Monoethylene Glycol Market Analysis

Monoethylene Glycol Market Analysis

Polyester grade recorded the foremost revenue share over 70% in 2016 and is projected to spectate a considerable growth by 2024. This grade is mainly used to manufacture PET, polyester resins and fiber owing to its moisture absorbing properties, low-volatility and few other features. Its hygroscopic specialty makes it appropriate for its use in synthetic rubber, conditioning agent and other paper items. Widespread application of polyester grade MEG in chemical intermediates, solvent couples, heat transfer agents, unsaturated polyester resins and plasticizers, which instead will propel the product industry size in the forecast timespan.
 

Product application in polyethylene terephthalate (PET) is growing at a rapid pace and is expected to surge with a CAGR over 5.5% by 2024. Escalating consumption of the product in the packaging industry due to its hygroscopic and water & vapor barrier attributes. Therefore, the significant usage of monoethylene glycol to manufacture PET will directly drive the monoethylene glycol market revenue during the forecast period.
 

Polyester fiber is the primary application for the MEG and registers a revenue share over 55% among the global industry share in 2016. Vast use of polyester fiber in myriad end-use industries such as resins, textile, electronics etc. due to its excellent chemical and mechanical qualities that is estimated to fuel the product market size in the coming years.
 

Asia Pacific MEG market is projected to escalate with a CAGR more than of 6.5% during the forecast timeframe. The rapidly growing per capita income in addition to the swelling economic conditions in the region will fuel several advancements in the textile sector. Substantial manufacture of polyester fiber and polyethylene terephthalate (PET) in emerging economies involving India, China, Malaysia etc. will establish an abundant consumption of MEG in the region driving its industry size in the near future.