Alkylene Oxides and Glycols Market Trends

Growth Drivers

• 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.

• 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.

• 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.

• 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.

• 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