Market Trends of Ethylene Oxide Industry
This section covers the major market trends shaping the Ethylene Oxide Market according to our research experts:
Increasing Demand from the Textile Industry
- The textile industry is a major end-user industry for ethylene oxide as the derivatives are used for the treatment of a wide variety of natural and synthetic fibers, as precursors for certain compounds providing durable press, light stabilization of spandex fibers, shrink-proofing wool, static prevention, and mothproofing, among others.
- India, China, and United States represent major textile manufacturing countries in the world. With rising demand, growing investments, and improved infrastructure facilities, the demand from the sector is likely to increase in the forecast period.
- In May 2022, the Center of Excellence for Khadi (CoEK) at NIFT in Delhi was inaugurated in India to produce innovative fabrics and apparel. The aim is to meet the needs of both domestic and foreign consumers by introducing new designs and adopting international standards.
- China is one of the largest producers and exporters of textiles in the world. In October 2022, textile production in China was 3.18 billion meters.
- The United States exported USD 1,803.93 Million worth of textiles and apparel to the European Union while the exports to the ASEAN countries were worth USD 509.86 million from January 2022 to October 2022.
- Thus, all the above-mentioned factors are expected to show a significant impact on the market growth during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominates the global ethylene oxide market currently. China accounts for the major consumption of ethylene oxide and its derivatives in the Asia-Pacific region.
- Asia-Pacific has also become the largest consumer and producer of surfactants. The production has reached very high levels, becoming a major hub for the exporting of cosmetics and personal care products to developed nations, such as the United States.
- China's textile industry is one of the major industries, and the country is the largest clothing exporter across the world. In the first half of 2022, the export value of textiles and apparel increased by 10% compared to the previous year.
- China is a major producer of PET resins with the PetroChina Group and Jiangsu Sangfangxiang among the largest global manufacturers in terms of volume, with capacities of more than 2 million tons. Thus, the rising demand for PET from end-user industries is driving the demand for ethylene oxide.
- Also, the region is the largest automotive manufacturing hub, registering almost 60% share of the world. According to OICA, in the year 2021, the total production of vehicles stood at 26.08 million units registering an increase of 3% compared to the previous year.
- To encourage the development of weavers and artisans in Manipur, India, Amazon India signed an MoU with Manipur Handloom and Handicrafts Development Corporation Limited in June 2022.
- Hence, owing to the above-mentioned factors, Asia-Pacific is likely to witness the highest market share during the forecast period.
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