Albany, NY -- (SBWIRE) -- 11/26/2018 -- Ethylene oxide is an epoxide by direct oxidation of ethylene at room temperature. It is a key raw material for the production of ethylene glycol which is used in various applications like PET bottles, detergents, paints and solvents.
The global demand for ethylene oxide was estimated to be worth over $28,000 million in the year 2011 and is expected to cross $40,000 million in 2018, growing at a CAGR of over 6% from 2013 to 2018. Asia pacific and North America dominate the ethylene oxide market, accounting for over 60% of the total demand in 2011. However, strong growth is expected from Asia-Pacific, Eastern and Central Europe, Middle East and South America in the coming few years.
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Ethylene glycol market was estimated to be worth over $24,000 million in 2011 and is expected to cross $38,000 million by 2018, growing at a CAGR of over 7% from 2013 to 2018. Monoethylene glycol (MEG) is the most important ethylene glycol which accounting over 90% of the overall ethylene glycol production.
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Strong demand for polyester fibers and PET resins coupled with growing demand for automotive antifreeze is expected to drive market demand in the next five years. Crude oil price-volatility together with unfavorable regulatory scenario is the key concern for market participants today.
Polyester fibers and PET resins are the most dominating market applications for ethylene glycol, together accounting for over 85% of the total ethylene glycol demand in 2011. Monoethylene glycol (MEG) is the most widely used product type followed by Diethylene glycol (DEG) and Triethylene glycol (TEG) which are byproducts in the MEG production process.
Key market participants in the global ethylene oxide and ethylene glycol market include, Dow Chemical (U.S.), SABIC (Saudi Arabia), Shell Group (The Netherlands), Huntsman Corporation (U.S.), BASF (Germany), Sinopec (China), and Reliance Industries Ltd. (India). The degree of forward integration is quite high in the market, with major ethylene oxide producers also manufacturing glycols.
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