Monoethylene Glycol (MEG) Market - Future Trends & Forecast 2022
Global Monoethylene Glycol (MEG) market is estimated at USD 24.41 Billion in 2017 and is projected to reach USD 30.40 Billion by 2022, at a CAGR of 4.5% from 2017 to 2022. The MEG market is expected to be driven by the increasing need for MEG in the production of PET and polyester. Polyester is mainly used in the textile end-use industry. PET application is growing in packaging end-use industry which is growing at a very high growth rate. Increasing dispensable income of the population across the world has propelled the growth of packaging end-use industry in turn fueling the growth in PET application in MEG market.
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Antifreeze & coolant is the fastest growing application owing to its high growth in automotive and chemical end-use industries. Ethylene glycol is the most widely used coolant in APAC which is also the fastest growing market and accounted for more than 80% of the total coolant market in 2015.
Based on region, the MEG market has been segmented into APAC, North America, Europe, the Middle East & Africa, and South America. APAC is the largest and fastest growing market for MEG. China which dominates APAC has half the demand for MEG globally. China, India, and North and South Asian countries largely contribute to the demand for MEG. Textile, Packaging, Automotive and chemical industries drive the applications of MEG. The high growth in automotive and packaging industries and have propelled the growth of MEG in this region.
Top companies in the MEG Market are SABIC (Saudi Arabia), Formosa (Taiwan), Dow (US), BASF SE (Germany), MEGlobal (UAE), Sinopec (China), Shell (Netherlands), Reliance (India), and SIBUR (Russia). These companies undertake dynamic business strategies that propel the growth of the MEG Market.
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For more details: https://www.prnewswire.com/news-releases/monoethylene-glycol-meg-market-worth-3040-billion-usd-by-2022-671601603.html
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