Mono Ethylene Glycol (MEG) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2027
Mono Ethylene Glycol Market – Overview
Mono Ethylene Glycol or Glycol is manufactured
industrially from ethylene oxide and ethylene. Mono ethylene glycol market is
expected to witness steady growth on account of its significant usage in
polyethylene terephthalate as well as antifreeze application. Among
application, polyethylene terephthalate (PET) accounted for the largest market
share in 2016 and is predicted to retain its dominance over the estimated
period due to high demand from packaging industry. Antifreeze segment is
expected to witness healthy growth due to increasing aviation industry across
the globe. Growing per capita disposable income in developed and developing
region coupled with increasing use of packaged products is predicted to propel
the growth of the market. Moreover continuous growth of textile industry along
with rising consumption of monoethylene glycol is predicted to drive the demand
for Mono ethylene glycol market during the review period.
Geographically, Asia Pacific accounted for the
largest market share for monoethylene glycol followed by North America and
Europe in 2016.
The Asia Pacific region dominated the global Monoethylene Glycol Market share in 2016
and is expected to witness highest CAGR due to continuous growth of automotive
and plastic industries specifically in China, India, Japan, Taiwan, Thailand,
Malaysia, and South Korea. Additionally, the growth of mono ethylene glycol is
largely driven by their utilization in packaging and textile industries.
Furthermore, rising investment by major operating companies and shifting of
monoethylene glycol manufacturing units as well as end use industries growth in
this region is estimated to propel the monoethylene glycol regional market
growth. North American market is expected to witness steady growth due to
rising number of working professional which has resulted in increasing demand
for packaging items and ultimately is expected to rise the consumption of
monoethylene glycol in the upcoming years. Europe is estimated to witness
healthy growth on account of rising demand from textile sector. Furthermore,
strict regulations regarding the usage of this product has led to increase the
innovation and development in this industry. Middle East & African market
is estimated to register strong growth due to increasing plastic and packaging
industries present in Qatar, Oman, Turkey, the United Arab Emirates, and Saudi
Arabia. Market in Latin American countries such as Brazil and Guatemala, and
Peru is estimated to register healthy growth on account of rising demand for
textile and packaging items.
Key Players:
The Dow Chemical Company, Reliance Industries
Limited., Saudi Basic Industries Corporation, BASF SE, India Glycols Limited,
LyondellBasell Industries Holdings B.V., Chemtex Speciality Limited, ExxonMobil
Chemical Company, Eastman Chemical Company, Huntsman Corporation LLC. among
others are some of the prominent players at the forefront of competition in the
Global Mono Ethylene Glycol Market and are profiled in MRFR Analysis.
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Industry/ Innovation/ Related News:
April 2017- Indian
Oil Corporation Limited planned to expand Paradip Refinery under this, the
company will set up a second unit of monoethylene glycol plant which will cost
around USD 614 Million. With this expansion the company will able to meet the
growing demand from end use industries.
May 2017- ExxonMobil
and SABIC signed an agreement to set up a petrochemical complex which include
ethane steam cracker having capability of manufacturing 1.8 million tonnes of
ethylene per annum, a monoethylene glycol unit, and two polyethylene units.
With this expansion the company enhance its presence in global monoethylene
glycol market.
March 2016- EQUATE
Petrochemical Company with its subsidiary, MEGlobal planned to construct
monoethylene glycol manufacturing unit at Dow’s Oyster Creek site in Texas.
Company construct MEG plant to increase its global footprint and enhance its
value as leading ethylene glycol producer and supplier. Company will be able to
meet the growing demand in U.S. and Asian Market.
August 2016- Lotte
Chemical and Axiall planned to set up a MEG plant through a joint venture
called LACC LLC with an investment of around USD 1.1 Billion. With this
expansion, the company is planning to expand its market basis in the U.S. and
Europe.
Competitive Landscape
The Mono Ethylene Glycol report analyses the degree
of competition among the major players as well as industry growth and market
scenario. The global Mono Ethylene Glycol market comprises of various players
operating in the market which include large scale and medium size
manufacturers. The prominent market players operating in the global
monoethylene glycol industry is focusing towards growth association
specifically by Asia Pacific as medium scale and small scale producers are from
this region specifically from China, South Korea, India, Malaysia, and Japan.
Additionally, the company is focusing on extending their product portfolio by
strategic acquisition and mergers, joint ventures, product launches, and
exclusive agreements. Some of the companies are expanding their production
capacity of monoethylene glycol to meet the growing demand for Mono Ethylene
Glycol.
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