Global Triethylene Glycol (TEG) Market 2019 Outlook, Manufacturers, Opportunities & Forecast to 2025
The global TEG market size is
projected to reach a valuation of USD 870.6 million by 2025, owing to its
excellent hygroscopic properties which have aggravated the demand of
triethylene glycol in a wide number of applications. The increasing need for
plasticizers in end-use industries is another factor contributing towards the
growth of the global triethylene glycol market.
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The global triethylene glycol
market report includes an evaluation of prevailing trends including drivers,
restraints and lucrative opportunities. Additional tools such as Porter’s Five
Forces analysis, and value chain analysis are included to give a holistic
global TEG market view. Moreover, the report includes TEG market size
pertaining to different regions. The global triethylene glycol (TEG) market
share has been evaluated for different applications.
TEG is used by the oil & gas
industry to "dehydrate" natural gas. Triethylene glycols, which have
a high boiling point and water affinity, are used as a liquid desiccant for
natural gas dehydration. Dehydration is the removal of water vapor from the
refinery tower so that dry hydrocarbon gasses can leave the tower's top. It can
also be used to dehydrate other gasses, including CO2, H2S and other gases oxygenated.
Natural gas dehydration is projected to be the fastest growing application
holding a valuation of approximately USD 526.1 million by 2025.
Growth in natural gas production
on account of increasing industrialization and power demand in emerging Asian countries
as well as in Africa have boosted the demand for natural gas dehydration. A
higher degree of purity, lower vapor losses, and operating costs are the
advantages offered by TEG which have driven the global triethylene glycol
market. In addition, improving gas import, transport and utility infrastructure
in countries such as China, India, and Brazil is likely to fuel the global
triethylene glycol market growth over the predicted period. Favorable
government policies backing the use of natural gas as a cleaner fuel is
anticipated to assist the global triethylene glycol (TEG) market share over the
forecast period.
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Middle East & Africa are projected to witness a demand
volume exceeding 70 kilo tons by 2025, growing in tandem with the global growth
during the forecast period. Natural gas, being one of the cleanest burning
fossil fuels, is in high demand as governments are finding cost-effective ways
to reduce their dependence on coal and oil burning power plants. As a result of
this increasing global demand, governments and industries throughout the Middle
East are now expanding infrastructure for the production of natural gas to
extract and monetize the region's large supply.
Alongside Russia and Iran, Qatar
has the world's third largest proven natural gas reserve. The World Energy
Outlook also predicted that by 2020, the Middle East will become the second
largest gas consumer. The biggest consumption increase comes from the
electricity sector. In Saudi Arabia, the growing demand for electricity is
mainly as a result of population growth and the ongoing drive to meet its
current supply gap. Bharat Petroleum forecasts that by 2040, the Middle East,
which represents the largest natural gas reserves, in particular offshore Iran
and Qatar, will see an expansion in the production of natural gas by 60%, thus
leading to the need for dehydration. Growth in the capacity additions is likely
to have a positive impact on the growth of the global TEG market size over the
forecast years.
The nature of the global
triethylene glycol market is fragmented with the presence of a large number of
established players. The primary participants include Dow Chemical Company,
Huntsman Corporation, BASF AG, Royal Dutch Shell, Eastman Chemical Company,
Exxon Mobil Corporation, Saudi Basic Industries Corporation, INEOS,
LyondellBasell Industries Holdings B.V., and LOTTE Chemical Corporation among
others.
Key segments of the Global Triethylene Glycol (TEG) market
Application Overview, 2015-2025 (Kilo Tons) (USD Million)
·
Humectants
·
Natural Gas Dehydration
·
Plasticizers
·
Polyester Resins
·
Polyurethanes
·
Solvents
·
Others
Regional Over view, 2015-2025 (Kilo Tons) (USD Million)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
France
o
UK
o
Italy
o
Rest of Europe
·
Asia Pacific
o
India
o
Japan
o
China
o
Rest of APAC
·
Latin America
o
Brazil
o
Rest of Latin America
·
Middle East and Africa
o
Saudi Arabia
o
Gulf Council Cooperation (GCC) Countries
Key Players analysed in the report include
·
The Dow Chemical Company
·
Huntsman Corporation
·
BASF AG
·
Royal Dutch Shell
·
Eastman Chemical Company
·
Others
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