SEATTLE, Feb. 21, 2022 (GLOBE NEWSWIRE) -- The global monoethylene glycol market was valued at US$ 25.1 Billion in 2020 and is expected to exhibit a CAGR of 3.9 % during the forecast period (2021-2028).
Key Trends and Analysis of the Global Monoethylene Glycol Market:
Rising demand for polyester fabrics is one of the primary growth drivers of the global monoethylene glycol market. Monoethylene glycol is a common ingredient in polyester fabric production. Polyester textiles are utilized in home furnishings, garments, yarns, and ropes, as well as in various industrial applications such as conveyor belts and insulating tapes, which are propelling the monoethylene glycol market growth. Furthermore, the development of bio-based monoethylene glycol has been aided by advancements and innovations in bio-based PET. During the forecast period, substantial demand for monoethylene glycol in the production of PETs is projected to grow in some regions such as North America, Europe, and Asia Pacific, owning to the demand form automobiles industry and Antifreeze and coolant application in the automotive industry. Monoethylene glycol antifreeze and coolant applications are also expected to increase rapidly in the major automobile markets such as the U.S., Japan, and Germany.
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Key Market Takeaways:
The global monoethylene glycol market is expected to exhibit a CAGR of 3.9% over the forecast period (2021-2028), as a result of the increased use of monoethylene glycol in Polyethylene Terephthalate (PET) films.
PET films contain monoethylene glycol, which is a crystal clear thermoplastic with superior performance when compared to other plastic films. PET film provides better tensile strength, superior stability, minimal moisture absorption, and temperature resistance. Electrical characteristics, UV resistance, good optical clarity, high gloss, and a good gas barrier are all features of PET. PET is also utilized as sheets and plastic films, and it is ideal for printing and laminating. PET has a high melting point, making it suitable for a wide range of uses. All these factors are expected to drive the global monoethylene glycol market growth during the forecast period.
Competitive Landscape:
Major players operating in the global monoethylene glycol market include Reliance Industries Limited, Saudi Basic Industries Corporation, BASF SE, India Glycols Limited, LyondellBasell Industries Holdings B.V., Chemtex Speciality Limited, Royal Dutch Shell PLC, Nouryon, Mitsubishi Chemical Corporation, and Eastman Chemical Company.
Key players are focusing on various inorganic growth strategies such as acquisitions and mergers to strengthen their market position. For instance, in July 2017, Reliance Industries Ltd., an Indian multinational conglomerate company, has stated to start operations at its new 750,000 tons/year MEG plant in Jamnagar, Gujarat, in the first week of September 2017.
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Market Segmentation:
- Global Monoethylene Glycol Market, By Production process:
- Gas-based
- Naphtha-based
- Coal-based
- Methane-to-Olefins
- Bio-based
- Global Monoethylene Glycol Market, By Application:
- Polyester Fiber
- Polyethylene Terephthalate (PET) Resins
- Polyethylene Terephthalate (PET) Film
- Antifreeze
- others
- Global Monoethylene Glycol Market, By End-use Industry:
- Textile
- Plastic & Packaging
- Automotive
- others
- Global Monoethylene Glycol Market, By Region:
- North America
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- Latin America
- Europe
- Asia-Pacific
- Middle East & Africa
Related Market Intelligence Reports:
Polyethylene Terephthalate Market, by Product Type (Carbonated Soft Drink, Bottled Water, Other Drinks, Sheets & Films, Food, and Non-Food), by Application (Food & Beverages, Automotive, Electronics, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
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