San Francisco, California, April 14, 2015 (GLOBE NEWSWIRE) -- Global 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.
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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.
For the purpose of this study, Grand View Research has segmented the global TEG market on the basis of application and region:
Global TEG Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- Natural gas dehydration
- Polyester Resins
Global TEG Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
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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.
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Source:Grand View Research