In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSOctober 2020- LyondellBasell and Sasol announced that they entered into a definitive agreement to form a 50/50 joint venture (JV) to boost the production of polyethylene in Louisiana.
September 2019- BASF declared to expand its capacity of ethylene oxide and ethylene oxide derivatives at its Verbund site in Antwerp, Belgium.
Global Alkylene Oxides and Glycols Market Highlights Over 2022 - 2031
The global alkylene oxides and glycols market is estimated to garner a large amount of revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed largely to the increasing usage of PET bottles, and rising sales of automobiles around the world, where the chemicals are used for making seat belts. It is calculated that more than 580 billion units of PET bottles will be produced by the end of 2021, up from about 480 billion units in 2016. Along with these, ethylene oxide is a low-temperature disinfectant, and is heavily applied to sterilize medical devices and healthcare products such as bandages and ointments. This is expected to be another factor driving market growth in the upcoming years. Furthermore, growing demand among consumers for better packaged food globally is projected to offer profitable opportunities to the market in the near future.
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The market is segmented by end use into plastics & polymers, cosmetics & personal care, chemical & pharmaceutical, detergents, and others, out of which, the plastics & polymers segment is anticipated to hold the largest share in the global alkylene oxides and glycols market. This can be accounted to the high utilization of plastics around the world, coupled with the indispensable role of ethylene glycol in plastic manufacturing. Apart from these, rising use of alkylene oxides and glycols for making polyester fibers and films is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of alkylene type, the ethylene segment is assessed to grab the largest share during the forecast period owing to the increasing utilization of ethylene oxides and glycols in commercial and industrial applications as an antifreeze and coolant.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Alkylene Oxides and Glycols Market Regional Synopsis
Regionally, the global alkylene oxides and glycols market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth and garner the largest share over the forecast period on the back of the huge demand for polyester fibers in China and India. In addition, high manufacturing output, and rapidly growing urbanization and industrialization are also expected to drive the market growth in the region in the coming years. According to the United Nations, the level of urbanization in Asia was approximately 50 percent in 2018. By 2050, India and China will have added 416 million and 255 million urban dwellers to their populations. Moreover, the market in Europe is also projected to occupy a significant market share during the forecast period ascribing to the presence of major automobile manufacturers, and surging PET resin industry in the region.
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The global alkylene oxides and glycols market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global alkylene oxides and glycols market includes the following segments:
By Alkylene Type
By End Use
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing usage of PET bottles, and rising sales of automobiles around the world.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2031.
Asia Pacific will provide more business opportunities for market growth owing to the huge demand for polyester fibers in China and India.
The major players in the market are Akzonobel N.V., BASF SE, China Petroleum & Chemical Corporation, Clariant AG, ExxonMobil Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by alkylene type, end use, and by region.
The ethylene segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
High toxic content of alkylene oxides and glycols is estimated to hamper the market growth.
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