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Monoethylene glycol market to amassed massive traction from antifreeze & coolant segment

Selbyville, Delaware, United States, October 20 2020 (Wiredrelease) Global Market Insights, Inc –:Monoethylene glycol market from the antifreeze & coolant segment is expected to exceed USD 3 billion by 2024. MEG acts as a raw material for the formulation of antifreeze & coolants. An increase in the demand for IC engine coolants may foster MEG industry growth over the predicted timeframe.

On the geographical front, Asia Pacific monoethylene glycol market is anticipated to generate lucrative proceeds. Polyester fiber is gaining substantial traction in APAC. This growth may be attributed to its extraordinary mechanical and chemical properties. Countries like India and China have held a substantial share in the APAC MEG market. Meanwhile, North America and Europe MEG markets are projected to jointly garner over USD 10 billion by 2024, registering around a quarter of the global monoethylene glycol market.

As consumer demand veers towards cheap fashion while polyester fibers are tweaked to include advanced properties that pertain comfort, monoethylene glycol market share is expected to surge from polyester fiber segment.

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Between 1980 and 2000, polyester demand increased from 5.2 million tons to 19.2 million tons globally, while in 2014, demand for polyester was estimated at 46.1 million tons. During the 1980-2014 period, total fiber demand grew by 55.7 million tons and over 73% of the demand can be attributed to polyester. Such statistics clearly underline the fact that increasing demand for polyester demand will propel global monoethylene glycol market share.

Some of the leading companies present in the monoethylene glycol market include Reliance, AkzoNobel, Dow Chemicals, SABIC, Sinopec, MEGlobal, Royal Dutch, Mitsubishi and LyondellBasell Industries. Reportedly, SABIC has a crucial role in the product value chain as it produces raw materials needed to create monoethylene glycol.

Global monoethylene glycol market demand is substantiated by steady demand from key end use industries such as packaging, automotive, paints & coatings, textiles, and others. In terms of revenue, global monoethylene glycol market is likely to surpass USD 40 bn by 2024. The product is extensively used for the production of PET materials and polyester fiber & resins, which are used across a wide spectrum of applications. Rising demand for plastic packaging from the pharmaceutical, food & beverage, and cosmetic industry is a chief factor triggering market growth. 

Favorable government regulations in emerging regions such as Latin America, Asia Pacific and Middle East & Africa is also supporting monoethylene glycol industry size. Fast track industrialization in Asia Pacific is providing a substantial impetus to the market outlook. Meanwhile, North America and Europe are likely to collectively procure revenues more than USD 10 bn by 2024.  The regions will reportedly account for around a quarter of the overall monoethylene glycol market.

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