Global Monoethylene Glycol Market - Segmented into Grade, Application and Geography – Growth, Trends and Forecasts (2017 - 2022)
Monoethylene Glycol Market The market valued at USD XX million (by revenue) and XX Kilometric tons (by volume) in 2016, is estimated to reach USD XX million (by revenue) and XX Kilometric tons in 2017(by volume) and forecasted to record around USD XX million (by revenue) and XX kilotons (by volume), respectively by 2022, registering the CAGR of X.X% and X.X%, respectively, during 2017-2022 (the forecast period).
MEG is an organic odorless and colorless compound, which taste sweet. Monoethylene glycol is used in the production of polyester resins as well as other films and fibers. It is manufactured under the process called, ‘Wurtz Process’ that includes the hydration of ethylene oxide.
The multi-purpose utility of the chemical compound propels the growth of MEG. It is used mainly as a component for the production of Polyethylene Terephthalate (PET) that is used in the packaging industry. The growth of food & beverage-based industries, directly dependent on the packaging industries, acts as one of the major drivers for the growth of MEG market. Apart from the above-mentioned driver, the growth of textile industry accelerates the market growth.
The toxic nature of ethylene glycol chemical compound hinders the market growth. During the process of de-icing, it leaches into the soil and affects the underground water and the soil. Further, the health and well-being of humans and wildlife health are affected during this process.
The segmentation of MEG market is done, on the basis of different grades and applications, the compound caters to. Based on the grades, the market for MEG is segmented into the polyester grade, industrial grade, antifreeze grade and low conductivity grade, among others. Further, the industrial and antifreeze grades sub-segments account for the largest share of the market. Based on the applications, the market for MEG is segmented into polyester resin, polyester fibers, antifreeze and coolants, chemical intermediates, heat transfer fluids and others.
As far as the application segmentation is concerned, MEG caters a variety of end-user industries, owing to its multi-utility property. The polyester grade of the compound is majorly used in the production of fibers, while antifreeze is used to make formulations that help in reducing the freezing point of the water, which, in turn, helps in de-icing. Polyester resin application is expected to hold the major share of the market, followed by antifreeze and coolants.
The market, on the basis of geography, is segmented into North America, South America, Asia-Pacific, Europe and the Middle East & Africa. Growing chemicals industries in APAC regions have helped the market to flourish in this region. Moreover, the North America and Europe are expected to closely follow Asia-Pacific.Opportunities and Major Players
Increasing emphasis on R&D of bio-based environmentally friendly chemicals, across the globe, serves as a major opportunity for the market. Some research and eco-friendly alternatives that can help in removing the toxic nature of monoethylene glycol are expected to boost the market.
The major players in the market, on a global perspective, include:
Royal Dutch Shell plc
Reliance Industries Limited
Saudi Basic Industries Corporation (SABIC)
Key Deliverables in the Study
Market analysis for the global monoethylene glycol market, with region specific assessments and competition analysis on global scales
Market definition, along with the identification of factors instrumental in changing the market scenarios and prospective opportunities
Extensively researched competitive landscape section, with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the global market
A comprehensive list of key market players, along with the analysis of their current strategic interests and key financial information
Insights on the major countries/regions, where this industry is growing and identify the regions that are still untapped