Monoethylene glycols are colorless, essentially odorless stable liquids with low viscosities and high boiling points. It is somewhat viscous liquid, miscible in water, soluble in ethanol, acetone, acetic acid, pyridine with a sweet taste. Ethylene glycol is prepared commercially by oxidation of ethylene at high temperature in the presence of silver-oxide catalyst, followed by hydration of ethylene oxide to yield mono, with di, tri and tetra-ethylene glycols as co products. Monoethylene glycols are widely used in the mixtures of automobile antifreeze and engine-cooling liquids because of its properties such as low freezing point, in-volatility and low corrosive activity.
The global monoethylene glycol market was sized over USD 25 billion in 2015. The global monoethylene glycol market is projected to grow with a CAGR between 6.0% and 6.5% during 2017-2023. Increasing demand of mono ethylene glycol in end use industries such as consumer goods, construction, automotive, pharmaceutical, textiles and chemical remains the key factor driving the growth of global mono ethylene glycol market. In addition, increasing use of mono ethylene glycol in polyester fiber and polyethylene terephthalate is likely to drive the growth of market. Furthermore, rapid urbanization and changing lifestyle of consumers especially in emerging economies such as China, India, Mexico and Brazil has been driving the polyethylene terephthalate, one of the key materials used in packaging sector which in turn is projected to boost the global mono ethylene glycol market over the forecast period. Moreover, fluctuation in prices of raw materials and sustainability issues related to mono ethylene glycol are the key factors restraining the growth of this market. Increasing popularity of bio based MEG and increasing R&D of ecofriendly alternatives that can help in removing the toxic nature of mono ethylene glycol are likely to bring more opportunities to this market.
The report segments the monoethylene glycol market by grades and by applications. Monoethylene glycol market segmentation based on different grades include polyester grade, industrial grade, antifreeze grade and low conductivity grade. Moreover, the global monoethylene glycol market based on application is segmented into polyester resin, polyester fibers, antifreeze & coolants, chemical intermediates, heat transfer fluids and others.
Geographic coverage and analysis:
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2017 – 2023.
Asia pacific was the largest market among the geographies due to consumption of nearly half of the global mono ethylene glycol. Furthermore, Asia Pacific is expected to continue its dominance and is anticipated to grow at the highest CAGR rate over the forecast period due to rapid growth of end use industries such as automobile, packaging, and textile in China, India and South Korea. Following the Asia Pacific Region, North America and Europe were also accounted to have a strong hold on global mono ethylene glycol market. Furthermore, these regions are expected to have a moderate growth rate over the forecast period owing to their serial recovery from the economic slowdown. Moreover, Latin America (covered in row region) is expected to grow gradually over the forecast period due to rapid industrialization and changing lifestyle of the consumers in Brazil and other countries.
The companies covered in the report include Sabic, The Dow Chemical Company, Royal Dutch Shell Plc, Reliance Industries Limited, Nan YA Plastics (Huizhou), Zhenhai Refining & Chemicals, BASF SE, Exxonmobil Corportion, Formosa Plastic Group, Akzonobel, Lyondellbasell, Meglobal and Honam Petrochemical Corporation.