New York, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global Ethylene Oxide Market is expected to witness significant growth at a remarkable CAGR of 3.1% during the forecast period of 2023-2031. Factors such as the growing demand for PET resins and polyester fibers, increasing demand for antifreeze in the automotive industry in certain regions, and others are accelerating the demand for ethylene oxide, which, in turn, is boosting market growth. In addition, the increasing innovations in bio-based ethylene oxide will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the ethylene oxide market is poised for strong expansion and is expected to reach USD 41,764.11 Million by 2031 and USD 32,739.84 million in 2023 with a compound annual growth rate of 3.1% during the forecast period of 2023-2031. The market was valued at USD 31,954.23 million in 2022. The report highlights the growing demand for PET resins and polyester fibers across the globe, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the Ethylene Oxide market.
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Ethylene oxide is a byproduct of the ethoxylation process, which is used to make chemical ingredients more soluble in water. This process is used in the manufacturing of many personal care products, including hair conditioners, cosmetics, shampoos, and shower gels. Ethylene oxide is also used as a fumigant and sterilant for food and cosmetics. Ethylene oxide is one of the top six hidden ingredients in cosmetics. It is common in fragrances and shampoos.
Ethylene oxide is also used as a pesticide and a sterilizing agent. It is used in healthcare facilities to sterilize items that are moisture or heat-sensitive and cannot be sterilized by steam. It is also used to control insect spoilage of stored foods and spices. Ethylene oxide is also used to make polyester and fabrics for clothes, upholstery, carpet, and pillows.
Global Ethylene Oxide Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 (USD Million) | USD 41,764.11 Million |
| CAGR (2023-2031) | 3.1% |
| By Appliances | Ethylene Glycol, Acrylonitrile, Ethoxylates, Ethanolamine, Sterilant, and Others |
| By End-user Industry | Chemical, Pharmaceutical and Healthcare, Food & Beverages, Cosmetics, Automotive, Oil & Gas, Detergents, Textile, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Huntsman International LLC., DowDuPont Inc., India Glycols Limited, Akzo Nobel N.V., Royal Dutch Shell Plc., Formosa Plastics Corporation, BASF SE, Indian Oil Corporation Ltd., LOTTE Chemical Corporation, SABIC, Indorama Ventures, and Clariant |
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Global Ethylene Oxide Market Segmentation Details:
Based on Application, the ethylene glycol segment contributed the largest shares to the market growth in 2022. Ethylene glycol is also used in the manufacturing of food-grade polyethylene terephthalate packaging materials. Significant growth in the sale of processed food is increasing the demand for PET containers and bottles and further driving the segment growth worldwide
Based on the End-user Industry, the automotive segment accounted for the largest market share in the year 2022. Ethylene glycol-based coolants are used in automotive cooling systems to regulate engine temperature. It prevents freezing in cold weather and overheating in hot conditions. As the automotive industry continues to produce more vehicles globally, the demand for ethylene glycol-based coolants grows in tandem.
Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. The significant growth in the automotive, food and beverages pharmaceutical healthcare, textile, and chemical industries across the Asia Pacific is driving the ethylene oxide market growth over the forecast period. For instance, according to the report by the International Trade Administration in April 2023, China’s total annual sale of passenger vehicles accounted for 26 million vehicles in 2021 which is a 7.1% increase from the previous year 2020.
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Competitive Landscape
Akzo Nobel N.V., Royal Dutch Shell Plc., BASF SE, and SABIC are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of ethylene oxide. Further, the ethylene oxide market is expected to grow steadily due to the increasing innovations in bio-based ethylene oxide, especially in regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend of using cleaning and sanitizing agents in the healthcare and pharmaceutical industries is benefitting the market growth globally.
Recent Developments
- In June 2023, BASF SE announced investment for the expansion of its ethoxylates production capacity for alkoxylates in Europe. The investment benefits European customers in particular with a significant capacity expansion of 150,000 metric tons per year.
- In November 2021, SABIC announced the initial startup activities of the Ethylene Glycol Plant – 3 at its manufacturing affiliate, Jubail United Petrochemical Company (United), with an estimated annual production capacity of 700,000 metric tons of nonethylene glycol.
- In August 2021, BASF and SINOPEC announced the expansion of their Verbund site operated by BASF-YPC Co., Ltd., a 50-50 joint venture of both companies in Nanjing, China. It includes the capacity expansion of several downstream chemical plants, including a new tert-butyl acrylate plant to support the growing Chinese market.
Key Market Takeaways
- Asia Pacific accounted for the highest market share at 38.50% valued at USD 12,302.38 million in 2022 and will reach USD 12,621.21 million in 2023 and is expected to reach USD 16,146.00 million in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 24.15% during the base year of 2022.
- Based on application, the ethylene glycol segment accounted for the highest share contribution to the ethylene oxide market statistics in 2022.
- In the end-user industry, the automotive segment is expected to contribute significant shares to the growth of ethylene oxide market statistics during the forecast period.
- North America is expected to boost the market demand for ethylene oxide due to the growing awareness regarding the use of ethylene oxide across the region. The growing demand for sterilization chemicals for medical and pharmaceutical equipment is driving market growth across the region.
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List of Major Global Ethylene Oxide Market:
- Huntsman International LLC.
- DowDuPont Inc.
- India Glycols Limited
- Akzo Nobel N.V.
- Royal Dutch Shell Plc.
- Formosa Plastics Corporation
- BASF SE
- Indian Oil Corporation Ltd.
- LOTTE Chemical Corporation
- SABIC
- Indorama Ventures
- Clariant
Global Ethylene Oxide Market Segmentation:
- By Application
- Ethylene Glycol
- Acrylonitrile
- Ethoxylates
- Ethanolamine
- Sterilant
- Others
- By End-user Industry
- Chemical
- Pharmaceutical and healthcare
- Food & Beverages
- Cosmetics
- Automotive
- Oil & Gas
- Detergents
- Textile
- Others
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Frequently Asked Questions in the Ethylene Oxide Market Report
- What is the market size of the ethylene oxide industry in 2023?
- In 2023, the market size of ethylene oxide is USD 32,739.84 million.
- What will be the potential market valuation for the ethylene oxide industry by 2031?
- In 2031, the market size of ethylene oxide will be expected to reach USD 41,764.11 million.
- What are the key factors restraining the growth of the ethylene oxide market?
- The high toxicity of ethylene oxide and growing health concerns is hampering the market growth at the global level.
- What is the dominating segment in the ethylene oxide market by end-user industry?
- In 2022, the automotive segment accounted for the highest market share in the overall ethylene oxide market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the ethylene oxide market?
- North America region accounted for the highest CAGR in the overall ethylene oxide market.
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