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Increasing demand for heat-sensitive medical equipment is a key factor driving ethylene oxide market revenue growth
VANCOUVER, BC, CANADA, September 8, 2022 /EINPresswire.com/ -- The Global Ethylene Oxide Market size reached USD 31.09 Billion in 2021 and is expected to register a revenue CAGR of 3.54% during the forecast period, according to a latest analysis by Emergen Research. Increasing usage of polyethylene terephthalate bottles and containers is a crucial factor driving revenue growth of the market.
Ethylene oxide is a versatile, flammable, chemical compound that has a wide range of applications across different end-users. One of the key applications of the chemical is in the production of ethylene glycol, which is extensively used as an automotive coolant, as well as a temperature maintaining fluid in various industries. Other derivatives of the chemical, such as polyethylene terephthalate (PET) is majorly used for packaging of food and other materials, and production of plastic bottles and containers. Ethylene oxide is a pesticide and antimicrobial agent, approved by the U.S. Environmental Protection Agency (EPA), which increases its adoption in the agricultural industry as a fumigant. Antimicrobial properties of the chemical have also made it a suitable sterilizing agent for medical equipment and heat-sensitive medical devices, which is expected to increase demand for ethylene oxide over the coming years.
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Based on the competitive landscape, the market report analyzes the key companies operating in the industry:
BASF SE, the Dow Chemical Company, China Petrochemical Corporation, Clariant AG, Tokyo Chemical Industry, Shell plc, LyondellBasell Industries Holdings B.V., Saudi Basic Industries Corporation (SABIC), Linde plc, and Eastman Chemical Company
Some Key Highlights From the Report
The polyethylene terephthalate segment is expected to register a rapid revenue growth rate during the forecast period. Rising demand for plastic bottles and PET-based containers are key factors driving revenue growth of this segment. PET is a versatile, lightweight, transparent plastic that can be molded into any shape according to the manufacturer with a variety of colors, which has increased its demand among different end-users, including the cosmetics and food and beverages industries. Carbonated soda drinks, fruit juices, and even packaged drinking water bottles are made using PET. Personal care items such as liquid soaps, shampoos, and body oils are packaged in PET-based bottles and containers. Statistics of the 2020 Plastics Europe report suggest that use of PET increased to around 4.14 million in 2020, which was about a 3.8% increase since the previous year.
The surgical equipment sterilization segment accounted for moderate revenue share in 2021. Ethylene oxide is an alkylating agent and damages the essential macromolecules (RNA, DNA, and proteins) of microorganisms, thereby killing them, which increases its adoption in the agricultural industry. The healthcare sector, especially hospitals and other medical centers are increasingly adopting ethylene oxide as a sterilizing agent due to its antimicrobial properties. Gas sterilization using the chemical is especially effective when the devices and equipment cannot be sanitized using thermal and steam alternatives.
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Ethylene oxide market in North America is expected to register a rapid revenue growth rate between 2022 and 2030. Rising number of communicable diseases, including cases of the Coronavirus disease and steady usage of the chemical in the agricultural industry in countries in the region are some of the key factors driving revenue growth of the market in North America. Statistics of the World Health Organization (WHO) report that around 86 million cases of the Coronavirus disease have been registered as of 4 July 2022, with around 1 million deaths in the U.S. Increasing prevalence of the disease has resulted in an exponential rise in use of Personal Protective Equipment (PPE) and other medical devices that require constant sterilization. Ethylene oxide has been adopted as a non-heating sterilization alternative for sanitizing PPEs and heat-sensitive medical devices.
On 17 November 2021, China Petroleum & Chemical Corporation announced the completion of the first industrial application of crude oil steam-cracking technology in China. The technology produces ethylene, propylene, and other hydrocarbon products from crude oil, and is expected to greatly shorten the production process, reduce production costs, and significantly lower carbon emissions, and consequently energy consumption. It is estimated that one million tons of crude oil will yield about 500,000 tons of chemical products, including 400,000 tons of high-value products. The project is aimed at transforming the petrochemical industry of China, while contributing to the ‘dual carbon’ goal.
Emergen Research has segmented global ethylene oxide market on the basis of derivatives, application, end-use, and region:
Derivatives Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
End-Use Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
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Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
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Chapter 1: Market overview and scope
Chapter 3: Impact analysis of COVID-19 pandemic
Chapter 5: Drivers, Constraints, Opportunities, Limitations
Chapter 6: Key manufacturers of the industry
Chapter 8: Market segmentation based on type & applications
Chapter 9: Current and Future Trends
Thank you for reading our report. Please get in touch with us for further queries about the report and our team will assist you according to your needs.
At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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