Monoethylene Glycol (MEG) Market to reach worth of US$40.84 by 2023 End, Bio-based Products pave way to New Revenue Streams for Manufacturers
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.
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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.
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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.