H1 2023: The major players during H1 2023 in the Ethylene Oxide market were Sinopec, Dow Chemical, and Indorama Ventures Public Company Limited. During the first half of 2023, the price trend for ethylene oxide was volatile in the Asia Pacific region. Initially, the prices declined because of weak demand and an abundance of feedstock ethylene supplies. However, the price trend changed around the mid-February as a result of the low availability of the feedstock ethylene and production expenses increased. As a result of tighter restrictions on Russian goods and diminished imports of crude oil, feedstock ethylene prices rose in March 2023. Ethylene Oxide high prices were also supported by high energy import costs in Japan, currency depreciations, and hike in demand for ethylene oxide from the downstream ethylene glycol producers. However, April 2023 onwards, there was a declining trend in ethylene oxide prices in the Japanese market, supported by low demand and ample of stocks. The cost pressure from the feedstock was insufficient during this period. In addition, high inflation, banking crisis, weak economy and high interest rates reduced consumers' purchasing activities in Japan. In the US market, ethylene oxide market began with a sluggish start in H1 2023, but suddenly witnessed a sudden hike in February 2023. Prices increased because of slow production rates and low feedstock supplies of ethylene in the US. The production costs increased, and ethylene oxide prices kept on rising till April 2023. From the mid-February 2023, the supply chain activities increased, which enhanced offtakes despite high inflation rates in America.
H1 2022: During H1 2022, the production of Ethylene Oxide had reached approximately 13.5 million tonnes. The top three players during H1 2022 in the Ethylene Oxide market were Sinopec, Dow Chemical, and Indorama Ventures Public Company Limited. However, Sinopec was the global Ethylene Oxide leader across the globe in H1 2022. In April 2022, Indorama Ventures Public Company Limited acquired Oxiteno for USD 1.3 billion. The transaction was approved by the Brazilian Council for Economic Defense (CADE). Indorama Ventures did this acquisition to approach the Ethylene Oxide market of Latin America and the United States, and a chance to becomes US surfactant manufacturer. However, during H1 2022, the prices across Asia were quite disruptive and had no particular trend. In China, the demand outlook for downstream buyers was not that attractive, and producers have continued to change their operating rates to protect their profits in the Asia-Pacific region. On the other hand, crude oil price volatility has added momentum to the upstream naphtha market, supporting reasonable costs for ethylene oxide across Asian nations. In the Asia-Pacific market, ethylene oxide prices fluctuated during the second quarter. The overall behavior of the Asian ethylene market remained bearish during H1 2022 with weak regional production margins.
H2 2022: During H2 2022, Ethylene Oxide prices took a turn around different countries of Asia. In August 2022, Shenhua Xinjiang, China was temperarly down for maintenance. This led to moderate demand from downstream industries like glycol producers. Consequently, the price of Ethylene Oxide in China and Japan rose in September 2022. However, the prices remained same in India as in June 2022. However, in October 2022, prices first remained stable and then rose marginally. It was due to the decreased volume of feedstock Ethylene availability in Japan because of plant shutdowns and rising inflation. In December 2022, Asian prices fell due constant destocking by the manufacturers. On the other hand, in China, prices were stable and showed slight movements, partly due to the impact of the depreciation of the currency due to the economic slowdown. North American faced a sluggish market in November 2022. Sluggish demand by the downstream industries such as polyethylene terephthalate (PET) due to off-season bottle demand further reduced ethylene oxide consumption in November 2022. Also, in November 2022, the U.S. Environmental Protection Agency (EPA) identified risks in commercial ethylene oxide sterilizers which they adversely affected Ethylene Oxide’s demand. The trend changed around mid- November with higher raw material inventories driving higher production costs and higher prices of the product across the North American market.
The global Ethylene Oxide market stood at nearly 28 million tonnes in 2022 and is expected to grow at a steady CAGR of 4.07% during the forecast period until 2032.
Ethylene oxide is a versatile chemical that is mainly used as an intermediate to produce several industrial chemicals, the most notable of which is Ethylene Glycol. Ethylene oxide also finds its application as a surface disinfectant that is widely used in the healthcare and medical equipment industry to replace steam in the sterilization of heat-sensitive tools and equipment, such as disposable plastic syringes. The growing demand for Ethylene Oxide for the sterilization of medical devices is driving the Ethylene Oxide market globally. Ethylene Oxide is extensively used in non-contact infrared thermometers, thermal imaging systems (Infrared thermographic systems/thermal imaging cameras), liquid chemical sterilization, patient lifts, surgical staplers, and others. Other applications of ethylene oxide include household and industrial cleaners, personal care items like cosmetics and shampoos, polyurethanes, heat transfer liquids, plasticizers, ointments, fabrics for clothes, upholstery, carpet, etc.
