The Latin America, Middle East and Africa Ethylene Oxide Market would witness market growth of 5.7% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 1,669.2 Kilo Tonnes, showcasing a growth of 4.6% (2023-2030).
The textile and paper industries use ethylene oxide as a chemical additive to enhance the characteristics of fibers and paper products. Ethylene oxide can remove sulfur compounds from natural gas and oil, improving their quality and reducing environmental emissions. It is used in cosmetics, skin care products, and toiletries as stabilizers, emulsifiers, and thickening agents. Ethylene oxide-based chemicals are used for water treatment, including disinfection and wastewater treatment. Ethylene oxide produces foaming agents to manufacture foam rubber and plastics. Ethylene oxide is a reactant in various chemical reactions to produce multiple organic compounds. Ethylene oxide is used in the pharmaceutical industry for sterilizing equipment, packaging materials, and pharmaceutical products.
EO is a crucial ingredient in the production of antifreeze and engine coolants. These products are vital for maintaining the performance and longevity of vehicles, particularly in a region with extreme temperatures like Saudi Arabia. Saudi Arabia has been developing its automotive industry as part of its economic diversification efforts. The government has encouraged foreign investment and partnerships with global automakers, leading to the establishment of manufacturing facilities and assembly plants in the country. As the automotive sector continues to grow and evolve in Saudi Arabia, the demand for EO and its derivatives for use in automotive applications will likely remain robust.
According to the International Trade Administration, Saudi Arabia is the largest regional automotive industry, and the MENA region is expanding at an estimated 36% rate. 35% of the vehicles sold in the MENA region and more than 52% of all vehicles sold in the Gulf Cooperation Council in 2020 were produced in Saudi Arabia. Saudi Arabia's proven oil reserves are the second largest in the globe. In 2020, Aramco averaged 12.4 mmbpd of hydrocarbon production, including 9.2 mmbpd of crude oil. In contrast, on average, Aramco produced 11.6 mmbpd of hydrocarbons in the first half of 2021, of which crude oil production accounted for 8.6 mmbpd. Saudi Arabia's production increased alongside OPEC+'s gradual quota increases; as of June 2022, Saudi Arabia produced 10.3 mmbpd of crude oil. Hence, the expansion of these industries will significantly promote the growth of the market in the coming years.
The Brazil market dominated the LAMEA Ethylene Oxide Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $723.1 million by 2030. The Argentina market is showcasing a CAGR of 6.3% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 5.4% during (2023 - 2030).
Based on Application, the market is segmented into Ethylene Glycol, Ethoxylates, Ethanolamines, Polyols, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Ethylene Oxide Market is Projected to reach USD 48.2 Billion by 2030, at a CAGR of 4.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Akzo Nobel N.V., BASF SE, Shell plc, Clariant AG, The Dow Chemical Company (Dow Corning Ltd.), Exxon Mobil Corporation, Formosa Plastics Group, LOTTE Chemical Corporation (LOTTE Corp.), Huntsman Corporation, and SABIC (Saudi Arabian Oil Company).
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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