The increasing use of monoethylene glycol in polyester fiber and polyethylene terephthalate (PET) industries is propelling the growth of the global monoethylene glycol market. However, volatility in crude oil prices and regulation for environmental protection are expected to restrain the growth of the global monoethylene glycol market. The increasing demand for non-ionic surfactant and growing textile & fiber industries are expected to create ample opportunities for the growth of the global monoethylene glycol market, during the forecast period. In addition, bio-based monoethylene glycol is expected to create ample opportunities for the augmentation of the global monoethylene glycol market.
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Monoethylene glycol is commonly known as ethylene glycol that is a colorless, sweet tasting, and odorless organic compound. Monoethylene glycol is manufactured from ethylene, a downstream product of natural gas and crude oil. Monoethylene glycol is one of the most important raw materials required for industrial applications. Monoethylene glycol is widely used in the production of polyester resin, fibers, and films. Additionally, it can also be used as a coolant material, anti-corrosion agent, dewatering agent, anti-freeze, aircraft anti-icer and deicers, and chemical intermediate.
Based on application, the monoethylene glycol market can be segmented into antifreeze, polyester fiber, polyethylene terephthalate (PET), and others. The major application areas of monoethylene glycol are polyester fiber and polyethylene terephthalate (PET). The polyester fiber accounted for the largest market share in the application segment of the global monoethylene glycol market during 2014. The major factor driving the growth of the polyester fiber segment is the increased production of polyester fiber in Asia-Pacific. Polyethylene terephthalate (PET) is the fastest growing application segment in the global monoethylene glycol market. The major factor supporting the growth of the monoethylene glycol in PET segment is the increasing use of PET in the packaging industry.
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Geographically, Asia-Pacific is the largest market for monoethylene glycol. During the forecast period, the Asia-Pacific monoethylene glycol market is expected to grow at the fastest rate, owing to the presence of large number of fibers and textile manufacturers in the region. Additionally, the Asia-Pacific monoethylene glycol market is driven by major textile producing countries, such as China. Other major textile producing countries such as India, Japan, and Bangladesh account for a notable share. China accounts for the largest market share in the Asia-Pacific monoethylene glycol market. However, the monoethylene glycol market is also increasing steadily in other countries of Asia-Pacific, such as India and Taiwan. Moreover, the monoethylene glycol market is expected to increase significantly in the Middle East during the forecast period, owing to stable supply of raw materials.
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