Press release
Alkylene Glycol Market: Finance Research For Near Future - Coherent Market Insights
Alkylene glycol, such as propylene glycol and ethylene glycol, are used in the manufacturing of PET plastics, antifreezes, among others. Ethylene glycol is widely used in many industrial and commercial applications including coolant and antifreeze. It acts as a coolant to reduce overheating in the summer and keeps the car's engine from freezing in the winter. Thus, with the rapidly growing automotive sector, the demand for ethylene glycol is also increasing with a rapid pace, especially in the Asia Pacific. According to the India Brand Equity Foundation (IBEF), in 2020, India was the fifth-largest auto market, with ~3.49 million units combined sold in the passenger and commercial vehicles categories.
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Moreover, India was the seventh largest manufacturer of commercial vehicles in 2019. This in turn is expected to augment the growth of the alkylene glycol market in this region, especially in India. Moreover, the primary use of ethylene glycol is for polyethylene terephthalate (PET) plastic resin used to make containers for juice, water, and soda, and polyester fiber for clothes, carpet, upholstery, and pillows. Thus, there is an increasing demand for ethylene glycol across packaging and textile industry. For example, in September 2019, Fluor Corporation completed the construction on MEGlobal’s 750,000 tonne per year ethylene glycol manufacturing facility in Oyster Creek, Texas.
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The new facility will produce ethylene glycol, which is used to manufacture polyester fibers and plastic bottles. Furthermore, in May 2018, Indian Oil Corp (IOC) approved an INR 4,221 crore project to set up a petrochemical project in Odisha to manufacture Ethylene Glycol, an important precursor to polyester fibers, resins, and plastic bottles for soft drinks. This in turn is also expected to accelerate growth of the alkylene glycol market in North America and the Asia Pacific. The market growth is also attributed to the huge demand from the Asia-Pacific, especially from China because the country has a huge textile and fibers industry. Moreover, applications of ethylene glycol are growing strongly at present.
PET is the most widely used thermoplastic polymer resins. There is an increasing demand for ethylene glycol to manufacture beverage containers. In 2018 the production for PET accounted for about 25 metric tons and is expected to reach around 42 metric tons by 2030. Therefore, the growing demand for PET packaging is the one of the key factors contributing to the growth of the alkylene glycol market.
https://www.coherentmarketinsights.com/ongoing-insight/alkylene-glycol-market-4041
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
Primary Research (Trade Surveys and Experts Interviews)
Desk Research
Proprietor Data Analytics Model
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Get a Sample Copy + All Related Graphs & Charts: https://www.coherentmarketinsights.com/insight/request-sample/4041
Moreover, India was the seventh largest manufacturer of commercial vehicles in 2019. This in turn is expected to augment the growth of the alkylene glycol market in this region, especially in India. Moreover, the primary use of ethylene glycol is for polyethylene terephthalate (PET) plastic resin used to make containers for juice, water, and soda, and polyester fiber for clothes, carpet, upholstery, and pillows. Thus, there is an increasing demand for ethylene glycol across packaging and textile industry. For example, in September 2019, Fluor Corporation completed the construction on MEGlobal’s 750,000 tonne per year ethylene glycol manufacturing facility in Oyster Creek, Texas.
Buy Now This Premium Report to Grow your Business: https://www.coherentmarketinsights.com/insight/request-discount/4041
The new facility will produce ethylene glycol, which is used to manufacture polyester fibers and plastic bottles. Furthermore, in May 2018, Indian Oil Corp (IOC) approved an INR 4,221 crore project to set up a petrochemical project in Odisha to manufacture Ethylene Glycol, an important precursor to polyester fibers, resins, and plastic bottles for soft drinks. This in turn is also expected to accelerate growth of the alkylene glycol market in North America and the Asia Pacific. The market growth is also attributed to the huge demand from the Asia-Pacific, especially from China because the country has a huge textile and fibers industry. Moreover, applications of ethylene glycol are growing strongly at present.
PET is the most widely used thermoplastic polymer resins. There is an increasing demand for ethylene glycol to manufacture beverage containers. In 2018 the production for PET accounted for about 25 metric tons and is expected to reach around 42 metric tons by 2030. Therefore, the growing demand for PET packaging is the one of the key factors contributing to the growth of the alkylene glycol market.
https://www.coherentmarketinsights.com/ongoing-insight/alkylene-glycol-market-4041
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
Primary Research (Trade Surveys and Experts Interviews)
Desk Research
Proprietor Data Analytics Model
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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