Growing demand for polyethylene terephthalate (PET) for packaging applications, primarily in Asia Pacific and Latin America is expected to remain a key driving factor for the market. The Global Ethylene Glycol Market is expected to reach USD 33.36 billion by 2020, according to a new study by Grand View Research, Inc. In addition, growth from global textiles industry is also expected to support the ethylene glycol market development over the forecast period. Volatile prices and tight supply of raw materials, on account of frequent fluctuations in crude oil prices is expected to inhibit the market growth over the next six years. Monoethylene glycol (MEG) emerged as the leading product segment and accounted for 89.9% of total market volume in 2013. MEG in addition to being the largest product segment is also expected to be the fastest growing ethylene glycol at an estimated CAGR of 4.8% from 2014 to 2020. MEG is mainly used for manufacturing PET and growth of global beverages mar