Global Triethylene Glycol (TEG) Market
is expected to reach USD 718.3 million by 2022, according to a new study by
Grand View Research, Inc. Increasing natural gas output is expected to be one
of the key factors driving TEG demand over the forecast period. Rise in gas
production is expected to have a two-fold impact on the TEG market providing
abundant feedstock for TEG manufacture on the supply side and utilizing TEG for
gas de-hydration on the demand side. Aforementioned factor is anticipated to
augment market growth over the forecast period.
Use of TEG in
natural gas dehydration accounted for over 55% of global TEG volume in 2014.
The segment is also expected to witness fastest growth at an estimated CAGR of
over 3.5% from 2015 to 2022. High consumption of TEG in natural gas dehydration
can be attributed to growing demand from developed nations including Japan,
U.S., EU, Russia and Qatar. Moreover, improving infrastructure for gas import,
transport and utilization in emerging economies such as China, India and Brazil
is likely to fuel TEG market over the forecast period. Positive gas industry
outlook on account of policies favoring use of gas as a cleaner fuel is
anticipated to assist market growth over the next seven years.
Growing
chemical industry coupled with expanding end-use industries such as automotive
industry especially in India and China is expected to boost demand for TEG in
solvent and plasticizer applications. Increasing application scope of molded
plastics and rubber is expected to result in increasing utilization of TEG over
the forecast period.
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Further key findings from the study suggest:
- Asia Pacific was the largest market accounting for over 45% of global TEG volume share in 2014. Increasing use of gas as a fuel source in China, India, South Korea and Japan is expected to result in increased demand for TEG in the region. In addition, High technically recoverable shale gas deposits in China coupled with favorable government regulations in the country is expected to augment market demand over the next seven years.
- Development of Asia Pacific and Middle East as refining hubs is anticipated to favor the TEG industry growth owing to abundance of feedstock and easy accessibility to end-use industries over the projected period.
- Russia was the largest consumer of TEG in Europe as it is one of the largest producer and supplier of natural gas. Gazprom being the major gas producer in Russia was one of the largest consumers of TEG in 2014.
- Key market participants include LyondellBasell, ExxonMobil, E.I. duPont de Nemours & Company, Honeywell International Inc. and 3M, Honam Petrochemical Corporation, Ineos, SABIC, Shell, Reliance Industries Ltd. and Clariant.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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