Monoethylene Glycol (MEG) Market Advanced Technologies and Innovations 2023
A sweet syrupy liquid, which is colorless, odorless in its purest form is known as Monoethylene glycol (MEG). Mono-ethylene Glycol (MEG) is find its usage in chemical intermediates for humectants, chemical intermediates, freezing point depression, solvents, resins, and solvent couplers.
These applications are considered crucial in the manufacturing of a wide variety of products, such as coolants and automotive antifreeze, deicing fluids, asphalt emulsions and latex paints, heat transfer fluids, resins, leather and paper, electrolytic capacitors, textile fibers, and water-based adhesives.
The global monoethylene glycol (MEG) market is estimated to rise at 6.1% CAGR over the forecast timeframe that extends from 2015 to 2023. The market attained a valuation of US$26.93 bn at the end of 2016 and is forecasted to reach a valuation of US$40.84 bn by the end of this period of forecast.
Extensive Demand for From the Textile Industry is key to Growth
The phenomenal increase in the usage of monoethylene glycol in the production of PET resins and polymer fabrics particularly in the emerging economies is a vital factor that is driving global monoethylene glycol market. The considerable requirement for polymers in the textile manufacturing industries is significant factor that is boosting the growth of global monoethylene glycol (MEG) market. The demand for polyesters is driven by the chemical and physical properties that make them fitting for the tropical climate.
In addition to the huge strides taken by the textile industry rapidly rising disposable income of the urban population in developing countries is responsible for the vital trend that supports the rapid growth of global monoethylene glycol market. The increased usage of monoethylene glycol in the manufacturing of a range of packaging and textile solutions is further stimulating the market.
Asia Pacific to Continue with its Lead due to Rising Demand for Monoethylene Glycol
Asia Pacific has, so far, occupied the leading position in the monoethylene glycol market. By the end of the forecast period, it is expected that Asia Pacific will garner around 69% of the total volume of monoethylene glycol produced globally. Taiwan, China, and India are regarded as the dominant consumetrs of monoethylene glycol, due to their significantly high need for polyethylene terephthalate and polyester fiber.
The requirement for monoethylene glycol is also rising at a substantial rate in Latin America and Middle East and Agfrica because of growing consumption of PET and polyester. In the meanwhile, the demand for monoethylene glycol in Europe and North America and Europe seems to be declining due to growing concerns over sustainability of the material and slow economic growth.
The top three companies in the global monoethylene glycol market Dow Chemical Company, Royal Dutch Shell Plc., and SABIC. In its findings Transparency Market Research share that these three companies accounted for a collective share of 29.3%, in the global market.
Despite considerable amount of shares being held by these market players, the global monoethylene glycol is still competitive and is still fairly fragmented. This is owing to the considerable influence produced by different indigenous and regional producers of monoethylene glycol. The global monoethylene glycol market is growingly competitive with local players relentlessly trying to overthrow the dominance of the leading international players by emphasizing on expansion of capacities. In the years to come, the intensity of competition is forecasted to grow further. TMR discovers that the threat of new entry is considerably low and is anticipated to remain so till the end of the forecast timeline. The market players must steer skillfully through strict regulatory frameworks that are prevailing in the global glycol market and also fetch enough funds to update the already existing infrastructure.