Selbyville, DE -- (SBWIRE) -- 10/18/2018 -- The Monoethylene Glycol Market is set to grow from its current market value of more than $25 billion to over $40 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

The stance for Asia Pacific remains robust as the region is considered as the one with the strongest growth opportunities in the world. The region continues to be the growth leader being home to 61% population in the world and consisting of 15 of the top 30 megacities in the world. The dynamic lifestyle changes of the massive youth population have created a huge demand for textiles for apparels as well as for home decoration. Growing polyester fiber demand from the textile industry in this region will be a major driver for the monoethylene glycol market growth in the coming decade. Polyester fabric finds extensive applications in yarns & ropes, home furnishings, apparels, and other industrial applications, which include insulating tapes and conveyor belts.

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The rising usage of polyethylene terephthalate (PET) in various applications, consumer products including bottles and food containers will also propel the monoethylene glycol market demand over the next seven years. Changing consumer lifestyles, increasing the purchasing power of the population, and rapid urbanization in emerging economies including India, China, Mexico, and Brazil will foster the packaging industry in these countries. This will boost the monoethylene glycol market in these regions in the coming years.

Diethylene glycol (DEG) or diglycol, and triethylene glycol (TEG), popularly known as triglycol are the glycol byproducts, which act as substitutes. The high cost of refining ethylene glycol refining acts as a hindrance and is said to challenge the monoethylene glycol market in the upcoming years. Moreover, potential health hazards of the product owing to its toxic nature will further hamper the growth of the monoethylene glycol market in the future years.

Based on grade, monoethylene glycol market is segmented into polyester, industrial, antifreeze, and low conductivity. With a major share in the market, the polyester grade will witness significant gains over the forecast time spell driven by its extensive applications in the packaging and textiles industry. The product exhibits exceptional performance, strength, and mechanical properties.

Considering application, the monoethylene glycol market is bifurcated as PET, polyester fiber, antifreeze & coolants, chemical intermediates, and others. The significant automotive industry growth will propel the antifreeze & coolants market to surpass USD 3 billion by the end of the forecast period.

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The huge textile and packaging industry coupled with strong development in the automotive industry will foster the monoethylene glycol market in the Asia Pacific region. Asia Pacific will be the fastest growing region led by India and China owing to strong growth opportunities in these countries. With a collated share close to USD 10 billion, North America and Europe will capture close to 25% monoethylene glycol market by 2024.

Major players operating in the monoethylene glycol market include Reliance Industries, Mitsubishi Chemical, AkzoNobel, Royal Dutch, The Dow Chemicals, and SABIC. These companies being significant players hold close 45% market share collectively. Other prominent companies are ExxonMobil Corporation, MEGlobal, LyondellBasell Industries, Sinopec Zhenhai Refining & Chemical Company, Nan Ya Plastics Corporation, Lotte Chemical Corporation, Chemtex Specialty, and India Glycols to name a few.

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