Dublin, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The "Polytetramethylene Ether Glycol (PTMEG) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Global Polytetramethylene Ether Glycol (PTMEG) Market is poised for substantial growth, with expectations of increasing from 1.24 million tons in 2023 to 1.60 million tons by 2028, marking an impressive Compound Annual Growth Rate (CAGR) of 5.27% during the forecast period (2023-2028).
Several key factors are driving this expansion, including the rising demand for thermoplastic polyurethane (TPU), growth in the apparel and clothing industry, emerging usage of spandex fibers in healthcare, and shifting trends toward bio-based products.
Key Market Highlights
Growing Demand in the Textile Industry: The textile industry, particularly in emerging economies like ASEAN countries, India, and Bangladesh, is on the rise. This growth is attributed to low manufacturing costs and the sector's significant contributions to trade, employment, investment, and revenue.
The demand for high-quality stretch fabric across various textile applications is fueling the need for PTMEG. The global sporting goods industry has exhibited a remarkable recovery, with strong growth seen over the past two years, even surpassing pre-pandemic levels. China, the world's largest producer and exporter of textile materials and garments, has reported steady growth in its textile sector.
Similarly, Vietnam achieved a significant milestone with USD 11.5 billion in textile exports in 2021, ranking sixth globally. India, too, has experienced increased apparel demand, driven by digitalization and growing consumer preference for foreign textile brands. As a result, the textile industry is expected to dominate the PTMEG market during the forecast period.
Asia-Pacific Leads the Way: The Asia-Pacific region currently commands the highest market share, driven by the textile industry's growing demand in countries like China, India, Japan, and ASEAN nations. China, in particular, has emerged as a major market for textiles, automotive products, and paints and coatings. Companies in China, both multinational and local, are expanding their production capacities and investing in new projects to reduce import dependence.
The region is also witnessing a surge in athletic apparel, accessories, and footwear sales. While multinational companies are shifting their operations away from China due to rising labor costs, the country maintains high demand for sportswear and activewear. Asia-Pacific currently stands as the largest global textile producer, with countries like China, India, Vietnam, South Korea, and Japan significantly contributing to textile exports. China, the European Union (EU), and India are the world's top three textile exporters, accounting for 68% of global textile exports in 2021.
The ASEAN countries are also experiencing increased demand for PTMEG across industries such as textiles, paints, and coatings. Consequently, the Asia-Pacific region is expected to maintain its dominance in the PTMEG market during the forecast period.
Polytetramethylene Ether Glycol (PTMEG) Industry Overview
The global PTMEG market is moderately consolidated, with a few key players holding the majority of the market share. Notable players in the market include BASF SE, DCC (Dairen Chemical Corporation), INVISTA, Sinopec Great Wall, and HYOSUNG, among others.
A selection of companies mentioned in this report includes
- BASF SE
- Chang Chun Group
- Henan Energy Chemical Group Hebi
- Hyosung Corporation
- INVISTA
- Korea PTG
- LyondellBasell Industries Holdings BV
- Mitsubishi Chemical Corporation
- Sinopec Great Wall Energy & Chemical Co. Ltd (Sinopec Corp.)
- Shanxi Sanwei Group Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/mxi6ht
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