Pune, India -- (SBWIRE) -- 08/09/2018 -- Mono-Ethylene Glycol Market – Market Overview
Mono-Ethylene Glycol (MEG) is produced from ethylene via ethylene oxide, which is hydrated through thermal or catalytic process. Mono-Ethylene Glycol is a colourless, odourless, syrupy liquid with a sweet taste.
The primary driver of the Global Mono-Ethylene Glycol Market is the increasing product demand for production of polyester fiber and polyethylene terephthalate. Majority of Mono-Ethylene Glycol is consumed for polyester fiber production. The product is a raw material for manufacturing of resins, deicing fluids, heat transfer fluids, automotive antifreeze & coolants, water-based adhesives, textile fibers, and others. The increasing use of polyethylene terephthalate in packaging for tetra packs and PET bottles owing to its bio-degradability is another factor propelling the market growth. The growing product demand in industrial sector such as manufacturing, agriculture, mining, and others is likely to fuel the market growth during the forecast period.
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Mono-ethylene Glycol Coatings Market- Competitive Landscape
The Global Mono-Ethylene Glycol Market is witnessing rapid growth primarily driven by growing demand from major end-use industries such as automotive, packaging, textiles, and others. SABIC, The Dow Chemical Company, Akzo Nobel N. V., Mitsubishi Chemical Corporation, Royal Dutch Shell plc, LOTTE Chemical CORPORATION, China Petroleum & Chemical Corporation, Exxon Mobil Corporation, BASF SE, MEGlobal, and Formosa Plastics Corporation are some of the leading players in this market. Most of these market participants are adopting the acquisition, merger tactics and launching new products in order to strengthen their market position and meet the growing demand. With the increasing number of collaborations and agreements between manufacturers, distributors, and marketing firms, the Global Mono-Ethylene Glycol Market is set to witness considerable competition over the review period of 2018-2023.
Industry/ Innovation/ Related News:
December 17, 2015- Axiall Corporation and Lotte Chemical Corporation announced that the companies have reached a final investment decision for the construction of ethane-based ethylene plant in Lake Charles, Louisiana. The plant was expected to produce approximately one million metric tonnes of ethylene annually. The facility is anticipated start up would begin in 2019. This investment is expected to build on Lotte Chemicals's global ethylene construction and operating capabilities and increase our manufacturing presence in the North American market, said Soo Young Huh, Lotte Chemical president and chief executive officer.
October 26, 2016- MEGlobal started the construction of its new shale gas-based mono-ethylene glycol plant in the U.S. with a capacity of 750,000 tonne/ year. The plant is expected to start by 2019. The company increased their production capacity upto around 1m tonnes/ year from 825,000 tonnes/ year from the previous year. The capacity expansion was meant to strengthen the company's foothold in competitive market. Also, Praxair signed a contract to supply MEGlobal's this mono-ethylene glycol pant with nitrogen and oxygen.
May 01, 2018- SABIC and Exxon Mobil Corporation announced about their newly created joint venture to advance development of the Gulf Coast Growth Ventures project, a 1.8 million tonne ethane cracker planned for the construction in San Patricio, Texas. The facility will include a mono-ethylene glycol unit and two polyethylene units. This joint venture will be the third venture between these two companies which aims their goals for global diversification and Saudi Vision 2030. In addition to this, the project will play an important role in enhancing the economic profile of the San Patricio, Texas.
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