Press release
Ethylene Oxide Market analysis research and trends report for 2017-2024
Ethylene oxide is a gaseous, flammable alkylating agent. It is majorly used in hospital, dentistry, surgery, for disinfecting and sterilizing medical instrument. Further it is also used for producing various consumer goods as well as non-consumer chemical. These consumer goods comprise of thickeners, detergent, plastics and solvents whereas non-consumer chemical includes organic chemicals like ethylene glycol. Its wide range of applications and desirable properties are growing the global ethylene oxide market.
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Growing demand for PET bottles from packaging industries is driving the ethylene oxide market. Notably half of the global ethylene oxide production is used for manufacturing PET bottles. Shift in consumer preferences toward packaged food and beverage products is accelerating growth of packaging industry. Rising consciousness among the consumer regarding healthier and premium beverage brands is increasing the PET bottles demand, which is further growing the market over forecasted timeframe.
Ethylene oxide is highly used for manufacturing polyester fiber, which has wide application in seat belts, conveyor belt fabrics and coated fabrics. Rapidly growing automotive and industrial market will emphasise on the expansion ethylene oxide production capacity. Shift in consumer preferences toward better lifestyle in emerging economies of Asia Pacific specially in China and India is augmenting the demand for polyester fiber which in turn is driving the ethylene oxide market.
The market growth is hindered by high toxic content of ethylene oxide. Application of ethylene oxide in polyester fiber for manufacturing gloves, shoes etc. which is chemically contaminated, further any exposure or contact with skin can cause chemical burns. Therefore, market is negatively impacted by harmful toxic content that is restricting its application in several industries like textiles and healthcare which is decelerating the market growth for upcoming years.
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Asia Pacific is predicted to have the largest share by the end of 2024. Rising demand for polyester fibers in the region due to developing textile industries and increasing consumer spending is augmenting the growth of polyester fiber in the region which in positively favouring the global ethylene oxide market for the forecast period. Moreover, rising tour and travelling industry in the region is growing the demand for packaged beverage products is propelling the ethylene oxide market over the coming years.
The North America region is predicted to grow at a reasonable CAGR by the end of the forecast timeline. The market is highly driven by penetration of several ethylene oxide producer in the region during past few years. Further, inadequate availability of cotton is augmenting the market demand in forecast period. Latin America and Europe is expected to grow at moderate CAGR over the forecast years. MEA estimated is accounted to witness sluggish growth, the market is majorly dominated by South Africa.
The size of global ethylene oxide market is predicted to be highly competitive. Some of the primary players in the market include Dow Chemical, Eastern Petrochemical Company, Formosa Plastics, Yansab, Shell, Sinopec, Reliance, BASF SE, Indorama Ventures, Huntsman, PTT Global Chemical, LyondellBasell, Indian Oil, Oriental Union Chemical, CNPC, Kuwait Petroleum Corporation, Ultrapar Participacoes Sa, Sinopec Shanghai Petrochemical Company Limited and others. Few of the major manufacturer of the market are growing their global presence and diversifying their product category to gain competitive advantage.
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