Global monoethylene glycol market to reach US$34.8 billion

SEATTLE, Feb. 21 2022 (GLOBE NEWSWIRE) — Global Monoethylene Glycol Market was valued at US$25.1 billion in 2020 and is expected to post a CAGR of 3.9% during the forecast period (2021-2028).

Key Global Monoethylene Glycol Market Trends and Analysis:

Growing demand for polyester fabrics is one of the major growth drivers in the global market. monoethylene glycol market. Monoethylene glycol is a common ingredient in the production of polyester fabrics. Polyester textiles are used in upholstery, garments, yarns and cords, and in various industrial applications such as conveyor belts and electrical tapes, which propel the growth of the monoethylene glycol market. Additionally, the development of bio-based monoethylene glycol has been facilitated by advances and innovations in bio-based PET. During the forecast period, the substantial demand for monoethylene glycol in the production of PET is expected to increase in certain regions such as North America, Europe and Asia-Pacific, owing to the demand from the automotive industry and the application of antifreeze and coolant in the automotive industry. Monoethylene glycol antifreeze and coolant applications are also expected to grow rapidly in major automotive markets such as the United States, Japan and Germany.

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Main market takeaways:

The global monoethylene glycol market is expected to grow at a CAGR of 3.9% over the forecast period (2021-2028), driven by the increased usage of monoethylene glycol in polyethylene terephthalate (PET) films.

PET films contain monoethylene glycol, which is a transparent thermoplastic with superior performance compared to other plastic films. PET film offers better tensile strength, superior stability, minimal moisture absorption and temperature resistance. Electrical characteristics, UV resistance, good optical clarity, high gloss and good gas barrier are all characteristics of PET. PET is also used in the form of plastic sheets and films, and is ideal for printing and lamination. PET has a high melting point, which makes it suitable for a wide range of uses. All these factors are expected to drive the growth of the global monoethylene glycol market over the forecast period.

Competitive Landscape:

The major players operating in the global monoethylene glycol market are Reliance Industries Limited, Saudi Basic Industries Corporation, BASF SE, India Glycols Limited, LyondellBasell Industries Holdings BV, Chemtex Specialty Limited, Royal Dutch Shell PLC, Nouryon, Mitsubishi Chemical Corporation, and Eastman Chemical Company. .

The major players are focusing on various inorganic growth strategies such as acquisitions and mergers to strengthen their position in the market. For example, in July 2017, Reliance Industries Ltd., an Indian multinational conglomerate, announced the start of operations at its new 750,000 tonnes/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
    • Charcoal-based
    • Methane to olefins
    • Bio-sourced
  • 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 wrap
    • Automotive
    • others
  • Global Monoethylene Glycol Market, By Region:
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa

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