The Ethylene Oxide Market is estimated to witness a massive growth from 2017 to 2024. The growth is primarily contributed by its increasing application in ethylene glycol and ethoxylates, ethylene glycol is significantly used for manufacturing polyethylene terephthalate (PET) resin and polyester fiber which is further growing the ethylene oxide market across the globe.
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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One of the major factors restricting the global ethylene oxide market is stringent government regulation guiding the application of ethylene oxide on polyester fiber and TEP resin, as ethylene oxide contain harmful chemical substances when applied to various applications it may damage human health. The regulations are implemented by regulatory bodies of various government across the globe to reduce the risk of chemical exposure which will further negatively impact the market growth.
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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