Expansion in the packaging sector and rise in need for antifreeze in the automotive sector
WILMINGTON, Del., Nov. 13, 2023 /PRNewswire/ — The global ethylene oxide market is projected to flourish at a CAGR of 3.7% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 49.2 billion is anticipated for the market in 2031. As of 2023, the demand for ethylene oxide is expected to close at US$ 38.1 billion.
Ethylene oxide is a crucial raw material for the production of polyester fibers. The growing demand for textiles, especially in developing economies, was driving the need for ethylene oxide.
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Ethylene oxide is a key intermediate in producing various chemicals, including ethylene glycol, surfactants, and ethanolamines. The expansion of petrochemical industries, particularly in regions with increasing industrialization, drove the demand for ethylene oxide.
Ethylene oxide is used in the production of ethylene glycol, which, in turn, is utilized to manufacture polyethylene terephthalate (PET) resin. PET resin is widely used for bottles, containers, and packaging films in the packaging industry. The growth of the packaging industry contributes to the demand for ethylene oxide
Ethylene glycol, derived from ethylene oxide, is used in the production of antifreeze, polyester resins, and polyester fibers. The automotive industry’s growth and other manufacturing sectors contribute to the increasing demand for ethylene glycol.
Ethylene oxide is a vital sterilizing agent for medical equipment and supplies. With the increasing focus on healthcare and stringent regulations regarding sterilization, the demand for ethylene oxide in the medical sector was on the rise.
Advances in production technologies and processes can lead to increased efficiency and cost-effectiveness in ethylene oxide production, further boosting market growth.
The overall economic growth of regions and countries contributes to increased industrial activities, subsequently driving the demand for ethylene oxide in various application
Ethylene Oxide Market Report Scope:
|
Report Coverage |
Details |
|
Forecast Period |
2023-2031 |
|
Base Year |
2022 |
|
Size in 2022 |
US$ 36.8 Bn |
|
Forecast (Value) in 2031 |
US$ 49.2 Bn |
|
Growth Rate (CAGR) |
3.7 % |
|
No. of Pages
|
251 Pages |
|
Segments covered
|
Application |
Key Takeaways from the Market Study
- As of 2022, the ethylene oxide market was valued at US$ 36.2 billion
- By application, Monoethylene Glycol (MEG) segment to account for high revenue in the market
Ethylene Oxide Market: Key Trends and Opportunistic Frontiers
- The overall economic growth of regions and countries contributes to increased industrial activities, subsequently driving the demand for ethylene oxide in various applications.
- With an emphasis on sustainability, there has been a rising interest in bio-based ethylene oxide.
- Growing industrial activities contribute to the demand for ethylene oxide-derived products.
- Innovations in catalyst technologies, process optimization, and reactor design contribute to continuously improving production processes.
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Ethylene Oxide Market: Regional Analysis
- The Asia-Pacific region, particularly China and India, has been a significant driver of the ethylene oxide market. Rapid industrialization, economic growth, and a burgeoning middle class have led to increased demand for various ethylene oxide-derived products, including polyester fibers, plastics, and antifreeze.
- The United States has a well-established ethylene oxide market. The demand is driven by the robust presence of the petrochemical industry and applications in manufacturing chemicals, textiles, and plastics. The medical sector’s use of ethylene oxide for sterilization also contributes to the market.
Competative Landscape
Companies are carrying out significant R&D activities in order to come up with improvements in production processes. They are also expanding their product portfolios and engaging in merger & acquisition activities to extend their global footprint. Such strategies are anticipated to boost the ethylene oxide market revenue in the near future.
- Dow Chemical
- SABIC
- Shell Group
- Huntsman Corporation
- BASF
- Sinopec
- Reliance Industries Ltd.
Key Developments in the Ethylene Oxide Market
- Dow Chemical Company has been a significant player in producing ethylene oxide and its derivatives. The company has a global presence and is involved in various industries, including packaging, chemicals, and materials science.
- BASF is a leading chemical company with a diversified portfolio. It is involved in producing ethylene oxide and its derivatives for use in various applications, including plastics, chemicals, and textiles.
- Shell is a global energy and petrochemical company involved in producing ethylene oxide. The company has a diverse range of products and services, and its activities in the petrochemical sector contribute to its role in the ethylene oxide market.
- SABIC is a major player in the petrochemical industry and is involved in the production of various chemicals, including ethylene oxide derivatives. The company has a significant presence in the Middle East and globally.
Ethylene Oxide Market Key Segments
Application
- Monoethylene Glycol (MEG)
- Ethoxylates
- Ethanolamines
- Diethylene and Triethylene Glycol
- Polyols
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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