Monoethylene Glycol Market to hit $40bn by 2024: G
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Sellbyville, Delaware, Nov. 23, 2017 (GLOBE NEWSWIRE) --
Monoethylene Glycol Market Share will cross USD 40 billion by 2024; according to a new research report by Global Market Insights, Inc. Expansion in various industrial sectors such as textile, automotive, paints & coatings, packaging and others owing to the economic growth and upsurge in spending power, will boost the monoethylene glycol market demand by 2024. Increasing demand for plastic packaging from pharmaceutical, cosmetics, food & beverage and other industries is the key driving factors for monoethylene glycol market growth. This is due to its extensive usage of the product in the manufacturing of PET and polyester resins. Increasing demand for polyester fiber, especially in Asia Pacific, is fueling the monoethylene glycol market demand, owing to its extraordinary chemical and mechanical properties.
Volatility in feedstock material prices will be the key restraining factor for the monoethylene market growth over the forecast period. The product is manufactured from ethylene, a derivative of crude oil and fluctuation in oil prices directly impacts on the raw material prices. Price fluctuation results in unpredictable supply, which hinders manufacturing processes, thus creating a major setback for the monoethylene glycol market.
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Monoethylene glycol market has been segregated on the basis of grade, application and regions. The major grade segments include polyester, industrial and antifreeze. Among these, polyester grade held the significant share of monoethylene glycol market and will expand at a noteworthy rate in the forecast period. This is due to its wide application in textile, packaging and other industries as it has excellent barrier, strength and other mechanical features.
The major application segments include polyester fiber, PET, antifreeze & coolants, and chemical intermediates. Minor applications include leather processing, water based adhesive, Latex paints, asphalt emulsions, humectants, etc. and have been included in others segment Among these, polyester fiber and PET will collectively hold more than 70% of the share in overall monoethylene glycol market expanding at a substantial rate by 2024.
Browse key industry insights spread across 260 pages with 418 market data tables & 27 figures & charts from the report, “Monoethylene Glycol Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/...meg-market
In terms of revenue, antifreeze & coolants segment will cross USD 3 billion in 2024. Positive response from automotive industry will drive the segment growth as the product is used as major component to manufacture the IC engine coolants and will boost the industry size. Monoethylene glycol is mainly used as a raw material for antifreeze & coolants formulations which will enhance the product demand in the forecast timespan.
On the basis of geography, Asia Pacific, led by China and India, is likely to hold a significant share in the global monoethylene glycol market in past years and is likely to expand it by 2024 at the fastest rate. Europe and North America will have a collective market size of over USD 10 billion by 2024 accounting for around a quarter of the overall monoethylene market.
The prominent manufacturers in the monoethylene glycol market which include AkzoNobel, Reliance, SABIC, Dow Chemicals, MEGlobal, Sinopec, LyondellBasell Industries, Royal Dutch and Mitsubishi, which hold over half of the overall market share. SABIC has a significant integration throughout the product value chain as it manufacturers the raw materials required for the monoethylene glycol production.
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