The report [123 Pages] "Monoethylene Glycol (MEG) Market by Application (Fiber, PET, Antifreeze & Coolant, Film), Technology, and Geography (Asia Pacific, North America, Europe, Middle East & Africa, and South America) - Global Forecast to 2022" published by MarketsandMarkets™, the growing demand for MEG in the Fiber, PET, and film applications coupled with high demand in APAC region are driving the MEG Market. The growing demand for polyester in textile industry is driving the demand of MEG in textile end-use industry. The textile end-use industry is expected to witness a large demand of MEG in the market especially in countries such as China and India. Increasing use of PET in this region in packaging which is an ever-growing end-use industry in the developing countries would support the growth in demand for MEG.

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Research Methodology

This study estimates the size of the MEG market for 2017 and projects its growth by 2022. It provides a detailed qualitative and quantitative analysis of the MEG market. Secondary sources, such as Hoovers, Bloomberg Business Week, and Factiva, among others have been used to identify and collect information useful for this extensive, commercial study of the MEG market. Primary sources such as experts from related industries and suppliers of MEG have been interviewed to obtain and verify critical information and assess future prospects of the MEG market.

On the basis of application, MEG market has been segmented into fiber, PET, film, antifreeze & coolant and other industrial applications. Fiber is the largest application owing to its high demand in textile end-use industry. Increasing demand for synthetic fiber is encouraging the use of PET and polyester fiber thus driving the production of fiber and hence increasing the demand for MEG. Fiber is also the largest application of MEG in APAC which has the largest market share globally. This region is the largest manufacturer as well as supplier for textile and apparel across the globe. China, India and other Asian nations are the top exporters of synthetic yarn in the world. APAC region contributes to approximately 90% of polyester production in 2012 thus contributing to global MEG demand significantly.

Antifreeze & coolant is the fastest growing application owing to its high growth in automotive and chemical end-use industries. Ethylene glycol is the most widely used coolant in APAC which is also the fastest growing market and accounted for more than 80% of the total coolant market in 2015.

Based on region, the MEG market has been segmented into APAC, North America, Europe, the Middle East & Africa, and South America. APAC is the largest and fastest growing market for MEG. China which dominates APAC has half the demand for MEG globally. China, India, and North and South Asian countries largely contribute to the demand for MEG. Textile, Packaging, Automotive and chemical industries drive the applications of MEG. The high growth in automotive and packaging industries and have propelled the growth of MEG in this region.

The key players operating in the MEG Market are SABIC (Saudi Arabia), Formosa (Taiwan), Dow (US), BASF SE (Germany), MEGlobal (UAE), Sinopec (China), Shell (Netherlands), Reliance (India), and SIBUR (Russia). These companies undertake dynamic business strategies that propel the growth of the MEG Market.

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For more details: https://www.prnewswire.com/news-releases/monoethylene-glycol-meg-market-worth-3040-billion-usd-by-2022-671601603.html

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