NEW YORK, Sept. 25, 2018 (GLOBE NEWSWIRE) -- The global ethylene oxide market is expected to witness a CAGR of 6.3 % to reach USD 65.0 billion by 2024. Increasing demand for antifreeze from automobile industry is likely to fuel the market growth over the forecast period. Moreover, high demand for polyester fibers and PET resins is expected to propel the market growth during 2018 - 2024.
Ethylene oxide is a versatile compound, and is primarily used as an intermediate in the production of several industrial chemicals, the most significant of which is ethylene glycol. It is also used as a sterilant for medical equipment and supplies, and as a fumigant in certain agricultural products. A major application of ethylene oxide is in the production of polyethylene terephthalate (PET) resin. PET resins are used in manufacturing of containers for food and beverage bottels. Ethylene oxide is also used as a ingridient for household cleaners, and personal care items.
Key findings from the report:
- The global ethylene oxide market is expected to witness a CAGR of 6.33 % to reach USD 65.0 billion by 2024
- By application, ethylene glycol segment is expected to hold the largest share of the during the forecast period.
- Asia Pacific is expected to register the highest CAGR over the forecast period. This can be attributed to high demand from end use industries in the region
- Some of the key companies operating in the market include BASF AG; Dow Chemcials Company; Exxon Mobil; Huntsman Corporation; Royal Dutch Shell; SINOPEC Corp.; Honam Petrochemical Corporation; AkzoNobel N.V.; Clariant AG; and Reliance Industries Limited, among others
Ethylene glycol held the largest share of the market in 2017
Ethylene glycol segment held the largest share of the market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to the major application of monoethylene glycol in polyster fibers, antifreeze liquid used in automobile industry, and packaging for food and beverages among others. Polyster fibers are extensively used in textile industry, industrial applications, and home furnishings. Additionally, increasing demand of Triethylene and Diethylene for application in solvents and gas drying process is expected to propel the market growth over the forecast period.
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Ethylene oxide market - Regional insight
Asia Pacific is expected to experience a significant CAGR over the forecast period, and is likely to hold the major share of the market during 2018-2024. This growth can be owed to high demand for antifreeze and PET resins for food & beverage packaging. Moreover, demand for polyester fibers in textile industry is expected to boost the market growth over the forecast period. Demand for PET resins from China, Japan, and India are expected to give impetus to the market during 2018-2024.
The report segments ethylene oxide market on the basis of application, and region.
By Application
- Ethylene Glycol
- Ethoxylates
- Ethanolamines
- Glycol Ethers
- Polyethylene
- Others
By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Rest of the World(RoW)
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