Ocean View, DE -- (SBWIRE) -- 05/04/2020 -- Global Monoethylene Glycol Market demand is substantiated by steady demand from key end use industries such as packaging, automotive, paints & coatings, textiles, and others. In terms of revenue, global monoethylene glycol industry is likely to surpass USD 40 bn by 2024. The product is extensively used for the production of PET materials and polyester fiber & resins, which are used across a wide spectrum of applications. Rising demand for plastic packaging from the pharmaceutical, food & beverage, and cosmetic industry is a chief factor triggering market growth.

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Frontrunners in the Monoethylene Glycol Market:

Royal Dutch Shell plc, Reliance Industries Limited, BASF SE, Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Corporation (MCC), Lotte Chemical Corporation, Nan Ya Plastics Corporation, The Dow Chemical Company, Sinopec Zhenhai Refining & Chemical Company (ZRCC), LyondellBasell Industries N.V., MEGlobal, ExxonMobil Corporation, AkzoNobel, India Glycols, Chemtex Speciality Limited

Growth Drivers:
1. Increasing production of polyethylene terephthalate (PET)
2. Increasing demand for polyester fiber in Asia Pacific region
3. Growth in several industrial sectors

Monoethylene glycol is well suited for application in chemical intermediates, polyester fiber, polyethylene terephthalate (PET), and antifreeze & coolants. Other applications of MEG include usage in leather processing, water-based adhesives, asphalt emulsions, latex paints, and humectants. Polyethylene terephthalate (PET) and polyester fiber are likely to jointly command almost 70% share of the market in the coming years owing to their excellent chemical as well as mechanical attributes.

Garnering positive response from the automotive industry, antifreeze & coolants segment is likely to surpass USD 3 bn by 2024. Monoethylene glycol is being widely used as a raw material in IC engine coolants and antifreeze formulations.

Asia Pacific is likely to procure its position as one of the most profitable monoethylene glycol markets and is poised to exhibit noteworthy expansion in the coming years. Regional market growth will be led by China and India. Enactment of strict laws concerning the production of the MEG in the developed regions of North America and Europe has resulted in majority of the production of monoethylene glycol being cornered towards Asia Pacific as well as other developing regions. Economic upturn in the region has enabled expansion of various industrial sectors, which, in turn, is promoting regional market growth.

Regional Segment:

- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa

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Main Features of the Global Monoethylene glycol market Research Report:

-The report delivers the market valuation as well as the projected growth rate of the global Monoethylene glycol market spanning all years till 2026.

-The report also describes the major drivers of worldwide Monoethylene glycol market by considering as well as taking calculated risks, in tandem with identifying and testing new strategies.

-The research report endorses a detailed industry chain analysis. Also, it covers the production process of Organic Spice, upstream raw material supplier information, raw material costs, labor costs, manufacturing costs, marketing channels, as well as the downstream buyers of the Monoethylene glycol market.
-The report provides detailed knowledge about the competitive scenario of the global Monoethylene glycol market, and also discusses the numerous marketing strategies adopted by companies to stay ahead in the competition.

-The report analyses the various market segments and also provides their contribution to the development of the global Monoethylene glycol market.