NEW YORK, March 1, 2023 /PRNewswire/ -- Major players in the mono ethylene glycol market are BASF SE, Dow Chemical Company, LyondellBasell Industries Holdings B.V., Royal Dutch Shell plc, MEGlobal B.V., Reliance Industries Limited, Mitsubishi Chemical Corporation, Indian Oil Corporation Limited, Lotte Chemical Corporation, Nan Ya Plastics Corporation, India Glycols, ExxonMobil Corporation, Formosa Plastics Corporation, Sinopec, and SIBUR International GmbH.
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The global monoethylene glycol market grew from $30.71 billion in 2022 to $33.35 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The monoethylene glycol market is expected to grow to $43.07 billion in 2027 at a CAGR of 6.6%.
The mono ethylene glycol market consists of sales of naphtha based mono ethylene glycol and gas based mono ethylene glycol.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The mono ethylene glycol is used in the manufacturing of polyester and as a corrosion inhibitor in antifreeze and coolants. Monoethylene glycol is an odorless and colorless chemical substance that is produced from ethylene in the process of manufacturing ethylene oxide.
Asia-Pacific was the largest region in the mono ethylene glycol market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the mono ethylene glycol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of mono ethylene glycol are gas-based, naphtha-based, coal-based, methane-to-olefins, and bio-based.Gas-based monoethylene is the source of energy that comes from the remains of ancient plants and plankton, generally called fossil fuels.
The different applications include polyester fiber, polyethylene terephthalate resins, polyethylene terephthalate film, antifreeze, and others. The different end-users include textiles and leather, packaging, adhesives and sealants, paints and coatings, chemicals, and others.
The rise in the packaging industry is significantly contributing to the growth of the mono ethylene glycol market going forward.Packaging refers to enclosing or protecting products for distribution, storage, sale, and use.
As a result, increasing demand in the packaging industry increases the demand for mono ethylene glycol. For instance, in 2021, according to the India Brand Equity Foundation, an Indian government export promotion agency, packaging demand and consumption in India increased 200%, from 4.3 kgs per person per annum (PPPA) to 8.6 kgs PPPA. Further, in June 2021, according to Financial Express, an Indian business newspaper, the sustainable packaging industry in India is estimated to grow by 4-6% and account for 770–800 kilo tons (KT) by 2024. Therefore, the rise in the packaging industry is driving the growth of the monoethylene glycol market going forward.
Strategic partnerships have emerged as the key trend gaining popularity in the mono ethylene glycol market.Major companies operating in the mono ethylene glycol sector are looking for partnerships to reinforce their position in the market.
For instance, in March 2022, Braskem, a Brazil-based petrochemical company, partnered with Sojitz Corporation, a Japan-based trading company.This partnership aims to increase the industrial production and sale of chemicals made from renewable sources.
Further, in July 2021, Clariant AG, a Switzerland-based chemical company, partnered with India Glycols, an India-based green technology-based chemicals company. Through this partnership, both companies established a 51-49% joint venture for renewable ethylene oxide (EO) derivatives after receiving all necessary regulatory approvals.
In June 2020, Saudi Arabian Oil Co., a Saudi Arabia-based petroleum and natural gas company, acquired a 70% stake in Saudi Basic Industries Corp (SABIC) for a deal amount of USD69.1 billion. Through this acquisition, Saudi Aramco is expected to develop a global integrated downstream business designed to add value across the hydrocarbon chain. SABIC is a Saudi Arabia-based chemical company that produces a range of polymers, monoethylene glycol, performance chemicals, fertilizers as well as steel products.
The countries covered in the mono ethylene glycol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The mono ethylene glycol market research report is one of a series of new reports that provides mono ethylene glycol market statistics, including global market size, regional shares, competitors with a mono ethylene glycol market share, detailed mono ethylene glycol market segments, market trends and opportunities, and any further data you may need to thrive in the mono ethylene glycol industry. This mono ethylene glycol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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