Ethylene Oxide Market And Ethylene Glycol Market
Albany, New York (PRWEB) September 10, 2014
Ethylene oxide, a.k.a. oxirane and epoxyethane is a type of a colorless gas with a pleasant smell. It is a form of a chemical intermediate element that has many subsidiary products mainly used in a wide range of downstream markets. Ethylene oxide in its raw technical definition is referred to as crude ethylene oxide which consists of aldehydes and other impurities. Most of the derivatives of ethylene oxide, apart from ethylene glycol and higher glycols formed in the production of ethylene glycol, require an enhanced purified version of ethylene oxide for use as a raw material.
The rising need for polyester condensation triggered a tremendous increase in the demand for MEG (monoethylene glycol) – a derivative of ethylene oxide (EO). MEG is the most important ethylene glycol that accounts for over 90% of the overall ethylene glycol production. However, the significant factor driving the MEG element is the high demand for PET bottle resin that is essentially used in the food and beverages industry. PET bottle resin has critical advantages over glass used in carbonated drinks, water bottles, and other food containers.
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- Value-driven Growth Factors
Ethylene oxide and ethylene glycol are bulk chemicals in the industry. These segments are experiencing strong market growth globally because of a strong demand in the downstream applications. The global ethylene oxide & ethylene glycol market is driven by a continuous demand from PET bottle manufacturers, textiles industry, and also from growing global demand for antifreeze in the auto industry.
In the past few years there has been a tremendous demand of ethylene oxide and ethylene glycol due to growing demand for PET bottles for storage purposes. Water, carbonated drinks and other forms of liquids are mainly due to the increase in the disposable income of people globally. The market for PET was estimated to be worth USD 8,410.2 million in 2011, and it is expected to reach USD 13,042.9 million in 2018. With the strong presence of PET resin applications and polyester fibers of ethylene glycol in the market, the wave of demand for ethylene oxide market and ethylene glycol mainly comes from China and Asia-Pacific regions. Globally, the immense use of ethylene oxide is for the production of ethylene glycol (76%) and ethoxylates (14%). The additional 45% of the ethylene glycol is primarily used for the production of PET bottles in the market.
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- Ethylene Oxide Market and Ethylene Glycol Market: Market Figures and Geographic Areas
According to the market research study reports that encompasses the detailed quantitative and qualitative analysis for the ethylene oxide market & ethylene glycol market, the global ethylene oxide market was worth USD 29,019.1 million in 2011 and is expected to reach USD 42,632.1 million in 2018, growing at a CAGR of 5.7% from 2013 to 2018. Similarly, the global market for ethylene glycol, on the other hand, was estimated to be worth USD 20,434.3 million in 2011 and is expected to reach USD 30,814.2 million by 2018, growing at a CAGR of 6.1% from 2013 to 2018.
Considering the overall global market, Asia-Pacific dominates the ethylene oxide market, accounting for over 64% of the global demand in 2011. Owing to huge domestic demands, Asia Pacific is the biggest market for both ethylene oxide and ethylene glycol and is expected to be the fastest growing market in the next five years, growing at a CAGR of 4.9%.
However, as compared to Asia-Pacific, the North America and Western Europe, being mature markets, are expected to grow at a sluggish rate in the given forecast period 2012 – 2018. The Asia Pacific, Central Europe, Middle East and South American markets will drive ethylene oxide demand in the years to come.
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