Scienza e Tecnologia
Monoethylene Glycol (MEG) Demand to Surge at 5.4% CAGR Amid Burgeoning Demand for Polyester Fibre
NEW YORK , Sept. 6, 2022 /PRNewswire/ -- The global monoethylene glycol market size is estimated to grow from US$ 38.4 Bn in 2022 to US$ 65 Bn by 2032, with sales surging at 5.4% CAGR throughout the forecast period. Rising usage of monoethylene glycol across diverse industries such as textile, packaging, plastic, and automotive is driving demand in the global market.
Over the years, end uses for monoethylene glycol have significantly widened from clothing and other textiles, through packaging to kitchenware, engine coolants, and antifreeze.
It has become a vital ingredient for the production of polyester fibres and film, engine coolants, antifreeze formulations, and polyethylene terephthalate (PET) resins. Thus, increasing demand for these products will continue to propel the global monoethylene glycol market forward.
Monoethylene glycol is being increasingly used in the manufacturing of coolants for automotive engines. The importance of monoethylene glycol-based liquids for automotive heat transfer in vehicle engines has also caught the interest of industry leaders.
Monoethylene glycol has low volatility and is fully miscible in water, alcohol, and other organic fluids. These characteristics have helped it gain appeal in a variety of industries.
Many sectors, including construction, automotive, consumer products, textiles, pharmaceuticals, and chemical processing, use monoethylene glycol.
Due to the rising need for polyester fibre in the textile sector and growing usage of polyethylene terephthalate (PET) in significant consumer goods items, such as bottles and food containers, the market will showcase a steady growth rate during the next ten years.
Together, polyester resin and PET are the most popular application segments, accounting for more than half of global consumption.
In addition to this, increased acceptance of bio-based monoethylene glycol (MEG) is expected to create opportunities for monoethylene glycol manufacturers during the forecast period.
The global monoethylene glycol market is highly competitive in nature due to presence of a large number of regional and local market players. In order to capitalize and increase their revenue share, key players are focusing on increasing production capacity, establishing new manufacturing plants, and partnering and collaborating with other companies. For instance,
In the latest study, Fact.MR offers a detailed study on global monoethylene glycol market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of monoethylene glycol through detailed segmentation as follows:
The global monocrystalline silicone market size is forecast to grow at a considerable pace during the assessment period owing to the rising demand for solar cells, rapid urbanization, and expansion of electrical and electronics industry. Over the years, monocrystalline silicone has gained immense popularity due to its increasing usage in the fabrication of solar cells that convert solar energy into electricity and the trend is likely to continue during the forecast period.
As per Fact.MR, the global demand for MEHQ is anticipated to increase at a steady pace during the forecast period owing to the rising usage across industries like pharmaceuticals & personal care, agrochemicals, and petrochemicals. MEHQ sales will also grow as a result of its distinctive UV absorbance curve, which enables the OMA system to readily monitor its real-time concentration.
the global glycol acetate market is likely to surge at a steady growth rate, owing to the rising demand for ecofriendly and non-toxic waterborne coatings, better adhesion and low surface tension properties of glycol acetate, and increasing usage across industries like paints & coatings, electronics, printing & inks, and cosmetics.
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