Global Monoethylene Glycol (MEG) Market to reach worth of US$40.84 by 2023

1. Global Monoethylene Glycol (MEG) Market to reach worth of US$40.84 by 2023 The top three players in the monoethylene glycol (MEG) market held a combined share of 29.3%, in the global market, finds Transparency Market Research. These leading companies are Royal Dutch Shell Plc., SABIC, and the Dow Chemical Company. The sizeable shares held by these players notwithstanding, the competitive landscape is still fairly fragmented. This is due to the substantial clout held by several regional and indigenous producers of monoethylene glycol. The market is increasingly competitive with regional players constantly striving to subvert the dominance of the leading incumbents by focusing on capacity expansions. In the coming years, the intensity of competition is likely to rise further. TMR observes that the threat of entry by new players is low and is expected to remain so until the end of the assessment timeline. The entrants must maneuver the stringent regulatory frameworks prevailing in the market and also manage substantial funds upfront required for the infrastructure. Request For Sample @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2251 The global market for monoethylene glycol is projected to expand at a CAGR of 6.1% during 2015– 2023. The market estimated valuation at the end of 2016 was US$26.93 billion and is anticipated to reach a worth of US$40.84 billion by the end of the forecast period. The various applications for which MEG can be used are polyester fiber, polyethylene terephthalate, and antifreeze. Of all the segments, MEG are extensively used in manufacturing polyester fibers. The segment is expected to occupy a share of 55.1% in the global market by the end of 2023. On the geographical front, Asia Pacific holds the sway with the dominant demand for monoethylene glycol. By the end of the forecast period, the regional market is expected to reap a revenue of US$25.88 billion. The growth is fueled by the vast application of MEG in the textile industry, particularly for making polyethylene terephthalate (PET) and polyester fibers. Extensive Demand for Manufacturing Polymer Fabrics especially in Emerging Economies key to Growth The burgeoning usage of monoethylene glycol in producing polymer fabrics and PET resins, especially in emerging economies, across the world is a key factor driving the market. The extensive demand for polymers in the textile manufacturing industries is a notable factor accentuating the market. The attractive demand for polyesters is underpinned by their physical and chemical properties that make them suitable for usage in tropical climates. The vast strides being made by the textile industry, coupled by the rapidly rising disposable incomes of urban populations in developing countries, is a crucial trend supporting the swift expansion of the monoethylene glycol market. The rising uptake of MEG in making a range of textile and packaging solutions is also boosting the market. The burgeoning demand for PET in making packaging for food and beverages and pharmaceutical is a case in point. Large Fluctuation in Conventional Raw Material Prices glaring Bottleneck

2. The volatility of raw material prices, particularly of feedstock that comes from crude oil, is a notable factor that has adversely affected the expansion of the market. This is attributed to the fast declining reserves of crude oil in several parts of the world and the large supply fluctuations persisting in several economies. Moreover, the glut of cheap MEG from overseas has also impeded the smooth expansion of the market. Furthermore, of late, the demand for PET and other polymer resins has been cutting flak among end users due to their role in aggravating plastics pollution. Request For Brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=2251 The above concern is allayed by initiatives by manufacturers and producers in making bio-based MEG. The use of raw material such as ethanol derives from sugarcane help manufacturers get over the price volatility and also create more environmental-friendly products.