The global Monoethylene Glycol Market is forecast to grow at a rate of 6.20% in terms of value, from 2020 to reach USD 82.25 Billion by 2028, according to a new report by Reports and Data. Ethylene glycol is a synthetic liquid that has a sweet taste and is odorless. The product is used to make de-icing solutions and antifreeze for airplanes, cars, and boats. It is also applicable in hydraulic brake fluids and inks used in ballpoint pens, stamp pads, and print shops.
Ethylene Glycol, is used mainly as raw material for polyester fiber and antifreeze, has now been used worldwide and is significantly used in the basic petrochemicals. The primary hazard of ethylene glycol is the threat to the environment. As it is a liquid, it can easily penetrate the soil and contaminate groundwater and nearby streams. Immediate steps are recommended to limit its spread to the environment
Top Companies Operating in the Global Monoethylene Glycol Market:
Reliance Industries, Sinopec, SABIC, DowDuPont, Royal Dutch Shell, Huntsman, AkzoNobel, BASF SE, Lotte Chemical, and Ashland Inc.
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Major Factors Contributing to the Global Materials and Chemicals Market Revenue Growth
The global materials chemicals market revenue growth is primarily attributed to factors such as fast-paced industrialization across the globe, rising demand for essential consumer goods (including packaged foods beverages, personal care cosmetic products, and household hygiene products), and increasing applications of raw materials and chemicals in a wide range of industries including the buildings construction, food beverage, pharmaceutical, agriculture, and textile industries. Other important factors contributing to the global market revenue growth are increasing industrial applications of specialty chemicals, growing use of high-performance, organic agrochemicals in the agriculture industry, rising environmental concerns among the population, growing need for environmentally friendly and sustainable raw materials and chemicals, and increasing government investments in the materials chemicals industry.
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Monoethylene Glycol Market Segmentation
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
- Monoethylene Glycol (MEG)
- Diethylene Glycol (DEG)
- Triethylene Glycol (TEG)
Manufacturing Process Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
- Ethylene Oxide
- Coal
- Biological Route
- Renewable Resources
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
- Polyester Fiber
- PET Bottle
- Antifreeze
- PET Films/Others
- Industrial
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