is expected to reach approximately USD 40 billion in
2028.
Monoethylene
glycols are colorless, essentially odorless stable liquids with low viscosities
and high boiling points. It is a somewhat viscous liquid, miscible in water,
soluble in ethanol, acetone, acetic acid, and pyridine with a sweet taste.
Ethylene glycol is prepared commercially by oxidation of ethylene at high
temperature in the presence of silver oxide catalyst, followed by hydration of
ethylene oxide to yield mono, with di, tri, and tetra-ethylene glycol as
co-products. Monoethylene glycols are widely used in the mixtures of automobile
antifreeze and engine-cooling liquids because of their properties such as low
freezing point, in-volatility, and low corrosive activity. key factors driving
the market studied are the growing demand for PET in the packaging sector and
increased demand for MEG from the textile sector. On the flip side, the
fluctuation in raw material prices due to volatility in crude oil prices can
restrict the market. The increased popularity of bio-based MEG materials is
likely to act as an opportunity for the market studied.
COVID-19 was
an incomparable global public health emergency that has affected almost every
industry and is projected to impact these various industry growths during the
forecast period. During the Covid-19, pandemic people were compelled to stay in
their homes. The governments of many countries in the world turned their focus
to healthcare from other industries. This significantly disrupted their supply
chain operations and manufacturing as lockdowns were imposed by the respective
governments. Manufacturing facilities were all shut down due to the pandemic in
almost every country across the globe. Due to the pandemic, several industries
including monoethylene glycol were adversely negatively affected. Logistical
restrictions, manpower shortage, material unavailability, and other
restrictions had reduced the growth of the industry. The pandemic has affected
the normal production of companies. The COVID-19 pandemic has created
instability in the monoethylene glycol market across the globe. However, the
market is now estimated to have reached pre-pandemic levels and is expected to
grow steadily during the forecast period.
Increasing
demand for monoethylene glycol in end-use industries such as consumer goods,
construction, automotive, pharmaceutical, textiles, and chemicals remains the
key factor driving the growth of the global monoethylene glycol market. In
addition, increasing the use of monoethylene glycol in polyester fiber and
polyethylene terephthalate is likely to drive the growth of the market. Furthermore,
rapid urbanization and changing lifestyle of consumers, especially in emerging
economies such as China, India, Mexico, and Brazil have been driving the
polyethylene terephthalate, one of the key materials used in the packaging
sector which in turn is projected to boost the global monoethylene glycol
market over the forecast period. Moreover, fluctuation in prices of raw
materials and sustainability issues related to monoethylene glycol are the key
factors restraining the growth of this market. The increasing popularity of
bio-based MEG and increasing R&D of eco-friendly alternatives that can help
in removing the toxic nature of monoethylene glycol are likely to bring more
opportunities to this market.
The report
provides a regional outlook covering geographies such as North America, Europe,
Asia-Pacific, and the Rest of the World. Asia-Pacific holds the command over
the market globally. In Asia-Pacific China shares the largest market share as
it’s the largest economy, in terms of GDP. The Asia Pacific was the largest
market among the geographies due to the consumption of nearly half of the
global monoethylene glycol. Furthermore, Asia Pacific is expected to continue
its dominance and is anticipated to grow at the highest CAGR rate over the forecast
period due to the rapid growth of end-use industries such as automobile,
packaging, and textile in China, India, and South Korea. 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.
Following the Asia Pacific Region, North America and Europe were also accounted
to have a stronghold on the global monoethylene glycol market. Furthermore,
these regions are expected to have a moderate growth rate over the forecast
period owing to their serial recovery from the economic slowdown.
The report
on the global monoethylene glycol market covers segments such as grades and
end-user. On the basis of grades, the sub-markets include polyester grade,
antifreeze grade, industrial grade, and low-conductivity grade. On the basis of
end-user, the sub-markets include textile, packaging, plastic, automotive and transportation,
and other end-user industries.
The report
provides profiles of the companies in the market such as Nouryon, BASF SE, Dow,
LyondellBasell Industries Holdings B.V., Royal Dutch Shell PLC, Reliance
Industries Limited, ExxonMobil Corporation, Zhenhai Refining & Chemicals,
AkzoNobel, and SABIC.
The report
provides deep insights into the demand forecasts, market trends, and micro and
macro indicators. In addition, this report provides insights into the factors driving and restraining this market's growth. Moreover, The
IGR-Growth Matrix analysis given in the report brings an insight into the
investment areas that existing or new market players can consider. The report
provides insights into the market using analytical tools such as Porter's five
forces analysis and DRO analysis of monoethylene glycol market. Moreover, the
study highlights current market trends and provides forecasts for 2022-2028. We
also have highlighted future trends in the market that will affect the demand
during the forecast period. Moreover, the competitive analysis given in each
regional market brings an insight into the market share of the leading players.
Please Choose One of them.