Monoethylene glycol is elevating as an ideal solution in a wide variety of antifreeze formulations, specifically for automobile radiators. Hence, it is well-known as an active anti-freezing agent. In general, the ethylene glycol products are mainly utilized in coolants, chemical intermediates, heat transfer fluids, polyester resins, and solvents.MEG also acts as a key ingredient in the manufacturing of paints, paper, textiles, and adhesives. As a result, the rise in demand for these applications is also boosting the growth of the MEG market on a global basis. Therefore, the global [FURL=https://www.industryarc.com/PressRelease/1978/Monoethylene-Glycol-Market-Research.html] Mono-Ethylene Glycol Market[/FURL] size was evaluated at $26.5 billion in 2018 and is estimated to grow with a CAGR of 4.8%, during the forecast period 2019-2025. Prevalence of MEG in PET Application:
MEG is a primary raw material, which is gaining traction from making polyethylene terephthalate (PET) resin makers, among others which include fibers, films, and antifreeze & coolant industrial players. Owing to its durability and hydrophobic features, this raw material is highly preferred for manufacturing PET films & polyester fibers. Consequently, PET application of mono-ethylene glycol will be growing at the fastest CAGR of 5.6% through to 2025. Additionally, PET is the most important engineering thermoplastic material, and the polymer is widely used in various recycled plastics, such as grocery bags, plastic bottles, gas cylinders, space blankets, and others. Presently, MEG is broadly accepted polyester, particularly in fabric, packaging, engineering, electronics, and biomedical industries.
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Flood of Mono-ethylene Glycol Imports in Asia-Pacific:
APAC region has established a leading position in the global mono-ethylene glycol market, with its dominating share of 45% among other regions, as of 2018. The ethylene glycol market in Asia is rising due to increasing demand for PET resins and polyester fibers in packaging and textile industries. According to the International Trade Centre, $14.8 billion value ethylene glycol got imported in 2018, worldwide. China alone holds for a ruling share of 61.2% in the world ethylene glycol imports and has topped with a value of $9 billion among other importers for the year 2018.
Major Players in Monoethylene Glycol Market Include:
Some of the players which are operating in the global mono-ethylene glycol market are Akzo Nobel N.V., BASF SE, Exxon Mobil Corporation, Indorama Corporation, Mitsubishi Chemical Corporation, Mitsui Chemicals, SABIC, Ineos Oxide, Lotte Chemical, and Sibur. These companies have been continuously concentrating on plant expansions and product launches to strengthen their product portfolio and their brand value in respective geographies.
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