PUNE, India, June 21, 2018 /PRNewswire/ --
According to the market research report "Monoethylene Glycol (MEG) Market by Application (Fiber, PET, Antifreeze & Coolant, Film), Technology, and Geography (Asia Pacific, North America, Europe, Middle East & Africa, and South America) - Global Forecast to 2022", published by MarketsandMarkets™, the growing demand for MEG in the Fiber, PET, and film applications coupled with high demand in APAC region are driving the MEG market. The growing demand for polyester in textile industry is driving the demand of MEG in textile end-use industry. The textile end-use industry is expected to witness a large demand of MEG in the market especially in countries such as China and India. Increasing use of PET in this region in packaging which is an ever-growing end-use industry in the developing countries would support the growth in demand for MEG.
Browse 71 market data Tables and 40 Figures spread through 123 Pages and in-depth TOC on "Monoethylene Glycol (MEG) Market"
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The MEG market is expected to witness a moderate growth during the forecast period. Change in the regulations related to antifreeze & coolant are likely to affect the growth of MEG market. Shifting trend of usage from MEG to propylene glycol might influence the growth of the market. Moreover, stringent regulations related to PET recycling can encourage the use of bio-based MEG.
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Antifreeze & coolant is the fastest growing application for MEG. Growing automotive end-use industry is likely to propel the growth in MEG market. Global sales of passenger cars are expected to be around 78.6 million vehicles in 2017 China, Japan, Germany and US are driving the sales of automotive market. China is already the world's largest automobile market, with 19 million vehicles sold in 2012. This will in turn drive the demand for antifreeze & coolant thus, propelling the growth of MEG.
APAC is the fastest market for MEG (owing to the high growth in fiber) followed by PET applications. The region being supportive for automotive, packaging and textile end-use industries which are growing at a fast pace is driving the growth in MEG. The high-paced packaging industry drives the demand for PET bottles in turn increasing the demand for MEG. China and India require significant volume of MEG to produce polyester fiber and PET resin, which are further growing with increasing production facilities of polyester. The polyester fiber production and consumption in APAC will be the largest driver to the MEG market. By 2021, polyester fibers are expected to dominate overall fiber market. Hence, APAC is expected to have an edge over other regions for its demand in MEG market due to influencing factors such as, energy, labor costs, freight, and raw material costs. Thus, APAC will propel the growth of MEG market being a major manufacturer of textiles, clothing, and apparel.
The report analyzes the key growth strategies adopted by leading market players between 2015 and 2017. SABIC (Saudi Arabia), Formosa (Taiwan), Dow (US), BASF SE (Germany), MEGlobal (UAE), Sinopec (China), Shell (Netherlands), Reliance (India), and SIBUR (Russia) are the key players operating in the MEG market. These companies adopted mergers & acquisitions, agreements & partnerships and investments & expansions strategies to strengthen their presence in the MEG market.
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