Ethylene Oxide Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The Global Ethylene Oxide Market size was estimated at over 30 million tons in 2020 and the market is projected to register a CAGR of over 3% during the forecast period (2021-2026). The market was negatively impacted by COVID-19 in 2020. The global beauty and personal care industry has been significantly affected by the COVID-19 pandemic. Though the industry has restructured itself to engage in the production of hand sanitizers and cleaning agents, the drop in sales has been significant. In China, the beauty and personal care industry's February 2020 sales decreased by around 80 percent compared with 2019. In March, the year-on-year decline was down to approximately 20 percent.

- Over the short term, one of the major factors driving the market is the growing usage of PET in the food & beverage industry. However, the declining automotive industry across the globe is hindering the growth of the market studied.
- Increasing demand for household and personal care products in developing countries is another major driver for the market studied.
- Asia-Pacific region is expected to witness the highest market ...
... share and fastest growth during the forecast period.

Key Market Trends

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Increasing Demand from Textile Industry

- 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, shrinkproofing wool, static prevention, and mothproofing, among others.
- The Asia-Pacific region dominated the textile market, with growing facilities in the textile industry and investments in the countries, such as China and India.

- India, China and United States represent major textile manufacturing countries in the world.
- In India, rising per capita income, favorable demographics, and a shift in preference to branded products boost the demand for the textile industry, thus boosting the ethylene oxide market.
- United States is the second-largest individual country in exports of textile-related products. In 2019, US fiber, textiles, and apparel exports combined accounted to USD 29.1 billion as per the report published by the National Council of Textile Organizations.

- Globally, the lockdown has led to the disruption of many business activities and affected the supply chain. Although some countries are slowly starting activities again, factories are still closed or not operating at normal capacity yet.
- The global textile and apparel industry is hugely dependent on China as a manufacturing base, where the novel coronavirus (COVID-19) first struck, and the subsequent spread of the virus to other countries. This has led to store closures and dwindling demand for textiles which had an overall impact on the industry. The capacity of other countries to benefit from this situation too is limited.

- Thus, all the above mentioned factors are expected to show a significant impact on the market growth during the forecast period.

Asia-Pacific Region to Dominate the Market

- 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.

- China's textile industry is one of the major industries, and the country is the largest clothing exporter across the world. However, the industry makers are going through a painful industrial restructuring. While the country is still the world's largest clothing exporter with enormous production capacity, oversupply at home, high labor costs, and rising global protectionism have all eroded its competitiveness.

- According to the IBEF, the textile industry in India is estimated to reach about USD 220 billion by 2025. Indian readymade apparels/ garments industry is one of the largest segments in the Indian Textile and Apparel Industry and holds approximately 50% of the total industry. Changing fashion trends, growing consumer and service class along with increasing retail penetration and e-commerce industry have boosted the Indian textile industry.
- The food and beverage industry in South Korea is one of the largest in the region, supported by the surge in organic food processing. It is expected to increase by 2025 and reach USD 14,072 million, at an 12.62% growth rate during the forecast period.

- Asia-Pacific has become the largest consumer, as well as 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, like the United States.
- Hence, owing to the above-mentioned factors, Asia-Pacific is likely to witness the highest market share during the forecast period.

Competitive Landscape

The global ethylene oxide market is partially consolidated in nature. Some of the key players in the market include Royal Dutch Shell plc, China Petrochemical Corporation (Sinopec), Dow, SABIC, and BASF SE.

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