Newark, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 30 billion in 2023 global ethylene oxide and ethylene glycol market will reach USD 48.86 billion in 2033. The chemical formula for ethylene oxide (EO) is C2H4O. It is a chemical molecule having a three-membered ring structure that is extremely reactive. Ethylene oxide is produced when catalysts are used to oxidise ethylene. It is an essential ingredient in the synthesis of surfactants, ethylene glycol (EG), and other compounds. Because of its antimicrobial qualities, ethylene oxide is perfect for sterilising medical instruments, equipment, and gadgets. The molecular formula for ethylene glycol is C2H6O2. Ethylene glycol has no colour and no smell. It tastes sweet and is available in liquid form. EO is hydrated to create it. It is mostly utilised in antifreeze and coolants. It is perfect for these applications because of its high boiling point and low freezing point. Additionally, it is used in the manufacture of PET (polyethylene terephthalate). PET is required in the production of plastic bottles and textiles. Both of these chemicals are extremely valuable to the world economy because they are used in a variety of businesses.
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Key Insight of the Global Ethylene oxide and ethylene glycol Market
Asia Pacific will dominate the market during the forecast period.
The region's countries have access to inexpensive labour, which lowers production costs, boosts yield, and boosts profit for EO and EG manufacturers and producers. This makes it easier to develop a reliable EO and EG supply chain network for the region. The region's sizable chemical, healthcare, consumer goods, pharmaceutical, and automotive industries all support the rising need for EO and EG on the market. Industrialisation and urbanisation fuel these sectors' expansion, which in turn fuels the expansion of the EO and EG markets in the region.
In 2023, the ethylene glycol segment dominated the market with the largest market share of 55% and revenue of USD 16.50 billion.
The product segment is divided into ethylene oxide and ethylene glycol. Ethylene oxide is further divided into ethylene carbonate, ethanolamine, glycol ethers, and others. Ethylene glycol is further divided into mono-ethylene glycol, tri-ethylene glycol, diethylene glycol, polyethylene terephthalate, and others. In 2023, the ethylene glycol segment dominated the market with the largest market share of 55% and revenue of USD 16.50 billion.
In 2023, the polyester fibres segment dominated the market with the largest market share of 34% and revenue of USD 10.20 billion.
The application segment is divided into polyester fibres, PET resins, antifreeze, brake fluid, surfactants, automotive coolants, plastics, and others. In 2023, the polyester fibres segment dominated the market with the largest market share of 34% and revenue of USD 10.20 billion.
In 2023, the chemical segment dominated the market with the largest market share of 38% and revenue of USD 11.40 billion.
The end use industry segment is divided into automotive, medical, food and beverages, textile, cosmetic and personal care, agriculture, chemical, and others. In 2023, the chemical segment dominated the market with the largest market share of 38% and revenue of USD 11.40 billion.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 5% |
| 2033 Value Projection | USD 48.86 Billion |
| Market Size in 2023 | USD 30 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product, Ethylene Glycol, Application |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Ethylene Oxide and Ethylene Glycol Market Growth Drivers | The extensive applications of EO and EG across industries |
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Advancement in market
OMV and Clariant, a specialty chemical business with an emphasis on sustainability, announced that they will be working together to deliver ethylene with a reduced carbon footprint. This agreement will assist both organizations reach their sustainability targets and deliver on their clients' carbon reduction strategies in response to the growing consumer demand for more sustainable solutions, particularly in Europe.
Market Dynamics
Driver: The wide range of sectors where EO and EG are applied.
Ethylene oxide is essential to the chemical industry since it is used to produce EG, surfactants, and other chemicals. It is also essential to the healthcare industry since it is widely used there to sterilise tools and equipment. It is also used in the manufacturing of medications, automobiles, and personal hygiene goods. Ethylene glycol is essential to the automotive, textile, and industrial industries since it is used to make PET, coolants, and antifreeze. It is also used in the consumer products, electronics, packaging, and building industries. The expansion of these sectors will have a favourable impact on the growth and development of the worldwide ethylene oxide and ethylene glycol markets.
Restraints: The hazards to one's health from EO and EG.
Even though EG and EO are necessary in a number of sectors, ingesting or inhaling these compounds can be harmful to one's health. As a result, they must be handled with extreme caution and subject to the strictest safety regulations; otherwise, there may be dire repercussions. The risk of cancer may rise with ethylene oxide exposure. It may also irritate the respiratory system. Neurological problems and skin burns are also linked to EO exposure. Additionally, EO is extremely combustible, therefore handling the material must to be done carefully. Kidney damage, convulsions, severe metabolic acidosis, skin issues, and respiratory disorders are linked to EG. Therefore, the expansion of the market will be hampered by the health risks related to EO and EG.
Opportunities: developments in technology.
Technological developments give rise to new product improvements, which in turn help to improve and enhance EO and EG and enable more applications for the same. The efficiency of EO and EG has increased due to the development of new materials and production techniques brought about by the expanding research and development efforts. Increased efficiency leads to new applications, expanding the potential market expansion. The industry benefits from increased efficiency in the production of EO and EG, which is a result of improved production procedures. Thus, throughout the projected period, technological advances will aid in the growth and development of the global ethylene oxide and ethylene glycol market.
Challenges: Environmental concerns.
EO and EG have detrimental effects on the environment along with being associated with several health risks for humans. EO contributes to air and water pollution. It can also cause soil pollution all of which in turn harm humans once it enters the food chain. The flammable nature of EO can also cause environmental damage if not handled properly. EG is a toxic substance and can cause harm to aquatic animals. It can also contribute to air and soil pollution. The environmental concerns associated with EO and EG will challenge the market’s growth.
Some of the major players operating in the global ethylene oxide and ethylene glycol market are:
• AkzoNobel
• BASF
• Dow Chemical
• Formosa Plastics Group
• Huntsman Corporation
• INEOS Group Limited
• Reliance Industries Ltd.
• SABIC
• Shell Group
• Sinopec
Key Segments covered in the market:
By Product
• Ethylene Oxide
o Ethylene Carbonate
o Ethanolamine
o Glycol Ethers
o Others
• Ethylene Glycol
o Mono-ethylene Glycol
o Tri-ethylene Glycol
o Diethylene Glycol
o Polyethylene Terephthalate
o Others
By Application
• Polyester Fibers
• PET Resins
• Antifreeze
• Brake Fluid
• Surfactants
• Automotive Coolants
• Plastics
• Others
By End Use Industry
• Automotive
• Medical
• Food and Beverages
• Textile
• Cosmetic and Personal Care
• Agriculture
• Chemical
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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