Increasing applications in end-use industries such as textile and
resin based PET are expected to have a substantial impact on global
ethylene glycol market growth. Ethylene glycol is a colorless sweet
liquid that is also called monoethylene glycol (MEG). Monoehtylene
glycol is a primary constituent for downstream product industries.
Ethylene glycol manufacturing process coproduces triethylene glycol
(TEG) and diethylene glycol (DEG). MEG, TEG and DEG are used as primary
feedstock in many industries. Changes in ethylene oxide prices have
effects on ethylene glycol prices on account of being a primary
feedstock in manufacturing process.
Ethylene glycol is prominently used to manufacture polyester fiber,
PET resins and films. Ethylene glycol is also used as antifreeze,
dewatering, heat transfer and coolant agent, precursor to polymers,
runaway de-icing fluids and hydrate inhibitors. Niche applications of
ethylene glycol include aircraft components, inks, automobile parts,
pesticides, dyes cleaners, wood protective coats and preserving agent.
DEG is used to produce polyurethanes and unsaturated polyester resins.
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TEG is primarily used for dehydration of natural gas. High
manufacturing cost and less byproducts yield are expected to hinder
ethylene glycol market over the forecast period. Volatile crude oil
prices affected ethylene glycol and its byproducts in recent years, and
is expected to hamper ethylene glycol market over the next eight years.
However, optimum raw material utilization and bottle neck process stage
management is anticipated to offset volatile crude oil prices.
The product applications are concentrated only in industrial or
consumer goods industries on account of harmful chemical properties.
Polyester fibers and fabrics are used in textile industries. Growing
textile industries globally are anticipated to have a positive impact on
ethylene glycol market. Downstream products of ethylene glycol have
significant advantage over glass or other industries, which is likely to
affect the market growth positively over the next eight years. These
chemicals are projected to substitute other chemicals in many
industries. Ethylene glycol need to be properly produced, transported,
stored and disposed to avoid effect on environment and health owing to
stringent government regulations.
Monoethylene glycol accounted for the largest global product market
with over 90% market share in 2013 owing to major feedstock for
manufacturing downstream chemicals and other products. The market is
also expected to have the fastest growth over the next eight years.
Innovations to reduce manufacturing cost and harmful environmental
impacts are anticipated to create ample opportunities for the market.
DEG and TEG jointly covered most of the remaining market in 2013. TEG
registered the slowest growth in the market in 2013, and the trend is
expected to continue over the forecast period. Major ethylene glycol
applications include polyester fiber, PET, films and antifreeze.
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Polyester fiber market recorded the highest revenue generation
followed by PET in 2013 owing to growing applications in textile
industries globally. The product consumption in PET industries is
growing at high pace due to emerging PET bottles market and end-use
industries. However, application such as antifreeze had witnessed the
slowest growth in 2013 and is expected to follow the same trend over the
forecast period.
Asia Pacific was the largest market for ethylene glycol in 2013 and
is expected to grow at rapid pace over the forecast period owing to
increasing textile and automotive industries in the region. Emerging
economies such as China, Indonesia and India are witnessing fast growing
GDP which raised disposable income. Increase in disposable income is
anticipated to fuel global ethylene glycol market growth in the region
over the next eight years. North America and Europe is expected to have
negative impact on ethylene glycol market growth due to increasing
applications of bio based ethylene glycol. Stringent regulations related
to environmental impacts in the region are forcing PET industries to
shift towards bio based raw materials.
SABIC dominated global ethylene glycol market in 2013 accounting for
28% market share. Ethylene glycol market is moderately fragmented. Other
key players in the market include Sinopec, Dow Chemicals, Shell,
Huntsman Corporation, Reliance Industries Ltd., Akzonobel, BASF,
Clariant, Kuwait Petroleum Corporation, Formosa Group, Ineos Oxide,
Lyondellbasell Industries, Exxon Mobil Corp. and Honam Petrochemical
Corporation.
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