(MENAFN- GlobeNewsWire - Nasdaq) Chicago, Aug. 19, 2024 (GLOBE NEWSWIRE) -- The Global Ethylene oxide and Ethylene Glycol market is projected to grow from USD 39.7 billion in 2024 and is projected to reach USD 51.9 billion by 2029, at a CAGR of 5.5% from 2024 to 2029, as per the recent study by MarketsandMarketsTM. 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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Browse In-Depth TOC On " Ethylene oxide and Ethylene Glycol Market”
242 - Market Data Tables
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List of Key Players in Ethylene oxide and Ethylene Glycol Market :
BASF SE (Germany)
SABIC (Saudi Arabia)
Shell Plc (UK)
Dow Chemical Company (US)
ExxonMobil Corporation (US)
Drivers, Restraints, Opportunities and Challenges in Ethylene oxide and Ethylene Glycol Market:
Drivers: Growing demand for antifreeze.
Restraints: Geopolitical factors affecting supply chain.
Opportunity: Growing Asia Pacific Market.
Challenges: Price volatility and fluctuations in raw material costs.
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Key Findings of the Study:
Ethylene Glycol, by product type, is expected to be the most significant ethylene oxide and ethylene glycol market segment during the forecast period.
Polyester fibers are anticipated to be the most significant ethylene oxide and ethylene glycol market segment, by application, during the forecast period.
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.
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.
The polyester fibers application holds the most significant shares in the ethylene oxide and ethylene glycol market due to its wide-ranging uses and favorable 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 to produce 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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The ethylene oxide and ethylene glycol market, by product type, is segmented into ethylene glycol (monoethylene glycol, diethylene glycol, triethylene glycol), others, ethoxylates, ethanolamines, glycol ethers, and others. Globally,“ethylene glycol" product type commands the largest market share in the ethylene oxide and ethylene glycol market due to its versatile applications and widespread use across industries. As a key raw material in the production of PET resins, ethylene glycol is extensively utilized in the manufacturing of plastic bottles, packaging materials, fibers for textiles, and polyester films. Its properties, such as excellent thermal stability, hygroscopic nature, and ability to form stable solutions, make it a preferred choice in antifreeze formulations for automotive engines and HVAC systems. Moreover, the increasing demand for ethylene glycol in emerging economies, driven by rapid industrialization and urbanization, further contributes to its dominant market position within the ethylene oxide and ethylene glycol market.
Ethylene oxide and ethylene glycol market, by application is segmented into polyester fibers, antifreeze and coolants, PET resins and others. Polyester fibers hold a dominant position in the application segment of the ethylene oxide and ethylene glycol market due to several key factors. Polyester fibers are widely used in the textile industry for manufacturing clothing, upholstery, and other fabric-based products. The durability, wrinkle resistance, and ease of care of polyester fibers make them a preferred choice for both consumers and manufacturers. However, the production of polyester fibers relies heavily on ethylene glycol as a key raw material. Ethylene glycol is used in the polymerization process to create the polyester polymer, which is then spun into fibers. This close relationship between ethylene glycol and polyester production ensures a consistent demand for ethylene glycol, driving its market growth. Additionally, the versatility of polyester fibers allows for their application in various sectors, including automotive, construction, and packaging industries. This broad range of applications further contributes to the dominant position of polyester fibers in the ethylene oxide and ethylene glycol market's application segment.
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