Dublin, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The "Global Ethylene Oxide Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The pharmaceutical industry is calculated to account for the largest share in demand for ethylene oxide and grow at the fastest rate during the studied period.
Based on the end-user industry, the global ethylene oxide market is segmented into pharmaceuticals, plastic, textile, and others. Pharmaceutical industry demand for ethylene oxide is expected to account for the largest share in the market and grow at the fastest rate.
In the industry, ethylene oxide is primarily used for the sterilization of pharmaceutical products. the chemical provides a wide option for material compatibility, excluding those materials which are moisture and/ or temperature-sensitive. For the industry, ethylene oxide is an enhancement over radiation sterilization. The Pharmaceutical industry is expected to grow at an exponential rate during the forecasted period, which is, in turn, predicted to support the growth of the ethylene oxide market.
The Medical industry is the other prime driver of the market. The medical sector requires proper sterilization of the medical equipment, as they are having the potential to impact the patient, which may cause loss of life. Ethylene oxide is used for sterilizing the equipment, ensuring safety. The chemical is also used as an anti-freeze and has wider application.
Market Overview
The global ethylene oxide market is projected to grow at a CAGR of 4.56% during the forecast period to reach US$65.912 billion by 2026, from US$48.240 billion in 2019.
Ethylene Oxide is a highly flammable gas, at room temperature, and is used in the manufacturing of ethylene glycol. This man-made chemical is dissolved readily in water.
Ethylene glycol has wider application owing to which it creates a significant demand for ethylene oxide. The former is used to make an anti-freezer and polyester. Furthermore, ethylene glycol is also used in the medical industry to sterilize medical equipment and supplies. Robust growth in the end-user industries of ethylene oxide and/ or ethylene glycol is anticipated to drive the market for the ethylene oxide industry.
However, being highly flammable, ethylene oxide requires caution and a superior storage facility. Further, prolonged exposer to this gas has been observed to cause leukemia and other cancers to the workers.
The hazardous potential ethylene oxide coupled with its adverse effect on the human body raises concerns in the industry and requires government and other institutions' interference and regulation. Increased restriction and regulation by the government have the potential to hinder the market growth.
Government intervention in the industry is expected to hinder the market growth of ethylene oxide.
Ethylene oxide is a highly flammable gas and has its disadvantages. Recent medical studies have discovered symptoms and development of leukemia and cancers in workers who have prolonged exposure to ethylene oxide gas. Increase cases have raised concerns by workers. Further, ethylene gas has a severe environmental impact.
The gas easily catches fire in atmospheric air and has hazardous capabilities. Hence, the industry is under scrutinization by the government and other environmental agencies who have the potential to hinder the market growth. Action has been taken against the industry growth by several government authorities to establish a safe working environment.
The newly elected Biden government, in the US, have laid out regulatory plans for the industry, in 2021, which are speculated to hinder growth.
The North America and Europe regions are projected to hold a dominating share of the market. however, the Asia Pacific region is anticipated to grow at a significant rate.
Based on geography, the global ethylene oxide market is segmented into North America, South America, Europe, Middle East, and Africa, and the Asia Pacific region. The North America and Europe ethylene oxide market is predicted to dominate the global industry owing to the concentration of larger pharmaceutical companies.
Further, expansion of production units by a major market player in these regions is expected to drive in the notable market. However, the Asia Pacific ethylene oxide market is calculated to grow at a significant rate during the forecasted period. growth of medical infrastructure and pharmaceutical companies is expected to support the market growth.
Covid Insights
The outbreak of coronavirus significantly impacted the market. With the spread of the virus at an exponential rate, demand for medical and pharmaceutical products skyrocketed that increased the demand for ethylene oxide for sterilization.
Market Segmentation:
By Application
- Bottles
- Coolants
- Detergents
- Others
By Industry Verticals
- Pharmaceuticals
- Medical
- Textile
- Plastic
- Others
Companies Mentioned
- BASF SE
- Dow Du Pont Company
- Sasol
- Shell
- SABIC
- Akzo Nobel N.V.
- Nippon Shokubai Co., Ltd.
- Ineos Oxide
- LyondellBasell Industries Holdings B.V.
- China Petrochemical Corporation
For more information about this report visit https://www.researchandmarkets.com/r/c5jnku
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