Ethylene Glycol Market Size Forecast to Reach $45.6 Billion … – MENAFN.COM

Ethylene Glycol Market Size Forecast to Reach $45.6 Billion … – MENAFN.COM

(MENAFN - GetNews)Monoethylene Glycol Is Primarily Used for Manufacturing Polyethylene Terephthalate, and the Growth of the Global Beverages Market Is Projected to Drive the Demand for Ethylene Glycols Over the Forecast Period. Ethylene Glycol Market size is forecast to reach $45. 6 billion by 2026, after growing at a CAGR of 4. 6% during 2021-2026, owing to the increasing usage of ethylene glycol in various end-use industries such as automotive, construction, cosmetics, textiles, and more. Ethylene glycol is an essential raw material, for industrial applications such as for making polyester resins, fibers, and films. Many advantages of ethylene glycol such as low volatility and low boiling point are also driving its demand in the market. The rapid growth of the automotive industry has increased the demand for dewatering agents, antifreeze, and coolants; thereby, fueling the market growth. Furthermore, the flourishing food and beverages, and construction industry are also expected to drive the ethylene glycol industry substantially during the forecast period. The spread of the novel coronavirus (SARS-CoV-2) has had impacts across all sectors including the automotive and packaging industry. There is a decrease in demand for packaging due to the import-export restriction by the governments in various regions. Also, the