Ethylene Oxide is mostly used as a chemical intermediate to synthesize glycol ethers, acrylonitrile, ethoxylates, ethylene glycol, and polyether polyols, which are employed in various downstream industries. Increasing demand for these derivatives by the end-user industries is driving the overall market across the globe. The Ethylene Glycol segment dominates the market globally owing to its high usage in the automotive, packaging, and pharmaceutical industries. Ethylene Glycol is widely utilized for the production of polyester fibers, polyethylene terephthalate (PET) resins, and automotive antifreeze. Additionally, with the rising population especially in emerging countries, the demand for personal and healthcare products is rapidly increasing which is propelling the demand for Ethylene Oxide and is expected to boost the market in upcoming years. Owing to these factors, the Ethylene Oxide market is expected to reach 42 million tonnes in 2032.
Regionally, the Asia Pacific region is dominating the Ethylene Oxide market. This region held a market share of approximately 50% in 2022. Europe is the second largest consumer of Ethylene Oxide followed by North America. With the growing demand for PET bottles, packaging materials, and antifreeze in vehicles, the demand for ethylene glycol (a derivative of ethylene oxide) will most likely rise, which is considered to bolster the demand for ethylene oxide in the forecast period. The requirement for PET resins is projected to increase as the packaging sector expands due to the rising demand for packaged foods and beverages. Rapidly growing demand for Ethylene Oxide from the major end-use industries including personal care, cosmetics, food and beverages, textile, and others is likely to boost the Ethylene Oxide market in the Asia Pacific region.
Based on the end-user industry, the global Ethylene Oxide market is segregated into Ethylene Glycol, Surface Active Agent, Ethanolamines, and Others. The Ethylene Glycol industry is the major end-use and consumed roughly 70% of the net ethylene oxide market in 2022. In the production of ethylene glycol (antifreeze), fibers, detergents, polyurethane foam, solvents, medications, adhesives, and other goods, ethylene oxide is mostly employed as a chemical intermediate. Additionally, Ethylene oxide is used as a sterilizing agent and a pesticide in smaller quantities.
Major players in the production of Global Ethylene Oxide are Sinopec, BASF, Shell, Dow Chemical, Ningbo Henyuan, Nippon Shokubai Co., Ltd., Reliance Industries Limited, SINOPEC SABIC (TIANJIN) Petrochemical Company Limited, Maruzen Petrochemical Co., Ltd., PTT Global Chemical, Saudi Kayan Petrochemical Company, Nizhnekamskneftekhim, Indorama Ventures Public Company Limited, Sasol Limited, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Ethylene Oxide which covers production, demand and supply of Ethylene Oxide market in the globe.
• To analyse and forecast the market size of Ethylene Oxide
• To classify and forecast Global Ethylene Oxide market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Ethylene Oxide market in the globe.
To extract data for Global Ethylene Oxide market, primary research surveys were conducted with Ethylene Oxide manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Ethylene Oxide market over the coming years.
ChemAnalyst calculated Ethylene Oxide demand in the globe by analyzing the historical data and demand forecast which was carried out considering the raw materials to produce Ethylene Oxide. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Ethylene Oxide manufacturers and other stakeholders
• Organizations, forums and alliances related to Ethylene Oxide distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Ethylene Oxide s manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Ethylene Oxide s market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
28 million tonnes
Market size Volume by 2032
42 million tonnes
Growth Rate
CAGR of 4.07% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process, Policy and Regulatory Landscape,
Segments covered
By End-Use: (Ethylene Glycol, Surface Active Agent, Ethanolamines, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Mr.Shin Dosho
Member - Board of Directors
Osaka Gas Co. Ltd
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What was global market size of Ethylene Oxide in terms of volume in 2022?
Ans:
The global market size of Ethylene Oxide has grown significantly in the historic period of 2015-2022 and reached nearly 28 million tonnes in 2022.
Q2.
Which end-use industry is dominating the Global Ethylene Oxide market?
Ans:
The Ethylene Glycol industry is dominating the Ethylene Oxide market with a market share of roughly 70% in 2022.
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