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Monoethylene Glycol Market is expected to generate a revenue of USD 34.99 Billion by 2027, Globally, at 4.47% CAGR: Verified Market Research®
As per the deep research carried out by Verified Market Research, the global Monoethylene Glycol Market size was valued at USD 24.67 Billion in 2019 and is projected to reach USD 34.99 Billion by 2027, growing at a CAGR of 4.47% from 2020 to 2027.
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Mono Ethylene Glycol is mostly manufactured by oxidising ethylene at high temperatures with a silver oxide catalyst. Later, the ethylene oxide is hydrated to yield mono ethylene glycol, as well as di and tri ethylene glycols as byproducts. Monoethylene glycol (MEG) is a clear, odourless liquid with a pleasant flavour. Mono Ethylene Glycol can be stored in stainless steel, aluminium, or lined drums, as well as tank cars or tank trucks. It has a specific gravity of 1.115 and a flashpoint of 110 degrees Celsius (closed cup). It is not suitable for transportation by road, rail, air, or sea, yet it is dangerous if swallowed. Mono-ethylene glycol is required for the manufacture of polyester fibre film, polyethylene terephthalate (PET) resins, and engine coolants.
During the projection period, MEG products would increase due to increased demand for polyester fibre from the textile sector. Furthermore, the growth in the packaging and textile industries is propelling the monoethylene glycol (MEG) market. Furthermore, the growing usage of plastics in the packaging business, particularly paperboard, wood, and metal, is fueling the polyethylene terephthalate (PET) sector during the projection period. Furthermore, pharmaceutical and food & beverage packaging are significant contributors for industry growth due to their substantial use of PET to make a variety of packaging materials such as sheets, films, bottles, containers, and so on. The improved chemical stability, ease of recyclability, high barrier characteristics, and dimension stability will undoubtedly promote PET demand, resulting in increased MEG production during the forecast period.
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6 Leading High Density Polyethylene Manufacturers making versatile plastic products
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