Mono-ethylene Glycol Market to Expand by Leaps and Bounds

Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Mono-ethylene Glycol Market.

Market Analysis

The global mono-ethylene glycol market is projected to touch fabulous accruals at an alluring CAGR over the assessment period (2023-2030). Monoethylene glycol (MEG) is an odorless, colorless, sweet tasting syrupy liquid. It is produced from ethylene through ethylene oxide that is hydrated via the catalytic or thermal process. This is a vital raw material that is used to manufacture a long list of products namely leather, paper, textile fibers, electrolytic capacitors, asphalt emulsions, latex paints, water-based adhesives, coolants, automotive antifreeze, heat transfer fluids, deicing fluids and resins.

There are many factors that is driving the growth of the mono-ethylene glycol market. Some of these factors as per the Market Research Future (MRFR) report include changing consumer lifestyles, increasing use of mono-ethylene glycol for producing polyethylene terephthalate (PET) and polyester fiber, ongoing fashion trends of apparels that are freshly designed, rapid urbanization, industrialization, increasing population, Monoethylene glycol’s superior characteristics such as high boiling point, high viscosity and low freezing point has increased its demand in the use of manufacture coolants and deicing materials, it is bio-degradable, increasing need for non-ionic surfactant, production of bio-based MEG from sugar and increasing demand in fiber and textile industry. On the other hand, factors such as health hazards associated to mono-ethyl glycol, volatility of raw materials, soaring prices of crude oil, regulations for environmental protection, exposure to monoethylene glycol is harmful for humans as it is toxic and its ingestion may adversely affect the central nervous system, heart and kidneys, all these factors may impede the growth of the mono-ethylene glycol market.

Market Segmentation

Market Research Future report offers an all-inclusive segmental analysis of the mono-ethylene glycol market on the basis of application and end-use.

Based on application, it is segmented into chemical intermediate, solvent, antifreeze and coolants, polyethylene Terephthalate (PET), polyester fiber and others. Of these, polyester fiber will have the maximum market share over the assessment period.

Based on end-use, the mono-ethylene glycol market is segmented into chemicals, leather, paper, textiles, automotive, packaging and others.

Regional Analysis

Based on region, the mono-ethylene glycol market covers growth opportunities and latest trends across North America, Europe, APAC and Rest of the World. Of these, APAC region will have a prominent share in the market owing to burgeoning demand for polyester fabric, growing production capacities and consumer goods manufacturing. India and China are the largest contributors here. APAC is expected to hold its dominance in the mono-ethylene glycol market over the assessment period. In Europe and North America, the mono-ethylene glycol market is predicted to have a sluggish growth owing to strict regulations made on product manufacturing by different associations such as European Union, European Protection Agency and Toxic Substances Control Act.

Competitive Analysis

The mono ethylene glycol market is fragmented and highly competitive. It comprises of a good number of key players including both medium size and large-scale manufacturers. The key players are laying emphasis on market growth and thus focusing on expanding their portfolio through exclusive agreements, product launches, joint ventures, acquisition and mergers. Huge investments are made in the research and development to come up with a new technology.

Key Players

The leading players profiled in the mono-ethylene glycol market include BASF SE (Germany), MEGlobal (UAE), Formosa Plastics Corporation (Taiwan), China Petroleum & Chemical Corporation (China), Exxon Mobil Corporation (US), LOTTE Chemical CORPORATION (South Korea), Mitsubishi Chemical Corporation (Japan), Royal Dutch Shell plc (Netherlands), Akzo Nobel N. V. (Netherlands), SABIC (Saudi Arabia), The Dow Chemical Company (US), and others.

Feb 2019- Haldor Topsoe and Braskem are all set to begin a demo unit for making MEG (monoethylene glycol) from sugar. The goal is in converting different raw materials namely second-generation sugars, dextrose and sucrose into MEG.

Nov 2018- The National Standardization Administration of China of late has announced a national standard for MEG (mono-ethylene glycol) the GB/T 4649-2018 exclusively for industrial use. Its quality specifications that has been revised will help in witnessing the content’s purity increasing to 99.9% from 99.8% while the content of water will be cut down to 0.1% from 0.08%.

Read Full Information about this Report: Mono-Ethylene Glycol Industry