Glycol Ethers Market Outlook - 2021-2030
The global glycol ethers market size was valued at $6.5 billion in 2020, and is projected to reach $11.5 billion by 2030, with a CAGR of 5.9% from 2021 to 2030.
Glycol ether refers to a group of solvent based on alkyl ethers of ethylene glycol or propylene glycol. These compounds are extensively used as solvents in paints and cleaners. Glycol ethers are classified into two groups, E-series and P-series. This classification depends on the reagent from which the glycol ethers are produced that includes ethylene oxide and propylene oxide. Glycol ether is used as solvent in different industries, including paints & coatings, adhesives, and personal care.
One of the major factors responsible for the growing demand of glycol ethers in the market is its high adoption in the paint & coatings industry. With growing urbanization and increasing number of construction activities, there is an upsurge in the demand for paints and coatings in the market leading to increased consumption of glycol ethers Moreover, glycol ethers find a wide range of application in the production of personal care products, including cosmetics and sunscreens. In addition, rise in disposable income and buying power among the consumers around the globe has resulted in increased demand for personal care products. High boiling point and the favorable solvent properties of the glycol ethers make the compound an important reagent during the manufacture of different products in the personal care sector. Therefore, high usage of personal care products creates significant demand for glycol ether as a raw material. In addition, glycol ether is utilized in the printing industry, owing to its quick drying nature and high printing quality. However, the fluctuating price of the raw materials is the key growth barrier of the market.
The glycol ethers market is segmented on the basis of type, application, end use, and region.
On the basis of type, the global glycol ethers market is bifurcated into E-series and P-series. By application, it is categorized into solvent, anti-icing, hydraulic & brake fluid, and chemical intermediate. Depending on end use, the global glycol ethers market is segregated into paints & coatings, printing, pharmaceuticals, cosmetics & personal care, and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The market in the Asia-Pacific is expected to account for a major, owing to high demand for paints and coatings in developed nations of the region
The major companies profiled in this report include BASF SE, Dow Chemical Company, Eastman Chemical Company, FBC Chemical, Hannong Chemicals, Henan GP Chemical, Huntsman Corporation, INEOS, India Glycols Limited, Jangsu Yida Chemical, Kemipex, KN Neochem, Lyondellbasell, Nippon Nyukazai, Oxiteno, Recochem, Royal Dutch Shell, SABIC, Sasol, Sadar, and Solvay SA.
Glycol Ethers Market, By Region
Asia-Pacific dominates the global glycol ethers market. The presence of highly populated countries in the world in this region led to increase in the demand for variety of products. Moreover, rapid modernization and increase in per capita income led to the improvement in the lifestyle, which escalated the demand for glycol ether in the textile industry. In addition, increase in investments related to construction projects may increase the demand for architectural paints, coatings, and adhesives.
Asia-Pacific holds a dominant position in 2020
Global Glycol Ethers Market, By Type
P-series segment dominated the global glycol ethers market, owing to rapid surge in the demand for personal care products and increase in awareness among people in regards with healthcare and advantages of the personal care products. Low toxicity and lower surface tension properties of glycol ethers make them suitable for use in the body washes, soaps, and shampoos.
P-Series segment is projected to create abundant $ opportunity till 2030
Global Glycol Ethers Market, By Application
The solvent segment exhibited the highest growth, owing to increase in application of glycol ether solvents across variety of industries. The outbreak of novel coronavirus in 2019 has increased the demand for the personal care and cleaning agent products, which fueled the demand for the glycol ether in the production of these products. The increase in awareness among the people in regards with the usage of the pharmaceutical products during the outbreak has increased the demand for the market.
Solvent segment is projected to create abundant $ opportunity till 2030
Global Glycol Ethers Market, By End Use Industry
The paints & coating segment led the global glycol ethers market, owing to rapid industrialization and automation. The rapid development of infrastructure in the developing countries such as China, India, and Brazil has boosted the demand for paints and coatings. Increase in application of corrosion inhibitor coatings in the metal products such as in automotive industry, aerospace industry, and military industry is driving the growth of the market.
By End Use
Paints and Coating segment is projected as the most lucrative segment.
The COVID-19 pandemic has affected the global economy of various industries, which includes oil & gas, manufacturing, and chemicals. This pandemic has disrupted the supply chain of the oil & gas industry, which has influence on the glycol ether manufacturing industry. The outbreak of pandemic had led to partial or complete shutdown of production facilities, which are not related to essential goods. China produces major share of the glycol ether production. The outbreak of novel coronavirus originated from the China, which has caused major impact for the manufacturing firms and vendors due to shut down of manufacturing plant and improper transportation of the petroleum-related raw materials to the manufacturing facilities.
Increase in awareness among the people regarding global warming during the outbreak lead to the increase in the demand for products that are manufactured using renewable and green resources led to a negative impact on the development of market. Surge in demand for electric vehicles in automotive industry and government support policies to develop green energy vehicles positively impact the glycol ethers market.
Key benefits for stakeholders
- This report provides a detailed quantitative analysis of the current global glycol ethers market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities.
- An in-depth global glycol ethers market analysis of various countries in this region is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global glycol ethers market is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value and volume.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global glycol ethers market.
Glycol Ethers Market Report Highlights
By End-use Industry
By Key players in the global glycol ethers market are:
This section provides the opinions of the top-level CXOs operating in the global glycol ether market. According to the insights of the CXOs, the global glycol ether market is anticipated to exhibit potential growth opportunities, increase in government investment and initiatives for the development of infrastructure across developing countries across, which, in turn, positively impacts the growth of the paints & coatings manufacturing industries. Furthermore, increase in consciousness among people regarding personal appearance and wellness is boosting the development of pharmaceutical and personal care related industries, which boosts the demand for petroleum products such as glycol ethers.
The CXOs further added that glycol ether products have huge a consumer base in urban areas. This is attributed to rise in investments and efforts of automakers toward the development and promotion of electric vehicles and increase in application of electronic gadgets in recent decades, which have increased the demand for glycol ethers, as they are used as a raw material or solvent in the production of the required products.
Thus, increase in applications of glycol ether in various sectors form personal care, automotive industry, electronics, textile, to military industry have led to the manufacturing giants to invest in the expansion of the manufacturing facilities.