Asia Ethylene Glycol Market To Witness Growth At CAGR 4.46% Through To 2023

Posted by Lohitha on July 11th, 2019

A recurrent growth of polyethylene terephthalate (PET) and polyester fiber industries along with increasing demand for PET bottles/films, polyester fibers, and anti-freeze are estimated to impact the growth of the Asia ethylene glycol market, according to a market research report published by IndustryARC. As per the report, this market will progress with a CAGR of 4.46% during the forecast period of 2018-2023. Additionally, in terms of volume, Asia ethylene glycol market is evaluated to reach a size of 20.8 million metric tons by 2023.

The report is titled ‘Asia Ethylene Glycol Market: By Type (MEG, TEG, and DEG), By End-User Application (Oil and Gas, Plastic, textile, Healthcare, and Others) and By Geography - Forecast (2018-2023).’ In this report, market experts have extensively talked about all the aspects of the market especially assessing through the trade and economy data of different countries present in the continent of Asia.

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Asia Ethylene Glycol Market: Demand Analysis
The analyst of the report has stated that the production capacity of ethylene glycol in Asia will reach 15.2 million metric tons by 2020, a result of an increase in demand from end-user industries. China will dominate amongst all the Asian countries once the Zheijlang Xingxing New Energy plant starts its methanol production with 1.8 MMTA production capacity annually. [Among other developments in the region, Indian Oil Corporation Limited is planning to set-up a mono-ethylene plant with a capacity of 325 KTA in Orissa, India.

Ethylene glycol is a derivative product of ethylene oxide, which is commonly used for commercial purposes. Mono-ethylene glycol (MEG) is highly used in anti-freeze, polyesters, PET, fibers, solid-state resins, and others. ethylene glycol is an integral aspect of the O&G industry, particularly when it comes to maintaining an efficiently functioning pipelines infrastructure. Often, natural gas pipelines are constructed under the sea wherein the temperature is extremely low (frequently at freezing levels) and salt water corrodes the pipes. Ethylene glycol is known for its natural antifreeze characteristics, which in turn prevents blockages from freezing temperatures and increases overall corrosion protection.

Asia Ethylene Glycol Market: Competitive Landscape
Key market players operating in the Asia ethylene glycol market are Sinopec Group, Royal Dutch Shell PLC, Reliance Industries Limited, and Indian Oil Corporation Limited. Reliance Industries Limited is extensively producing a number of petrochemicals products including polyethylene, polypropylene, polyvinyl chloride, polybutadiene rubber, yarn, polyester, and others which have helped in generating a high demand for ethylene glycol.

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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 and Beverages, Information Technology, and Life sciences and Healthcare.