APAC Monoethylene Glycol Market Will Expand at the Fastest Growth Rate to 2024: Global Market Insights, Inc.
The monoethylene glycol (MEG) market report discusses current and anticipated industry share to be held by each subsegment during the forecast timeframe along with various trends characterizing the performance of the application landscape.
SELBYVILLE, Del., August 22, 2019 (Newswire.com) - Monoethylene glycol market is expected to gain major impetus over the forecast period, as the widespread use of polyester fiber and polyethylene terephthalate take precedence over more traditional materials. Monoethylene glycol or MEG is a raw material that is fundamental in the production of polyethylene terephthalate or PET and polyester fiber fabrics.
PET is garnering an increasing share in the packaging industry while as textile technologies advance, polyester fiber is gradually becoming more popular than traditional fabrics, adding growth impetus to monoethylene glycol market.
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The trend for fast fashion and growing purchasing power of consumers in emerging economies has added created an expansive market for clothes made of polyester fiber fabrics as polyester is cheaper and technological advancement has made polyester fabrics as comfortable as cotton. Polyester has become ubiquitous in most basic garments, such as t-shirts, dresses, and jeans. Cotton remains the most popular natural fiber, but it comes with its own drawbacks.
Cotton requires copious amounts water to cultivate and has to compete with other crops, including food crops, for cultivable land. On the other hand, though the production of polyester is energy-intensive and it is derived from petroleum, it is cheaper and according to analysts, no more harmful for the environment than cotton garments.
As consumer demand veers towards cheap fashion while polyester fibers are tweaked to include advanced properties that pertain comfort, the monoethylene glycol market share is expected to surge from the polyester fiber segment.
Between 1980 and 2000, polyester demand increased from 5.2 million tons to 19.2 million tons globally, while in 2014, demand for polyester was estimated at 46.1 million tons. During the 1980-2014 period, total fiber demand grew by 55.7 million tons and over 73% of the demand can be attributed to polyester. Such statistics clearly underline the fact that increasing demand for polyester demand will propel global monoethylene glycol industry share.
The monoethylene glycol market size is also receiving major growth impetus due to the increased application of PET in food and beverage packaging. Traditionally glass was the most used packing material in the food and beverage packaging industry. Various properties of glass such as it is odorless, impermeable to gasses and vapor, transparent, chemically inert and insulating make it an ideal packaging material.
Glass can also be easily shaped and colored, besides being reusable and recyclable. By comparison, plastic packaging such as PET can have variable permeability to light and gases and the reuse and recyclability of PET are being questioned globally. But since both consumers and producers are more concerned about the modern globalized marketplace, cost and affordability than the packing material's ability to maintain product freshness, the PET industry is gaining impetus, in turn adding to monoethylene glycol market share.
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The popularity of viable packaging materials has led to the growth of plastics such as PET. PET packaging is much lighter than glass which leads to reduced cost of product transportation and a lower CO2 footprint. Per unit cost of raw materials and production processes cost for PET packaging production are also lower than glass.
Another advantage includes the fact that PET can be combined with other packaging plastics to endow them with diverse properties. In some cases, these blended plastics lead to lower packaging weight.
Asia is expected to emerge as the region that would witness extensive growth in the market due to the fact that a very large part of the growth in polyester fabric and related industries has come from China with a substantial contribution from India and Southeast Asia. What has worked in the favor of the China monoethylene glycol market is that both polyester production and domestic demand for polyester have been strong.
China accounts for 69% of all polyester fiber production globally. Considering the production and demand in India and Southeast Asia, the regions represent 86% of global production. Estimates claim that APAC MEG market size will expand at the fastest growth rate over 2017-2024.
One instance of the expanding demand registered in the monoethylene glycol industry can be demonstrated through the recent letting of contract by MEGlobal International to Fluor Corp. for the mechanical construction of monoethylene glycol plant in Texas. The plant is being constructed in Oyster Creek petrochemical complex, the current expansion of Dow Chemical Co.
Reportedly the process unit is being designed to provide 700,000-tonne/year of monoethylene glycol and Fluor will be installing steel, piping and equipment for the unit. MEGlobal is based in Dubai and a subsidiary of Equate Petrochemical Co., first international petrochemical joint venture of Kuwait. MEGlobal wants to satisfy the cumulative demand for ethylene glycol products in markets of the U.S. and Asia-Pacific, ultimately expanding its own footprint.
What does this report offer?
This monoethylene glycol market report covers a detailed analysis of every segment of the market including different grades, application, company profiles and regions. The report provides insights on the industry in terms of parameters which include market segmentation, growth drivers, competitive landscape and global trends.
The document comprises an executive summary, industry ecosystem analysis, summary of industry insights, market segmentation and global trends. Regulations imposed by governments and competitive landscape of the industry are also elaborated on along with various business tactics adopted by the industry players to increase revenue share.
Browse key industry insights spread across 260 pages with 418 market data tables & 27 figures & charts from the report, “Monoethylene Glycol (MEG) Market By Grade (Polyester, Industrial, Antifreeze), Application (Polyester Fiber, PET, Antifreeze & Coolants, Chemical Intermediates), Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2024” in detail along with the table of contents:
The grade segment of the monoethylene glycol market is subdivided into polyester, industrial and antifreeze. Important indicators included in the grade segment encompass market share are anticipated to be registered by each application subsegment during the forecast duration and most prominent trends to be exhibited by regional subsegments.
A detailed analysis of the companies operating in the market is included in the research report. Regionally, the market report is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each region is further elaborated on including consumer base, market distribution, presence of industry players and other aspects.
In terms of the application, the monoethylene glycol market is divided into polyester fiber, pet, antifreeze & coolants, and chemical intermediates. The application segmentation elaborates on a collection of industry scope and leading driving factors.
The MEG industry report also discusses current and anticipated market share to be held by each subsegment during forecast timeframe. Various trends characterizing the performance of the application landscape have also been discussed in detail.
The monoethylene glycol market report covers a collection of significant parameters that would help stakeholders in the process of decision-making. The report also consists of information such as industry drivers and SWOT analysis.
Table of Contents (ToC) of the report:
Chapter 3. Monoethylene Glycol Market Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distributor channel analysis
3.3.3. Profit margin analysis
3.3.4. Value addition at each stage
3.4. Raw material analysis
3.5. Industry impact forces
3.5.1. Growth drivers
22.214.171.124. Increasing production of polyethylene terephthalate (PET)
126.96.36.199. Increasing demand for polyester fiber in Asia Pacific region
188.8.131.52. Growth in several industrial sectors
3.5.2. Industry pitfalls & challenges
184.108.40.206. Volatility in the raw material prices
220.127.116.11. Health hazards related to the usage of product
3.6. Growth potential analysis
3.7. Porter’s analysis
3.8. Technology trends
3.9. Regulatory trends
3.10. Company market share analysis, 2016
3.10.1. Strategic landscape
3.11. PESTEL analysis
3.12. Pricing analysis
3.12.1. Regional pricing
3.12.2. Cost structure analysis
Browse Complete Table of Contents (ToC) @
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Source: Global Market Insights, Inc.
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