The MEG market is projected to grow at a CAGR of 4.5% in terms of value during the forecast period The MEG market was valued at USD 24.41 billion in 2017 and is projected to reach USD 30.40 billion by 2022, at a CAGR of 4.5% from 2017 to 2022. The growing demand for MEG in the production of polyester and PET is driving the MEG market. Improved socioeconomic conditions, emerging economies, improved infrastructure, increasing vehicle fleet, among other factors have propelled the demand for automobiles. Growing demand for automotive across the world is expected to drive the demand in antifreeze & coolant application in automotive industry. Toxicity of MEG is a major restraint to the MEG market.
Among applications, the automotive & coolant segment market is projected to grow at the highest CAGR during the forecast period Anti-freeze is used in automobiles, heating, ventilation, and air conditioning (HVAC) systems, and heat exchangers to facilitate heat transfer process. Growing automotive and chemical processing end-use industries are expected to increase the demand of antifreeze & coolant in turn driving the MEG market.
The Asia Pacific MEG market is projected to grow at the highest CAGR during the forecast period The Asia Pacific MEG market is projected to grow at the highest CAGR during the forecast period, owing to the increased demand for MEG in polyester production and PET production units.APAC is the largest market of MEG owing to the high growth potential in polyester fibers and PET applications.
China and India require significant volume of MEG to produce polyester fibers and PET resins.The polyester fiber production and consumption in APAC is expected to be the largest driver of the market in 2017.
Polyester fibers are expected to dominate the overall fiber market, by 2022.APAC is expected to have higher demand in the MEG market over other regions due to the influencing factors such as, energy, labor costs, freight, and raw material costs.
A major manufacturer of textiles, clothing, and apparel, APAC is expected to propel the growth of the MEG market during the forecast period. This study has been validated through primaries conducted with various industry experts, worldwide. The primary sources have been divided into three categories, namely, company type, designation, and region. • By Company Type - Tier 1-70%, Tier2 -20%, and Tier 3-10% • By Designation - C Level-5%, Director Level-20%, and Others-75% • By Region - Asia Pacific-45%, Europe-35%, Middle East & Africa-10%, North America-5%, and South America-5%
Companies Profiled in the Report: The key players profiled in the report include SABIC (Saudi Arabia), Formosa (Taiwan), Dow (US), BASF (Germany), MEGlobal (UAE), Sinopec (China), Shell (Netherlands), Reliance (India), and SIBUR (Russia).
Research Coverage: The report offers insights on MEG used for various applications in various end-use industries across regions.It aims at estimating the size of the MEG market during the forecast period and projects future growth potential of the market across different segments, such as form, end-use industry, and region.
Furthermore, the report also includes an in-depth competitive analysis of the key players in the MEG market, along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report: The report will help market leaders/new entrants in the MEG market by providing them the closest approximations of the revenues for the overall market and its various subsegments.This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies.
The report will also help stakeholders understand the pulse of the market and help acquire information on key market drivers, restraints, challenges, and opportunities impacting the growth of the MEG market.
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