Pune, India, July 15,2019 - [123 Pages Report] The Monoethylene Glycol (MEG) market was valued at USD 23.12 billion in 2016 and is projected to reach USD 30.40 billion by 2022, at a CAGR of 4.5% during the forecast period. The high demand for MEG in applications including, PET, fiber, film, and antifreeze & coolant is driving the MEG market
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Research Methodology
This study estimates the size of the MEG market for 2017 and projects its growth by 2022. It provides a detailed qualitative and quantitative analysis of the MEG market. Secondary sources, such as Hoovers, Bloomberg Business Week, and Factiva, among others have been used to identify and collect information useful for this extensive, commercial study of the MEG market. Primary sources such as experts from related industries and suppliers of MEG have been interviewed to obtain and verify critical information and assess future prospects of the MEG market.
The MEG market is expected to witness a moderate growth during the forecast period. Change in the regulations related to antifreeze & coolant are likely to affect the growth of MEG market. Shifting trend of usage from MEG to propylene glycol might influence the growth of the market. Moreover, stringent regulations related to PET recycling can encourage the use of bio-based MEG.
Antifreeze & coolant is the fastest growing application for MEG. Growing automotive end-use industry is likely to propel the growth in MEG market. Global sales of passenger cars are expected to be around 78.6 million vehicles in 2017 China, Japan, Germany and US are driving the sales of automotive market. . China is already the world’s largest automobile market, with 19 million vehicles sold in 2012. This will in turn drive the demand for antifreeze & coolant thus, propelling the growth of MEG.
The key players operating 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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