Future Market Insight predicts that the global glycol ethers market is expected to grow significantly, reaching US$ 13.34 billion by 2033. This projection indicates a CAGR of 5.7%. Notably, this estimated value represents a substantial rise from the projected worth of US$ 7.66 billion in 2023.
The automotive industry is a significant consumer of glycol ethers, using them in paints, coatings, and cleaning agents. As the automotive industry expands, especially in emerging economies, there is an increased demand for glycol ethers to support the production of automotive paints, coatings, and cleaning solutions.
The electronics industry relies on glycol ethers for various applications, such as cleaning agents, soldering fluxes, and solvents for printed circuit boards. With the rapid expansion of the electronics industry, including the production of consumer electronics and telecommunication equipment, there is a higher demand for glycol ethers to meet the manufacturing needs of these electronic products.
Glycol ethers find applications in personal care products like lotions, creams, and hair care products as solvents and fragrance stabilizers. As the focus on personal grooming and hygiene increases, the demand for personal care products rises. Consequently, the demand for glycol ethers, which are integral to the formulation of these products, also grows.
Glycol ethers are used as solvents and as components in drug formulations in the pharmaceutical industry. The expanding pharmaceutical sector, driven by population growth and advancements in healthcare, leads to an increased demand for glycol ethers to support the production of pharmaceutical products.
Glycol ethers are effective cleaning agents and degreasers in industrial applications. As industries continuously strive for more efficient and effective cleaning processes, the demand for advanced cleaning solutions, including glycol ethers, increases. The ability of glycol ethers to provide efficient cleaning and degreasing capabilities drives their adoption in various industrial applications.
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Glycol ethers are considered less harmful to the environment and less toxic compared to conventional solvents. As consumers become more environmentally conscious and seek eco-friendly cleaning products, the demand for glycol ethers, which are viewed as greener alternatives, increases. The use of glycol ethers in the formulation of eco-friendly cleaning products drives glycol ethers market growth.
Glycol ethers are commonly used in water-based formulations as they aid in the dispersion and stability of various ingredients. Due to environmental and regulatory concerns, industries such as paints, coatings, and adhesives are increasingly transitioning from solvent-based to water-based formulations. This shift drives the demand for glycol ethers, which are vital in achieving the desired properties and stability in water-based formulations.
Continuous advancements in production technologies, such as improved catalysts and process efficiency, enhance the manufacturing of glycol ethers. These advancements enable increased production capacity and cost-effectiveness, ultimately driving the growth of the glycol ethers market.
Key Takeaways from the Glycol Ethers Market
- The glycol ethers industry in the United Kingdom is anticipated to rise sizably, exhibiting a CAGR of 3.8% through 2033, primarily driven by the country’s increasing demand for eco-friendly and sustainable solvents in various industries such as paints, coatings, and cleaning products.
- In 2022, the United States held a significant 29% share of the global glycol ethers industry, driven by the country’s robust manufacturing sector and high demand for glycol ethers in applications such as paints, adhesives, and personal care products.
- India’s glycol ethers industry is projected to grow rapidly with a CAGR of 5.1% over the forecast period, driven by expanding manufacturing, industrial activities, and demand from sectors like automotive, construction, and pharmaceuticals.
- In 2022, Japan accounted for an 8.7% share of the global glycol ethers industry, driven by the country’s advanced manufacturing capabilities, strong chemical industry infrastructure, and high demand for glycol ethers in sectors such as electronics, automotive, and cosmetics.
- China’s glycol ethers industry is poised for rapid growth, driven by a strong manufacturing sector, increasing industrial activities, and growing demand for applications like paints, coatings, and textiles. It is projected to achieve a 4.5% CAGR over the forecast period.
- In 2022, Germany held a 9.9% share of the global glycol ethers industry, driven by a strong chemical manufacturing sector and high demand in the automotive, pharmaceutical, and electronics industries.
Competitive Landscape in the Glycol Ethers Market
Key players are focusing on strategies such as mergers and acquisitions, product launches, partnerships, and collaborations to strengthen their market position. They are investing in research and development activities to develop innovative and sustainable glycol ether products. Additionally, key players are expanding their production capacities and geographical presence to cater to the growing demand from various industries such as automotive, construction, electronics, and personal care. Overall, they are striving to meet customer demands and capitalize on emerging opportunities in the glycol ethers market.
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Recent Developments by Key Players
- In March 2023, LyondellBasell commenced production of propylene oxide (PO) at its recently established PO/tertiary butyl alcohol (PO/TBA) facility in Texas. PO is utilized in the manufacturing of propylene glycol (PG) and polyols.
- In September 2022, INEOS broadened its range of P-series glycol ethers, including the introduction of Propylene Glycol n-Butyl Ethers. This expansion showcases INEOS’ dedication to serving customers in the industrial coatings and home care sectors. The newly launched products mitigate the impact of difficult market and logistical circumstances and enhance INEOS’ standing within the glycol ether market.
The top Key Players are
- Eastman Chemical Company
- FBC Chemical Corporation
- Hannong Chemicals Inc.
- Huntsman Corporation
- India Glycols Limited
- KH Neochem
- Royal Dutch Shell
Glycol Ethers Market Key Segments
By Type:
- E-series
- P-series
- Propylene Glycol Methyl Ether
- Propylene Glycol Propyl Ether
- Propylene Glycol Methyl Ether Acetate
- Propylene Glycol Phenyl Ether
- Others
By Application:
- Solvent
- Anti-icing
- Hydraulic & Brake Fluid
- Chemical Intermediates
By End Use Industry:
- Paints and Coatings
- Printing
- Pharmaceuticals
- Cosmetics & Personal Care
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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