Monoethylene Glycol Market
Monoethylene glycol is a chemical compound that is prepared and produced by the transitional oxidation reaction of the ethylene compound. The compound is odorless and colorless and has a wide range of industrial applications. Monoethylene glycol is one of the crucial commercially available glycols. The by-products of the chemical compound, such as tri-ethylene and di-ethylene glycol, are obtained from the production process of monoethylene glycol. Monoethylene glycol acts as a crucial element that is utilized in the production of fibers, polyester apparels, fabrics, and resins. Monoethylene glycol is utilized in several end-user industries, such as aircraft, chemical, textile, food, and beverage, etc.
The growing demand for polyester fabrics in the textile industry is anticipated to drive the monoethylene glycol market in the upcoming years. Furthermore, the demand for polyester apparels is continuously growing, owing to the changing lifestyle of the urban population. Additionally, monoethylene glycol is extensively used to produce PET bottles in the food and beverage sector, which is anticipated to further stimulate the monoethylene glycol market globally in the upcoming years. The beneficial features of monoethylene glycol, such as tenacity and durability, make it a key raw material for various industrial applications. It is extensively utilized for the production of fibers, polyester resins, and films. These factors are projected to contribute toward this global market growth in the future. However, the toxicity of chemicals might hamper the monoethylene glycol market on a global scale.
By grade, the global monoethylene glycol market is segmented into the industrial grade, antifreeze grade, and fiber grade. By application, the monoethylene glycol market is categorized into fiber, PET, film, antifreeze and coolant, and others.
By region, Asia Pacific held the largest revenue share of the global monoethylene glycol market in 2018 and is expected to dominate the global market in the upcoming years. This regional growth can be attributed to the rising demand for polyester fabrics and apparels in the textile industry, due to the changing lifestyle of the urban population. Monoethylene glycol is mainly used for the production of polyester fabrics. The European region is expected to provide significant growth opportunities in the global monoethylene glycol market in the future, owing to the increasing sales of pharmaceutical medicines due to the increased production of SUVs. Monoethylene glycol is mainly used to produce antifreeze coolants, which are used for the effective functioning of vehicles.
Some key industry players operating in the global monoethylene glycol market include SABIC, Formosa, Dow DuPont, BASF SE, MEGlobal, Sinopec, Shell, Reliance, SIBUR, and PTTGC, among others.