Why Commence the Industry of Ethylene Glycol?
Ethylene Glycol is an organic compound and is also classified as an unsaturated hydrocarbon. There is thrilling competition in the market since many companies produce the compound across the globe. So, before starting to venture into this field you need to make sure that you provide something new to the clients. Although, the industry is still promising due to the continuous demand for Ethylene Glycol. You just need to collect enough information about the petrochemical industry as this is where ethylene is produced majorly. Find the zoning laws in your area so that you will know where the manufacturing can take place. You can lease out the property and if your business proves to be successful, you can now purchase the land. Arrange for the leasing agreement and finalize everything to begin the construction of the facility.
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Staffing and Managing the Business of Ethylene Glycol
- If you are manufacturing Ethylene Glycol you will first have to hire employees. Make sure to hire only the competent and trained ones to cut down the costs. Next, purchase the need for the supplies, equipment, and tools. This is the part that needs a lot of money and it is important to get the equipment from reputed companies or suppliers.
- To be successful in any business it is important to be aware of the latest trend. Also, make sure you get general liability and workers compensation insurance. This will help you in protecting your assets just in case the business encounters problems in the future. Once you have chosen the name of your company apply for the license and permits.
- Do not forget to promote your business to potential wholesalers or retailers of Ethylene or in companies where it is being used as a primary material. You also have the option to advertise online so that you can also market the Ethylene Glycol worldwide.
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Market Overview of Ethylene Glycol
Because of the varied application, the demand for Ethylene Glycol has fueled at a faster rate. The global demand for Ethylene Glycol has seen unprecedented growth since the last decade. Further, based on demand for polyester and PET, the demand continues to remain healthy and is likely to keep growing at a steady clip. With the advantage of cheap feedstock, the Middle East with its large built-up capacities is a dominant player in the Ethylene Glycol industry. China has appeared as the main consumption hub with its built-up large downstream polyester capacities.
Related Project:- Mono Ethylene Glycol
Production of Ethylene Glycol across the globe had been hit hard by the global depression of 2008-2010, restricting domestic capacity additions. As the industry started its path to recovery and the production achieved normalcy, capacity additions in India were initiated to satiate the growing demand for Ethylene Glycol in the high growth PET and packaging industry. In India, the key players are Reliance Industries Limited (RIL), Indian Oil Corporation Limited (IOCL) and Noida headquartered, India Glycols Limited (IGL). While IGL has been attributed as the first company in the world to use ethanol derived from molasses in the production of Bio-MEG, it has also managed to successfully export bio-MEG at a premium.
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Conclusion
The reports by Niir Project Consultancy Services (NPCS) broadly cover Indian markets, present analysis, outlook, and forecast for a period of five years. The report of NPCS helps you understand the viability of the project by disclosing details like machinery required, project costs, and a snapshot of other project financials. The report not only provides a glimpse of government regulations applicable to the industry but also provides forecasts of key parameters that helps to anticipate the industry performance and make sound business decisions.
Related Project:- Ethylene Glycol Manufacturing Industry
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