Global Triethylene Glycol (TEG) Market is Expected to Reach USD 237.2 Million in 2018: Transparency Market Research
Albany NY (PRWEB) December 11, 2012
Asia Pacific led the global market for TEG accounting for 66.2% of the global volumes in 2011, followed by North America and Europe. Asia Pacific along with being the largest market is also the fastest growing market for TEG.
The major factor driving the global market for TEG includes the growth of the global natural gas market and the growing demand for plasticizers in end use industries. Its increasing application as a solvent is also acting as a major factor driving the global market for TEG. However, volatility in raw material prices and regulatory issues associated with the production and use of TEG are expected to have a negative impact on the growth of the global market.
The growing demand of natural gas in the Asia Pacific region creates immense opportunities for major TEG manufacturers as natural gas dehydration represents the largest application of TEG and thus growth of natural gas in Asia Pacific will induce the TEG market in the region to grow.
Natural gas dehydration accounted for approximately 58.6% of the global TEG demand in 2011. Along with being the biggest market, it is also the fastest growing application market for TEG at a CAGR of 4.8% from 2013 to 2018. Other applications capture smaller amounts of market and are expected to remain stagnant till 2018. Some of the other application segments for TEG include solvents, plasticizers, polyurethane, humectants and polyester resins.
The global market for TEG is facing the threat of being oversupplied, mainly owing to massive capacity additions in the Gulf Council Cooperation (GCC) in recent years. The Kingdom of Saudi Arabia (KSA) is the major consumer of TEG in the GCC. KSA accounted for approximately 63.4% of the GCC demand for TEG in 2011.
Some of the major participants in the global market for TEG include, SABIC (KSA), Dow Chemical (U.S.), Shell (Netherlands), Sinopec (China), Honam Petrochemical (Korea) and so on.
This research is specially designed to estimate and analyze the demand and performance of TEG in a global scenario. The research provides in-depth analysis of TEG manufacturers, trend analysis by segments and demand by geography. The report covers all the major product segments of the TEG market and provides detailed analysis, historical data and statistically refined forecast for the segments covered.