Ethylene oxide is also known as oxirane which is an organic compound. It’s a colorless and flammable gas. Ethylene oxide is widely used across various industries for the production of solvents, detergents, adhesives, antifreeze, textiles, and pharmaceuticals. Ethylene oxide is also present in sterility for cosmetics and spices, fumigants, hospitals for sterility of surgical equipment, etc. Growing demand for PET resins and polyester fibers is expected to drive the global market for ethylene oxide over the forecast period. Ethylene oxide is also used in food and beverages and textile industries. Polyester fibers are extensively used in coated fabrics, seat belts, conveyor belt fabrics, etc. whereas; PET resins are extensively used for the manufacturing of bottles and containers in the food and beverage industry. With every PET bottle produced, ethylene oxide is used. With the increase in demand for PET bottles in every company which is also preferred by the end-users, simultaneously the demand for Ethylene oxide is increasing. Another driver includes the increasing demand for antifreeze in automobile industries; antifreeze is used to lower the freezing point of water-based liquid in vehicles. The restraints which are restricting the growth of ethylene oxide in the global market are the fluctuations in crude oil prices in the market; which is the very important raw material for ethylene oxide and also the governing issues. The demand for non-ionic surfactants is increasing and becoming an opportunity for an increase in demand for ethylene oxides globally.
There has been a rapid increase in demand for ethylene oxide in the market. The applications of ethylene oxide are widely diversified into various areas of use. Various applications of ethylene oxide analyzed in this report include mono ethylene glycol, ethoxylates, ethanolamine, diethylene & triethylene, polyols, polyethylene, etc. Monoethylene glycol is more widely used in areas such as the production of films, bottles, and polyester fibers, also used as antifreeze liquid in the automobile industry, heat transfer liquids, etc. The monoethylene glycol segment dominates the overall ethylene oxide market in 2013 and the same is expected to be growing at a significant rate over the forecast period. Diethylene & Triethyleneare applied in the process of gas drying and also used as solvents for softeners for glue, cork, and paper. Ethanolamine is a chemical; majorly applied in the textile industry, their applications also include areas such as soaps, cosmetics, natural gas purification, and detergents. Polyethylene is used in the preparation of pharmaceutical ointments, cosmetics, lubricants used for textile finishing, solvents for drugs and paints, and plasticizers for printing inks and adhesives.
Asia Pacific market dominates the global ethylene oxide market in terms of volume as well as revenue. Increasing industrialization is expected to fuel the market growth in the Asia Pacific region over the forecast period. Asia Pacific was followed by North America. Asia Pacific market apart from being the largest market is also expected to grow at a significant rate over the forecast period. North America and Europe markets are saturated markets and have been growing at a relatively sluggish rate for the last two to three years. In North Africa, big giants are opening up their plants and focusing on the growth of this compound owing to the increasing demand for ethylene oxide all over the world. Maximum leading companies are from the Middle East and China in the Asia Pacific region.
The global ethylene oxide market is fragmented among various companies including Dow Chemicals Company, Exxon Mobil, Shell, SINOPEC Corp., Ineos Oxide, Royal Dutch Shell, Saudi Basics Industries Corporation, LyondellBasell Industries, Honam Petrochemical Corporation, Formosa Plastic Group, Clariant AG, BASF AG, China Petroleum & Chemical Corporation, Huntsman Corporation, and AkzoNobel.
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The prevalence of COVID-19 has led to decreased utilization rates of refineries across the globe, resulting in supply shortages for various end-use sectors. The health crisis has, on a different note, has led to a sudden spike in demand for olefins which find usage in the formulation of sanitizers and other cleaning products. The report will account for Covid19 as a key market contributor.