The global ethylene oxide market is expected to witness a CAGR of approximately 5.8% during the forecast period (2018 - 2023). The major factor driving the market is the growing demand for ethylene oxide from PET bottles. Ethylene oxide is produced by the catalytic oxidation of ethylene and is used as a chemical intermediate. Ethylene oxide and its derivatives are required to produce a variety of everyday products, including plastics, household cleaners, polyurethanes, and ointments.
Growing Demand for PET Resin
The consumption of Polyethylene Terephthalate (PET) resin has increased at a rapid pace over the past few years. There has been a significant rise in the demand for PET in the developing countries, like Brazil, Russia, India, China, and South Africa. PET resins demand has been at a rise owing to its increasing preference as packaging materials in food & beverages items. It offers properties such as 100% recyclability, rigidity & transparency, and eco-friendly nature. This has significantly benefitted the market for ethylene oxide as it is required in the manufacturing of PET. Hence, with the growing PET demand, the market ethylene oxide is likely to grow.
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Ethylene Glycol Expected to Have Largest Market Share
Ethylene glycol is expected to be the largest consumer for ethylene oxide during the forecast period. Monoethylene glycol (MEG) is used extensively in the textile industry to manufacture plastics, household cleaners, polyurethanes, and ointments. MEG is also required in the automobile industry as an antifreeze and cooling agent. Most of the ethylene glycol produced is required for the production of PET bottles, PET resin containers, polyester resin films, polyurethanes, and plasticizers. Diethylene glycols (DEG) and triethylene glycols (TEG) are expected to witness a rise owing to its use in lubricants, lacquers, solvents, gas drying, pharmaceutical preparations, humectants, latex surface coatings, and cosmetics.
Asia-Pacific Dominates the Market
Asia-Pacific is expected to have the largest global market share for ethylene oxide during the forecast period. This is majorly due to the rising demand form the end-user industries in the developing economies, such as China, India, Indonesia, and Malaysia. The demand has witnessed a rise from several sectors, including packaging, films, textile fibers, and soaps & detergents. Hence, this has significantly benefitted the market for ethylene oxide. Furthermore, the rapid growth in PET bottle resin market in the region is likely to propel the market for ethylene oxide during the forecast period.
Key Developments
July 2017: Pemex Etileno, a subsidiary of Petróleos Mexicanos, successfully concluded the e-auction to adjudicate quantities of ethylene oxide, which were bided to 10 companies.
Major Players: DowDuPont, BASF SE, Indian Oil, INEOS, and LyondellBasell, among others.
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Companies Mentioned:
Al-Jubail Petrochemical Company, BASF SE, Eastern Petrochemical Company (SHARQ), Formosa Plastics, Huntsman Corporation, India Glycol Limited, Indian Oil, Indorama Ventures Public Company Limited., Ineos, Kazanorgsintez, LyondellBasell, Nippon Shokubai, Oriental Union Chemical Corporation, PTT Global Chemical, Reliance Industries Limited, Sasol, Shell Global, Sinopec, The Dow Chemical Company, Yansab
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