Ethylene Oxide Market And Ethylene Glycol Market will Register a CAGR of 5.7% through 2018
A TMR analyst said, “Asia-Pacific dominated the ethylene oxide market in 2011, taking up more than 64% of the global demand. This region has huge domestic demands and is therefore the biggest market for both ethylene oxide and ethylene glycol.”Similarly, in the past few years, there has been a tremendous demand for ethylene glycol across many industry and commercial platforms in the world. This demand is due to the growing demand for PET bottles for various storage purposes. Hence, the global market for ethylene glycol is expected to reach US$30,814.2 million by 2018 from a value of US$20,434.3 million in 2011. The ethylene glycol market will grow at a CAGR of 6.1% from 2013 to 2018. In Asia-Pacific both the markets are expected to grow rapidly at a CAGR of 4.9% in the next five years.
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Ethylene oxide and ethylene glycol market is experiencing strong growth because of the fierce demand from several chemical and industry applications. The overall market is propelled by a constant demand from the textiles industry, PET bottle manufacturers, and the rising demand for antifreeze in the automobile market. Moreover, the need for polyester condensation has also triggered an increase in the demand for monoethylene glycol (MEG). MEG is a derivate of ethylene oxide (EO) and accounts for more than 90% of the total ethylene glycol production. MEG is widely used in the food and beverages industry because it has significant advantages over the glass used in the manufacturing of water bottles, carbonated drinks, and many other food containers.
The need for water and other liquids is mainly due to the increase in the disposable income of people and their rapidly changing lifestyles. Hence, the demand for PET bottle resin manufacturers has increased in the past few years. In 2011, the market for PET was estimated at US$8,410.2 million. However, the market is further expected to reach US$13,042.9 million in 2018.
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China is expected to witness strong growth of PET resin applications in the near future, whereas North America and Western Europe, being mature markets, are predicted to grow at a sluggish rate until 2018.
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