Thursday, 12 January 2023 08:33 AM
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WILMINGTON, DE / ACCESSWIRE / January 12, 2023 / Transparency Market Research Inc. - According to a study published by Transparency Market Research, the global monoethylene glycol (MEG) market is anticipated to grow at a CAGR of 6.1% during the forecast period from 2021 to 2031.
Monoethylene glycol is an odorless, colorless liquid that has been used in chemical intermediates for solvents, resins, solvent couplers, and humectants. It is produced by the oxidation process of ethylene at high temperatures under the presence of oxidizing silver catalysts. Ethylene oxide is later hydrated to obtain monoethylene glycol.
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Monoethylene glycol has been used in various applications such as coolants & automotive antifreeze, asphalt emulsions, heat transfer fluids, electrolytic capacitors, paper, and leather. Few end-use industries that use monoethylene glycol include textile, packaging, automotive, and plastic.
Prominent companies strive to expand global market presence and increase revenue by signing collaborative agreements with other players. Leading monoethylene glycol (MEG) market players are increasing production capacities to meet customer requirements in different end-use industries such as packaging and automotive.
Key Findings of Market Study
Increase in Product Usage in Anti-freezing Application Areas: Monoethylene glycol has been extensively used in the production of different anti-freezing products such as hydraulic brake fluids and cooling products used in automobiles, where monoethylene glycol serves as the heat transfer and coolant agent. This has triggered global market development.
Monoethylene Glycol (MEG) Market - Key Drivers
- Increase in polymer demand in the textile manufacturing industry is anticipated to drive the monoethylene glycol (MEG) market during the forecast period
- Rise in MEG usage in the manufacture of polymer fabrics and PET resins, especially in developing countries, is propelling market size
- Surge in usage of monoethylene glycol in the production of packaging solutions is augmenting global MEG industry growth
- Increase in MEG usage as a de-icing fluid in windshields of automobiles and aircraft is propelling global business growth
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Monoethylene Glycol (MEG) Market - Regional Insights
- Asia Pacific is expected to account for dominant market share during the forecast period. This is ascribed to increase in demand for polyester fiber & polyethylene terephthalate and significant presence of textile manufacturers in developed & developing countries such as China and India.
- The monoethylene glycol (MEG) market in Middle East & Africa is growing at a rapid pace due to increase in consumption of polyethylene terephthalate in countries such as Bahrain and Saudi Arabia
Monoethylene Glycol (MEG) Market - Key Players
The global monoethylene glycol (MEG) market is competitive due to the significant presence of international and local players. New players entering the market are likely to intensify the competition during the forecast period.
Leading market players are investing in research & development activities to produce improved products that would meet consumer requirements in different application areas and end-use industries. Demand for these products could help grow the market during the forecast period.
Prominent companies in the global monoethylene glycol (MEG) market are Dow Chemical Company, Royal Dutch Shell, SABIC, Exxon Mobil, Reliance Industries Ltd., Indian Oil Corp., Mitsubishi Chemical Corporation, BASF SE, and Clariant. According to a Transparency Market Research study, three leading companies-Dow Chemical Company, SABIC, and Royal Dutch Shell-accounted for 29.3% market share in 2020.
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The global monoethylene glycol (MEG) market has been segmented as follows:
Application
- Polyester Fiber
- Polyethylene Terephthalate (PET)
- Antifreeze
- Others (including intermediate chemicals)
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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