Global Market Size, Forecast, and Trend Highlights Over 2023-2035
Alkylene Oxides And Glycols Market size is projected to cross by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023-2035. The growth of the market can be attributed to the rising consumer demand for superiorly packaged food around the globe. As customers become increasingly concerned about their own environmental footprint and the impact of the entire food chain, sustainable packaging has become a primary issue. According to recent data, more than half (54%) of consumers in Europe, North America, and South America take sustainable packaging into consideration when selecting a product.
In addition to these, factors that are believed to fuel the market growth of alkylene oxides and glycols include increasing usage of alkylene oxides and glycols in polyester film and fiber production, that help the market continue to expand during the projected period. A polyester film is manufactured from a polymer with terephthalnoyl, isosorbide, and ethylene glycol moieties. Further, the polyester film is used to create products including insulators, capacitors, labels, films, and lacquers. Additionally, for polyester and polyethylene terephthalate (PET) polymer, Mono-ethylene glycol (MEG) MEG is a key raw ingredient, which is a flexible chemical that gets along well with water and many organic materials
Alkylene Oxides And Glycols Sector: Growth Drivers and Challenges
Growth Drivers
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Surging Use of Antifreeze Agents in the Automobile Sector – On account of the increasing sales of electric vehicles, the antifreeze coolant is expected to expand more in the upcoming years, that in turn is anticipated to boost the market’s growth. Furthermore, ethylene glycol and propylene glycol are the basic liquids utilized in the majority of antifreeze coolants. In addition, coolants made of antifreeze are often utilized in the automobile sector, and it is further projected to increase the growth of the market. In 2021, the number of electric vehicle (EV) sales quadrupled from the previous year to reach a new high of over 6 million globally.
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Rising Demand for Detergents for Hygiene Purpose – Owing to the increase in infectious illnesses, people are becoming more conscious of cleanliness and hygiene, that has increased demand for hand sanitizers and cleaning supplies. Hence, it is anticipated to surge the market’s growth in the upcoming years. According to the report, more than 80% of individuals worldwide are more aware of germs now than they were before the covid19 outbreak.
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Increasing Popularity of Packed Foods – Packaged meals are handy and quick to prepare. They also need less waste management and disposal. Moreover, packaged foods are convenience products that are created commercially and made ready for consumption. According to the most recent expenditure data, in the months leading up to the holiday season, packaged food sales in India grew by over 90% year over year, driven mostly by ready-to-eat items and soaring out-of-home consumption. This surge is expected to last for the whole projected period.
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Rising Need to Sterilize the Medical Devices – Since any microbiological contamination might lead to disease transmission, medical devices should be sterilized before use therefore, the growing need to sterilize is anticipated to drive the market growth. It was discovered that Gamma irradiation is used to sterilize more than 40% of all single-use medical equipment made worldwide.
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Increasing Production of PET Bottles – In today's world, plastic bottles are quite popular, mostly owing to their durability. Most people utilize it on a regular basis all around the world, thereby raising the production for PET bottles, that is anticipated to drive the market growth. To create single-use beverage bottles, globally more than 82 million metric tonnes of polyethylene terephthalate (PET) are produced annually.
Challenges
- Restrictions imposed by the government on the use of non-biodegradable plastics and the consumption of fossil fuels - One of the primary issues expected to impede the market's growth is the government's strict regulations regarding the use of non-biodegradable plastics and the consumption of fossil fuels. For instance, over 90% of single-use plastic items come from "virgin" feedstock, which is fossil fuel.
- High Toxic Content of Alkylene Oxides and Glycols
- Increasing Health and Environmental Effects of High Exposure
Alkylene Oxides And Glycols Market: Key Insights
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~5% |
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Regional Scope |
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Alkylene Oxides And Glycols Segmentation
End-user (Plastics & Polymers, Cosmetics & Personal Care, Chemical & Pharmaceutical, Detergents)
The global alkylene oxides and glycols market is segmented and analyzed for demand and supply 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. The growth of the segment can be attributed to the widespread use of plastics and the critical function ethylene glycol plays in the production of polymers. Almost every industry uses plastic in some capacity, including food packaging, building and construction, textiles, consumer goods, transportation, electrical and electronic equipment, and industrial machinery. In addition to these, plastics have a number of distinctive qualities, including the ability to operate at a very broad range of temperatures, resistance to chemicals and light. For instance, people consume more than 1 million plastic bottles each minute. According to the report, more than 400 billion plastic bags are used annually, which is 10 million every minute.
Alkylene Type (Ethylene, Propylene, Butylene)
The global alkylene oxides and glycols market is also segmented and analyzed for demand and supply by alkylene type into ethylene, propylene, and butylene. Amongst these three segments, the ethylene segment is expected to garner a significant share. The growth of the segment can be attributed to the growing use of ethylene oxides and glycols as antifreeze and coolants in commercial and industrial applications. In mechanical equipment, antifreeze compounds are employed in subfreezing conditions to stop heat transfer fluids from freezing. Further, during machining processes, coolants in a variety of forms, such as solid, liquid, or gaseous, are utilized to reduce friction and heat created in the contact zones between cutting tools and workpieces. Moreover, coolants improve the surface quality of workpieces, reduce the pace at which tools wear out, and prevent the growth of built-up edges (BUE).
Our in-depth analysis of the global market includes the following segments:
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By Alkylene Type |
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By End Use |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Alkylene Oxides And Glycols Industry - Regional Synopsis
APAC Market Statistics
The Asia Pacific alkylene oxides and glycols market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the high levels of manufacturing and a quickly expanding urban and industrial sector. Further, the growing demand for bottle grade polyethylene terephthalate PET that can be attributed to an increase in demand from the food and beverage industry, which in turn is driven by the convenience of handling PET bottles for products such as salad dressing, water, juices, home cleansers, soft drinks, oil, personal care items, and medications is anticipated to contribute to the market growth in the region. In addition, the region's expanding polymer & plastics industry are also anticipated to boost the market growth during the forecast period. By 2030, more than 55% of the population of Asia will be urban.
Europe Market Forecast
The European alkylene oxides and glycols market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market can be attributed majorly to the increasing demand for packaged foods and drinks. For instance, the majority of consumers between the ages of 20 and 30 are busy working professionals and college students who want assistance with cooking at home. Convenience has significantly influenced the changes in consumer behavior, as they are seeking for novel approaches to utilize their time as effectively as possible. The degree of convenience offered by packaged foods and drinks contributes to a rise in overall market demand in the region. Further, the continued rise of retail food packaging as well as a rebound in the foodservice packaging sector are what are fueling the increase in consumption of packaged food and beverages.
Companies Dominating the Alkylene Oxides And Glycols Landscape
- Clariant AG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- INEOS Group
- Huntsman Corporation
- The Dow Chemical Company
- LyondellBasell Industries N.V.
- BASF SE
- China Petroleum & Chemical Corporation
- ExxonMobil Corporation
- Formosa Plastics Group
Recent Developments
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Formosa Plastics Group a producer of polyvinyl chloride resins and other intermediate plastic products, specifically implemented "green procurement" measures to incorporate the principles of a green sharing economy into the Group's development strategy.
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Clariant AG a focused, sustainable, and innovative specialty chemical company, acquired BASF’s U.S. Attapulgite business assets for USD 60 million in cash to extend its North American footprint.
- Report ID: 3841
- Published Date: Mar 02, 2023
- Report Format: PDF, PPT
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