Allied Market Research has released a report titled “Glycol Ethers Marketย by Type (E-series and P-series), Application (Solvent, Anti-icing, Hydraulic and Brake Fluid, and Chemical Intermediates), End Use (Paints & Coatings, Printing, Pharmaceuticals, Cosmetics & Personal Care, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.” According to the report, the global glycol ethers industry 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.
Key Drivers, Restraints, and Opportunities:
The growth of the global glycol ethers market is driven by increased application in paints & coatings and the expansion of pharmaceutical, cosmetic, and personal care sectors. However, fluctuations in raw material prices and potential health concerns associated with glycol ethers may impede market growth. Nonetheless, investments in facility expansion and innovation in renewable raw materials are expected to create lucrative opportunities in the industry.
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Overview of Glycol Ethers:
Glycol ethers, a group of solvents based on alkyl ethers of ethylene glycol or propylene glycol, find extensive use in various industries as solvents in paints, cleaners, and more. They are classified into two groups: E-series and P-series, based on the reagents used in their production-ethylene oxide and propylene oxide, respectively. Glycol ethers serve as solvents in industries such as paints & coatings, adhesives, and personal care.
Key Market Trends:
The growing demand for glycol ethers in the paints & coatings industry is a significant driver for market growth. With increasing urbanization and construction activities worldwide, the demand for paints and coatings has surged, leading to higher consumption of glycol ethers. Additionally, glycol ethers are widely used in the production of personal care products, including cosmetics and sunscreens. Rising disposable income and consumer buying power have further boosted the demand for personal care products globally.
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Dominance of P-series Segment:
In 2020, the P-series segment dominated the market, accounting for over four-fifths of the global glycol ethers market. This segment is expected to maintain its dominance, registering the fastest CAGR of 6.2% from 2021 to 2030. The rapid increase in demand for personal care products and growing healthcare awareness among consumers are key factors driving the growth of this segment.
Paints and Coating Segment Leading:
The paints and coatings segment accounted for around two-fifths of the global glycol ethers market revenue in 2020 and is projected to maintain its dominance throughout the forecast period. This growth is attributed to the rising application of corrosion inhibitor coatings in metal products used across automotive, aerospace, and military sectors. However, the pharmaceuticals segment is expected to witness the fastest CAGR of 6.7% from 2021 to 2030.
Regional Insights:
Asia-Pacific, followed by Europe and North America, held the highest share in 2020, contributing to nearly two-fifths of the global glycol ethers market. Asia-Pacific is also expected to exhibit the fastest CAGR of 6.7% during the forecast period. Rapid modernization and increased per capita income in the region have led to lifestyle improvements, driving the demand for glycol ethers.
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Key Players in the Industry:
Key players in the glycol ethers market include Dow Chemical Company, Chemical Company, Hannong Chemicals, BASF SE, Huntsman Corporation, INEOS, India Glycols Limited, Solvay SA, FBC Chemical, Royal Dutch Shell, Jangsu Yida Chemical, Kemipex, KN Neochem, Henan GP Chemical, Lyondellbasell, Nippon Nyukazai, Oxiteno, Recochem, SABIC, Sasol, and Sadar.
