Monoethylene Glycol (MEG) Market to Witness an Outstanding Growth by 2023
The distinct chemical properties of monoethylene glycol (MEG) have led to its usage across multiple industries. The quest of the chemical industry to optimize the use of various types of glycols has furnished positive results for chemical manufacturers. Monoethylene glycol is sold in conjunction with several other products and chemicals. This factor helps market vendors in cross-marketing of monoethylene glycol (MEG), whilst creating fresh opportunities for market maturity. In addition to this, organic compounds are extensively studied and researched across chemical laboratories and research centers. This is an important trend from the perspective of growth within the global monoethylene glycol (MEG) market. The revenue index of the monoethylene glycol (MEG) market is set to improve in the coming times.
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Transparency Market Research (TMR), in its market research report, estimates that the global monoethylene glycol (MEG) market would expand at moderate a CAGR of 6.15% over the period between 2015 and 2023. Furthermore, the total value of the global monoethylene glycol (MEG) market is set to touch US$40.84 bn by the end of 2023, rising up from a value of US$26.93 bn in 2016. There is growing importance of PET resins across several industries, and this is an important consideration from the perspective of market maturity. The textile industry is at the forefront of market growth and maturity, and the growth of the former shall reflect in the form of increased market demand.
Industrial Applications of Polyesters Films and Fibres
Polyester films and resins hold relevance across a multitude of high-end industries, and this is an integral dynamic of market growth. Polyester fibers and films can be manufactured from monoethylene glycol (MEG), impelling the growth graph of market vendors. Use of monoethylene glycol (MEG) in antifreeze formulations makes up for a prominent driver of market demand. Other similar applications of MEG span across solvents and anti-icers for aircrafts. Considering the factors stated above, it is legit to expect the global monoethylene glycol (MEG) market to touch the apogee of market value.
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Advancements in Automotive Manufacturing to Aid Market Growth
The automotive industry has remained steadfast in embracing new technologies that can foster improvements in manufacturing and performance of automotive parts. Therefore, the use of monoethylene glycol (MEG) in manufacturing coolants for automotive engines has gained momentum in recent times. Furthermore, importance of MEG-based liquids in for automotive heat transfer in automotive engines has also garnered the attention of industry leaders. The colourless, odourless, and viscous nature of monoethylene glycol (MEG) has helped in popularising the product across key industrial verticals. There is little contention in regard to the chemical supremacy of the product.
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Some of the prominent vendors operating in the global monoethylene glycol (MEG) market are Royal Dutch Shell Plc., Dow Chemical Company, and SABIC. These companies account for around 29% of the total share of all vendors in the market.
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