Rising Demand from Textiles, and Construction Industry to Fuel Growth of Ethylene Urea Market
Demand for industrial grade ethylene urea is expected to be high during the forecast period. Industrial grade ethylene urea is used in a variety of applications including coatings, textiles, rubbers, and fragrances. The chemical industry's increased use of ethylene urea is propelling the ethylene urea market. Furthermore, advancements in melting and granulation technologies to improve the cost-effectiveness of ethylene urea, as well as increased demand for ethylene urea in the chemical industry, are expected to drive the market. Increasing apparel demand from the fashion industry, combined with the expansion of e-commerce platforms, is expected to drive the textile production hence propelling the ethylene urea market growth over the forecast period. Furthermore, the growing population and rapid urbanisation in emerging economies such as India, Bangladesh, Vietnam, and Brazil are expected to boost demand for clothing and apparel positively contributing to segments growth. Chemical-based textiles are estimated to account for 97,075.9 kilotons in 2021, owing to their prominence in the overall textile production industry.
Increasing demand for ethylene urea from its application in coatings, as well as an increase in demand in the construction industry, are expected to boost the market over the forecast period. The market is likely to benefit from increased use of ethylene urea in civil engineering and construction applications such as concrete bonding, flooring, and marble laminate. The worldwide construction industry's revenue is expected to progressively rise in the next years. It is predicted that by 2030, it will be more than twice as large as it was in 2020. The construction market was valued 6.4 trillion dollars in 2020, and it is expected to grow to 14.4 trillion dollars by 2030.
Growing Demand for Ethylene Urea in Pharmaceuticals Industry to Drive Market Growth
Pharmaceuticals are expected to dominate the global ethylene urea market over the forecast period. As a result of the ageing population, the patient pool for several chronic diseases such as rheumatoid arthritis, hypertension, diabetes, and cancers has grown. As the patient pool rose, so did demand for pharmaceuticals used to treat various illnesses, which had a significant impact on market growth. In addition, the pharmaceutical business has seen tremendous growth in recent years due to the sudden outbreak of the COVID-19 epidemic. Most well-established businesses are consolidating to augment their market positions in this highly competitive climate, small to mid-sized pharmaceutical companies are acquired for their inventiveness.
Rising Growth of Textile Industry in Asia Pacific to Drive Growth Ethylene Urea Market
Asia Pacific is expected to dominate the global ethylene urea market over the forecast period, due to significant investments in ethylene urea in China, Japan, and India. Asia Pacific is expected to account for the largest share of the ethylene urea market during the forecast period due to rising urbanisation, and rising spending power in the region. The region's ethylene urea market is expected to expand at a rapid pace. The increasing use of ethylene urea in various applications such as chemicals, textiles, construction, coatings, and leather are expected to drive the growth of the ethylene urea market in the region. The rising growth of the textile industry is one of the driving factors propelling market growth. Other factors driving market growth in the region include a large presence of natural resources, the expansion of manufacturing industries, the rise of disposable income, etc. China is the world's largest producer and exporter of textiles hence the demand for ethylene urea is increasing in this region. With its rapid growth over the last two decades, China's textile industry has become one of the country's economic pillars. Clothes, clothing accessories, textile yarns, and textile articles are among the most important Chinese exports. According to the Ministry of Industry and Information Technology, China's textile industry grew steadily during the first nine months of 2021, with profits totalling 171.1 billion yuan (approximately USD 26.80 billion), a 31.7 percent increase year on year (YoY) (MIIT).
Europe is also a major consumer of ethylene urea. the region is expected to account for significant growth in the ethylene urea market because of the increased number of manufacturers in the region. Antibiotics such as Mezlocillin, and Azlocillin are manufactured using pharmaceutical grade ethylene urea. Increased demand for pharmaceutical grade ethylene urea is being driven by an increase in demand for medicines or antibiotics. The market in the region is expected to grow significantly due to increased sales of pharmaceutical products in the region. For instance, the European Federation of Pharmaceutical Industries and Associations (EFPIA), represents a sizeable portion of Europe's drug manufacturers. It currently has 36 national pharmaceutical associations and 39 of Europe's leading pharmaceutical companies as members. Russia, and Turkey are also EFPIA members. In 2020, EFPIA members are expected to generate approximately 310 billion euros in production value.
Global Ethylene Urea Market: Competitive Landscape
Companies in the market are introducing new products alongside initiation collaborations, alliances, and partnership agreements. Strategic steps have been taken by key businesses to increase their presence and preserve a competitive edge in the market. In addition, market participants are engaged in product development, cooperation and partnership models, agreements, business expansion, and merger & acquisition strategies to strengthen their product portfolio and meet demand for dipropylene triamine products.
A few of the players in the ethylene urea market include BASF SE, ACETO, Connect Chemicals, Eurochem, Acron, Hebei Kangzhuang Environmental Technology Co., Ltd., MOGAS, Mitsui Chemicals, Inc., Zhejiang Suichang limin Technology Co. Ltd., OCI Nitrogen and HANGZHOU WELL SUNSHINE BIOTECH CO. Ltd.
Global Ethylene Urea Market is Segmented as Below:
Key Elements Included In The Study: Global Ethylene Urea Market
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