The global Glycol Ether Market size is projected to reach USD 7.1 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 5.4% during the forecast period. Steady rise in demand for paints and coatings across developing countries is expected to drive the market.
Glycol ethers are unique products that combine the attributes of both alcohols and non-bases. The rise in demand for specialty chemicals has led manufacturers to engage in product innovation to develop offerings that perform the role of solvent along with being miscible in water. Although glycol ethers are obtained from crude oil derivatives, their lower carbon footprint has boosted popularity among application segments.
High foreign investment inflows into Asian markets have propelled the regional chemicals industry, providing impetus for glycol ether manufacturers to improve their capabilities. Asia Pacific is the largest consumer – accounting for nearly 50% of the global demand in 2017-and the fastest growing market, with majority of the demand trickling down to key end-uses, such as pharmaceuticals, personal care and cosmetics, and paints and coatings.
Paints and coatings application led the global market, with nearly 800 kilo tons being consumed in the production of architectural and automotive coatings and allied paint categories. In the post-recession era, internal rate of returns in the paints and coatings sector increased from 15.4% in 2009 to 25.1% in 2016, showing signs of stable growth with the sector being valued at over USD 130 billion globally. Concurrent to this trend, glycol ethers are expected to gain tremendous traction over the forecast period.
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Further key findings from the report suggest:
- In terms of volume E-series product family accounted for 37% of the overall consumption in 2017. However, regulations surrounding its carcinogenicity and mutagenicity shall act as key restraint factors over the forecast period
- China is a major player in the global arena, with its consumption accounting for nearly a quarter of the global shipments. Demand for glycol ether products in the country is projected to expand at a CAGR of 5.7% from 2018 to 2025
- In the P-series product family, butyl glycol ether accounted for nearly 35% of the global market share in terms of volume in 2017. Positive demand outlook as a solvent in paints and coatings, cleaners, and inks shall propel the product at 5.5% CAGR over the forecast period
- The glycol ether market is marked by mergers and acquisitions and strategic joint ventures in global space. For instance, Sadara Chemical Company, a joint venture between Dow Chemical Company and Saudi Aramco, was a single phase largest chemical complex which was built for the production of commercial butyl glycol ether substances, which was later on refined to produce multiple specialty chemicals.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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