Home Press Release The Asia Ethylene Glycol Market is estimated to hit 21.29 Million Metric Tons(MMT) by 2023

The Asia Ethylene Glycol Market is estimated to hit 21.29 Million Metric Tons(MMT) by 2023

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According to the new market research report by IndustryARC titled “Asia Ethylene Glycol Market: By Type (MEG, TEG and DEG), By End-User Application (Polyester Fibres, PET bottles/films, Antifreeze and Others) and By Geography – Forecast (2018-2023)”, the market is driven by the continuous strong growth in domestic demand, and supported by an external trade performance in all the countries.

Asia’s ethylene glycol market in terms of demand was estimated to be 16.38 Million Metric Tons (MMT) in 2017 and is projected to reach at 21.29 MMT, growing at a CAGR of 4.5% in 2023 due to increase in demand in polyethylene terephthalate (PET) and polyester fiber industries. MEG accounts for 90% of the total ethylene glycol market. Major applications of MEG are in the production of polyester fibers and Polyethylene Terephthalate (PET). 55% of MEG is used to produce polyester fibers, and 26% of MEG is used to produce PET bottles/films. MEG type segment was estimated to be 14.83 MMT in 2017 and is projected to reach 19.56 MMT by 2023 at 4.7% CAGR.

China continues to lead the market share during 2018-2023.

China accounts for 65% of the total MEG market. China is the dominating country amongst all other countries. China’s MEG market in terms of volume was 10.16 MMT in 2017 and is projected to reach at 14.82 MMT, developing at a CAGR of 6.5% in 2023 due to the growing demand in the downstream polyester market and falling crude oil prices.

China’s MEG market in terms of revenue was estimated to be $7.8 billion in 2017 and is forecasted to reach $13.6 billion, growing at a CAGR of 7.0% in 2020 due to rising consumption of polyester fibers and resins in the market. India occupies the second major market share as compared to others. As per the current trends, Indian Oil Corporation Limited is planning to start its mono-ethylene glycol plant of capacity 325 KTA, located at its Paradip refinery in Odissa, India. Also, India is projected to register the highest growth rate of 9.5% CAGR throughout the forecast period.

Selected / Sample Analysis done in the full Report:

Chemical manufacturers had slowed down due to lower feedstock costs in establishing Asia based facilities or in cutting the production capacity in order to stabilize the market scenario.

Asia’s ethylene glycol production is mostly based upon the naphtha route, but China has limited crude oil for the production of material, and it covers the market share in the market. As a result, they are recently focusing on the methods to use its coal reserves as a substitute for its crude oil based feedstock in the chemical industry.

The value chain starts with the identification of suitable feedstock for the desired petrochemicals. Oilfield services include a number of auxiliary services in the E&P process, such as seismic surveys, well drilling, equipment supply or engineering projects. They form an important part of the overall oil and gas industry (and over the past years and decades have substantially gained in expertise and importance), but will not be the focus of the overview.

Infrastructure such as transport (pipelines, access to roads, rail and ports etc.) and storage are critical at various stages in the value chain, including the links between production and processing facilities, and between processing and final customer. These parts of the value chain are usually referred to as ‘Midstream’.

Oil refining and gas processing are required to turn the extracted hydrocarbons into usable products. The processed products are then distributed onwards to wholesale, retail or direct industrial clients [Refining and Marketing (R&M) is also referred to as downstream oil].

Certain oil and gas products represent the principal feedstock for the petrochemicals industry, which explains the close historical and geographical links between the two. Individual companies can cover one or more activities along the value chain, implying a degree of vertical integration (integrated firms are engaged in multiple successive activities, typically E&P as well as R&M), and/or can seek to expand within a given activity, implying horizontal consolidation (business scale).

Excerpts on Market Growth Factors Mentioned in the Full Report:

A demand of MEG is rising due to increasing demand for PET resins, polyester fibers, and antifreeze applications. Escalating demand for PET containers from several commercial and industrial end-use markets including packaging industry, due to better strength and impact resistance, is anticipated to certainly drive the MEG market.

Prompt urbanization and fluctuating lifestyle of consumers, particularly in emerging economies like India and China is driving the packaging industry, which in turn is expected to provide a push to the MEG market.

To access the full report browse the link below

https://industryarc.com/Report/15017/asia-ethylene-glycol-market.html?

Key Players of the Asia Ethylene Glycol Market:

SINOPEC GROUP is the key player in the Asia Ethylene Glycol Market. As per the company’s statistics, domestic apparent consumption of synthetic resin and synthetic fiber increased by 8.7% and 7.0% respectively.

What can you expect from the report?

The Asia Ethylene Glycol Market Report is Prepared with the Main Agenda to Cover the following 20 points:

Market Size by Product Categories

Market trends

Manufacturer Landscape

Distributor Landscape

Pricing Analysis

Top 10 End-user Analysis

Product Benchmarking

Product Developments

Mergers & Acquisition Analysis

Patent Analysis

Demand Analysis ( By Revenue & Volume )

Country-level Analysis (10+)

Competitor Analysis

Market Shares Analysis

Value Chain Analysis

Supply Chain Analysis

Strategic Analysis

Current & Future Market Landscape Analysis

Opportunity Analysis

Revenue and Volume Analysis

Media Contact:

Mr. Venkat Reddy

Sales Manager

Email 1: sales@industryarc.com

Or Email 2: venkat@industryarc.com

Contact Sales: +1-614-588-8538 (Ext-101)

About IndustryARC:

IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.

IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications in a Market. Our Custom Research Services are designed to provide insights into the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business.

We look forward to supporting the client to be able to better address their customer needs, stay ahead in the market, become the top competitor and get real-time recommendations on business strategies and deals. Contact us to find out how we can help you today.

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