Monoethylene Glycol Market to hit $40bn by 2024: Global

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Monoethylene Glycol Market to hit $40bn by 2024: Global Market Insights, Inc

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.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/2198

Browse Related Reports:

Polyester Fiber Market Forecast, 2017 – 2024

Polyester Fiber Market Size was valued over USD 85 billion in 2016 and the industry will grow by a CAGR of more than 8.0% up to 2024. Construction industry advancements around the globe will positively influence the polyester fiber market growth. Construction is considered as an important indicator for measuring development of a country or region, as it contributes significantly to the nations GDP.                                                                                

https://www.gminsights.com/industry-analysis/...ber-market

Fiber Reinforced Polymer (FRP) Rebars Market Forecast, 2016 – 2024  

Global FRP Rebars Market size was over USD 590 million in 2015, and will witness CAGR over 8.5% from 2016 to 2024. Rapid infrastructure development along with increase in construction spending are the key trending factors driving FRP rebar market size. Increasing corrosion issues in conventional reinforcement techniques has enhanced the product penetration in the infrastructure repairing industry.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde Corporate Sales, USA Global Market Insights, Inc. Phone:  1-302-846-7766 Toll Free:  1-888-689-0688 Email:   sales@gminsights.com Web:   https://www.gminsights.com Blog:   https://www.gminsights.com/blogs Connect with us:   Facebook  |  Google+  |  LinkedIn  |  Twitter

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