Ethylene oxide and Ethylene Glycol Market worth $51.9 billion by 2029 - Exclusive Report by MarketsandMarketstm
CHICAGO, April 8, 2024 /PRNewswire/ -- The report "Ethylene oxide and Ethylene Glycol Market by Product Type (Ethylene Glycol, Ethoxylates, Ethanolamines, Glycol Ethers), Application (Polyester Fibers, Antifreeze & Coolants, PET Resins), End-Use Industries, and Region - Global Forecast to 2029", Ethylene oxide and Ethylene Glycol Market is expected to grow at a CAGR of 5.5% during the forecast period, from an estimated USD 39.7 billion in 2024 to USD 51.9 billion by 2029.
The growth of the ethylene oxide and ethylene glycol market is propelled by various factors. One significant driver is the rising demand from industries like automotive, textiles, and plastics for ethylene glycol, which is used in manufacturing PET resins and antifreeze solutions. Additionally, the increased requirement for ethylene oxide in healthcare sterilization, alongside advancements in production technologies and sustainability practices, continues to drive market expansion. Furthermore, the expanding use of ethylene glycol in emerging economies due to industrial and urban development presents growth opportunities for the market.
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"Ethylene Glycol, by product type, is expected to be the most significant ethylene oxide and ethylene glycol market segment during the forecast period."
Ethylene glycol holds the most significant shares in the ethylene oxide and ethylene glycol market due to its versatile applications and widespread use across various industries. As a key raw material, ethylene glycol is essential in the production of polyester fibers, PET resins, antifreeze solutions, and other products used in automotive, textiles, plastics, and packaging sectors. Its properties, such as thermal stability, hygroscopic nature, and compatibility with different materials, make it a preferred choice for manufacturers. Additionally, the growing demand for ethylene glycol in emerging economies, coupled with advancements in production technologies and sustainable practices, further solidifies its dominant position in the market, driving continued growth and revenue generation.
"Polyester fibers are anticipated to be the most significant ethylene oxide and ethylene glycol market segment, by application, during the forecast period."
The polyester fibers application holds the most significant shares in the ethylene oxide and ethylene glycol market due to its wide-ranging uses and favourable properties. Polyester fibers, derived from ethylene glycol through polymerization processes, exhibit exceptional strength, durability, and resistance to wrinkles and shrinking. These qualities make polyester fibers ideal for various applications such as textiles, apparel, home furnishings, industrial fabrics, and non-woven materials. Additionally, the versatility of polyester fibers allows for the production of a wide range of products, including clothing, upholstery, carpets, and technical textiles used in automotive and aerospace industries. The growing demand for polyester fibers in emerging economies, coupled with innovations in production techniques, further enhances their dominance in the ethylene oxide and ethylene glycol market's application segment.
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"Textile is anticipated to be the most significant ethylene oxide and ethylene glycol market segment, by end-use industries, during the forecast period."
The Textile end-use industry holds the most significant shares in the ethylene oxide and ethylene glycol market due to the extensive utilization of ethylene glycol in polyester fiber production. Polyester fibers, derived from ethylene glycol through polymerization processes, exhibit exceptional strength, durability, and resistance to wrinkles and shrinking. These qualities make polyester fibers ideal for various applications such as textiles, apparel, home furnishings, industrial fabrics, and non-woven materials. Additionally, the versatility of polyester fibers allows for the production of a wide range of products, including clothing, upholstery, carpets, and technical textiles used in automotive and aerospace industries. The growing demand for textiles in emerging economies, coupled with innovations in production techniques, further enhances the dominance of the Textile industry in the ethylene oxide and ethylene glycol market's end-use segment.
"Asia Pacific is expected to be the fastest-growing region in the global ethylene oxide and ethylene glycol market, by region, during the forecast period."
The Asia Pacific region is experiencing rapid growth in the ethylene oxide and ethylene glycol market due to several key factors. Firstly, the region's robust industrialization, particularly in countries like China, India, and Southeast Asian nations, fuels substantial demand for ethylene glycol across industries such as automotive, textiles, plastics, and packaging. Additionally, the expanding population and increasing disposable incomes in these economies drive higher consumption of ethylene glycol-based products like PET resins, polyester fibers, and antifreeze solutions. Furthermore, supportive government policies, investments in infrastructure, and advancements in technology further contribute to the market's growth trajectory in the Asia Pacific region, making it an attractive and profitable market for ethylene oxide and ethylene glycol stakeholders.
The key players profiled in the report include BASF SE (Germany), SABIC (Saudi Arabia), Shell Plc (UK), Dow Chemical Company (US), and ExxonMobil Corporation (US).
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