According to ChemAnalyst report, “India Ethylene Oxide Market: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End Use, Sales Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, India’s Ethylene Oxide market is anticipated to grow at a healthy CAGR of 4.2% during the forecast period on account of robust rise in its consumption for producing Mono Ethylene Glycol (MEG) and Di Ethylene Glycol (DEG) which are the key raw materials for manufacturing a wide range of products including Polyethylene Terephthalate (PET) and plasticizers. PET is a popular thermoplastic polymer resin widely used in textile industry while plasticizers find primary usage in packaging industry. In addition, Ethylene Oxide is also used in producing other important derivatives such as Ethoxylates, Glycol Ethers, Ethanolamine, Polyethylene Glycol, and Polyols.

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PTA accounts for the largest end-user segment in India’s Ethylene Oxide industry followed by demand from Ethylene Glycol sector. PTA demand is likely to spur under Ministry of Textiles’ vision to almost double the country’s textile market size to $350 bn by 2025 and to $650 bn by 2030. Moreover, huge investments in both PTA and Glycol sectors will tremendously drive the Ethylene Oxide demand during the forecast period.

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During Q4 2020, the Indian chemical and petrochemical industry remained hard hit due to coronavirus related lockdown restrictions amid evaporating demand hammered by disrupted logistics. As a result, several plants using Ethylene Oxide as raw material remained indefinitely shut and some players found no other way but to curtail plant operating rates to about 45%, during March and April. Despite unprecedented slowdown in the economy, EO manufacturers are optimistic and sensing gradual recovery in demand for MEG and other raw materials used in medical and packaging sectors. Sudden outbreak of novel Coronavirus has also highlighted another major application of gaseous Ethylene Oxide, which is being popularly used for the sterilization of medical equipment. With India battling the cold winds of coronavirus, one of the most important equipment used by medical personnel in preventing transmission of the virus is the Personal Protective Equipment (PPE) kit. However, with rising number of coronavirus cases despite strict lockdown measures, the country is sensing acute shortage of these crucial kits in times to come and hence involved producers are ramping up their PPE production capacities at manifold rates. This is likely to give a spike to country’s EO demand in FY21, which is being critically used in sterilization of these kits before they are dispatched to various locations from their warehouses.

According to ChemAnalyst report, “India Ethylene Oxide Market: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End Use, Sales Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, major players operating in India’s Ethylene Oxide market include Reliance Industries Limited, Indian Oil Corporation Limited, India Glycols Limited, SABIC, Formosa Plastics Corporation, DowDuPont Inc., BASF SE, Royal Dutch Shell Plc., Lotte Chemical Corporation, Huntsman International LLC., etc. With country’s majority of EO demand being met through domestic output, imports hold a negligible share in satisfying local demand. Reliance India Ltd. is one of the largest global producers of Ethylene Oxide and appears in the top ten players in the list of major PTA and EG producers across the globe. With key players continuously striving to expand their PTA and Glycol manufacturing capacities, the demand for Ethylene Oxide is expected to register record breaking highs during the forecast period. Recently, IOC has awarded a 357 KTA, worth INR 3,752 crore Mono-Ethylene Glycol (MEG) project to L&T Hydrocarbon Engineering Limited (LTHE). BPCL has also proposed to build new Ethylene Oxide unit at its petrochemicals complex in Kochi. Such massive investment projects which are scheduled to come onstream in the next six years, are likely to propel the Ethylene Oxide market growth during the forecast period.

“As government of India is dedicatedly promoting its “Make in India” strategy, those producing petrochemical intermediates like Ethylene Oxide, Propylene Oxide, Phenol, Acrylic Acid etc. are its desirable candidates. These intermediates are the key feedstocks involved in producing specialty chemicals which in turn, are utilized for manufacturing a variety of consumer and technology related products required in the economy. Looking at the market optimism, the Ethylene Oxide industry will report dynamic developments in the next 5 years. However, the latest announcement by the government of India, regarding cancellation of anti-dumping duty on PTA imports, which was imposed in July 2016 and July 2019, could put some pressure on the domestic Ethylene Oxide demand and pricing. As people across the world are turning more health conscious, the demand for Ethylene Oxide as a disinfectant in hospitals and the medical equipment industry and for gas-phase sterilization of equipment, such as disposable plastic syringes is likely to drive the market growth in the forecast period. Furthermore, key market players expanding their downstream PTA and MEG businesses through mergers and acquisitions backed by strong investments in production technologies will further support the Ethylene Oxide market growth in successive years. As EO is a dangerous chemical to transport, players are keenly focussing on the captive demand growth and hence, India’s macroeconomic conditions will be the key determining factors of the EO market developments over the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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Source: ChemAnalyst