The global polytetramethylene ether glycol (PTMEG) market is expected to grow with a CAGR greater than 7% during the forecast period. One of the major factors driving the market is the increasing demand for thermoplastic polyurethane (TPU).
New York, June 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polytetramethylene Ether Glycol (PTMEG) Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p06000957/?utm_source=GNW
However, declining automotive industry across the world is hindering the growth of the market studied.
- Growing demand for apparels and clothing in emerging economies is another major driver for the market studied.
- Among the end-user industries, textile industry is likely to witness the highest growth rate during the forecast period.
- Asia-Pacific is expected to witness the highest growth rate during the forecast period.
Key Market Trends
Textile Industry is likely to Dominate the Market
- The textile industry grew at a healthy rate in emerging economies like ASEAN, Canada, etc., in the recent past and is expected to further grow over the forecast period.
- This is majorly due to low switching costs, and the significant role of the industry in terms of trade, employment, investment, and revenue.
- Increasing demand for enhanced quality stretch fabric across various textile applications is driving the demand for Polytetramethylene Ether Glycol (PTMEG).
- Hence, owing to the above-mentioned factors, the textile industry is likely to dominate the market studied during the forecast period.
Asia-Pacific Region to Dominate the Market
- Currently, the Asia-Pacific region accounts for the highest market share. Owing to the increasing demand from the textile industry in countries such as China, India, and Japan, the demand for polytetramethylene ether glycol is increasing in the region.
- China is a major market for textiles, automotive, and paints & coatings, globally. Companies present in the country, multinationals as well as locals, are expanding their production capacities and investing in new projects to decrease their dependence on imports, thereby fueling the regional energy security and autonomy.
- Additionally, there has been an increasing demand for PTMEG in the ASEAN countries for usage in industries like textiles, paints & coatings, etc.
- Hence, owing to the above-mentioned factors, Asia-pacific is likely to dominate the market studied during the forecast period.
The global polytetramethylene ether glycol (PTMEG) market is moderately consolidated as the majority of the market share is divided among few players. Some of the key players in the market include BASF SE, Mitsubishi Chemical Corporation., INVISTA, CHANG CHUN GROUP, and HYOSUNG, among others.
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