Global Glycol Ether Market - 2020-2027
Glycol ethers are a collection of alkyl ethers-based solvents of propylene glycol or ethylene glycol, typically used in cleaners and paints. It is a liquid that comprises of both an ether and an alcohol within its make-up and is mainly used to dissolve other substances. Rapidly increasing construction activities are expected to augment the growth of glycol ethers market. Growing product usage in personal care, automotive, cleaners, and paints & coatings due to its excellent chemical and physical properties proliferates the market expansion. Also, upsurge in water-based coating demand will spur the demand for glycol as as it can be used as a coalescing agent in these coatings. This, in turn, propels the product demand from printing inks and personal acre industries. Additionally, the waterborne coating market has witnessed considerable growth in the past few years due to strict regulatory policies favoring the use of environment friendly coating in the architectural and industrial sectors.
The global glycol ether market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
Glycol ether is widely used in personal care products and cosmetics in the formulation of skin & hair products, shampoos, personal cleanliness products, and bath products. Global cosmetics business is likely to surpass $450 million by 2025, with gains at over 4.5%. Rise in per-capita disposable income, change in lifestyle , and increasing demand for skin care products due to varying climatic conditions are key factors expected to boost the industry growth. Rapid rise in personal care sector due to increasing consumer consciousness regarding health hygiene is expected to accelerate the glycol ether market share. The stringent REACH regulations concerning the toxic nature of ethylene oxide-based derivatives, is a constraining effect on the industry. This resulted to the product manufacturers focusing on propylene oxide as a starting material. Volatility in raw materials and utilities adversely constrain profitability of manufacturers, and subsequently act as a negative stimulus on the global pricing scenario.
Increasing economic growth of glycol ethers
Rising economic growth of glycol ethers market is expected to augment printing inks demand owing to its widespread usage in publishing print products such as books, newspapers, journals, technical printed material, and magazines. Global printing inks segment demand is projected to reach $25 billion up to 2025 on account of growing demand from corrugated cardboards and flexible packaging applications. Glycol ether is widely utilized in printing inks manufacturing owing to its quick drying nature and compatibility with high speed roll to roll yardage printing.
Rise in consumer consciousness
Growth in consumer consciousness and changing sociological perceptions towards environment sustainability is likely to boost glycol ether market demand in automotive sector. In 2018, China accounted for about 30% of the global vehicle sales. Rising demand for nontoxic coatings & shifting consumer perceptions towards improved technological changes and vehicle color coupled with growing automobile business will stimulate the paints and coating business demand.
They are widely used in protection against external environmental factors such as UV radiation and acid rain which will further stimulate the market growth.
COVID-19 Impact Analysis
The major applications of glycol ether are in paints & coatings, cleaners, automotive sectors. The coronavirus pandemic has severely hit the automotive sector with declining sales of new automobiles and reduced maintenance activities, thus affecting the demand for glycol ether. Also, the paints & coatings industry has witnessed a brunt due to limited raw material avaialbility and shutdown of production facilities, further affecting the glycol ether market growth.
Based on the type, the glycol ether market has been classified into E-series and P-series.
E-series type segment accounted for the highest market share in the global glycol ether market
E-series comprises of ethylene glycol butyl ether, ethylene glycol propyl ether, and ethylene glycol butyl ether acetate as key products which are used extensively owing to their strong compatibility with diverse organic solvents and water. They also possess low volatility and strong solvent properties which diversifies their applications in cosmetics, pharmaceuticals, electronics, personal care and others. Hence, E-series type segment accounted for the highest market share in the global glycol ether market due to rapid industrialization. This will increase product demand for coating industry where it improves coatings flow and gloss.
Based on the application, the glycol ether market has been classified into paints & coatings, cleaners, automotive, and others.
Paints & coatings segment dominated the global glycol ether market during forecast period
Glycol ethers and acetates are used to improve the flow and leveling characteristics of paints and to lengthen the wet edge, which provide for smoother lapping while eliminating brush marks. Recent uptick in construction starts across the world and positive infrastructure investment scenario has uplifted the demand for glycol ethers in paints. Hence, paints & coatings segment dominate the global glycol ether market during the forecast period.
Based on geography, the study analyzes the global glycol ether market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Asia-Pacific holds the largest share in the global glycol ether market throughout the forecast period
Asia-Pacific occupies the major share in the global glycol ether market due to the growing industrial and construction activities in developing nations. Other than, the high demand for personal care products is also growing the market in this region. The growth in this region is propelled by the growing demand for paints, adhesives, coatings, printing inks, cleaners, and electronics & semiconductors. Some of the key contributors in the region are China, India, and Japan which hold a significant regional market share. Rise in renovation and housing activities offers lucrative opportunities for the paints & coatings market players, which, in turn, boosts the product demand growth in the coming years. Furthermore, favorable government initiatives will augment the residential construction activities in the rural and semi-urban area further intensifying the product demand. Also, significant e-commerce industry in the region with increasing internet penetration drives the demand for packaging of products, thus augments the demand for printing inks, in turn, drives the product consumption.
The glycol ether market is highly competitive, due to the presence of large number of manufacturers. The key players which are contributing to the growth of the global glycol ether market include The Dow Chemical Company, BASF Se, LyondellBasell Industries Holdings N.V., Royal Dutch Shell plc, Eastman Chemical Company, Sasol Limited, Hannong Chemicals Inc., Dynamic International Enterprises Limited, Jiangsu Ruijia Chemistry Co., Ltd. And FBC Chemicals.
The Dow Chemical Company
Overview: The Dow Chemical Company is an American multinational chemical corporation headquartered in Michigan, United States, and a subsidiary of Dow Inc. It manufactures plastics, chemicals, and agricultural products. Dow's portfolio of plastics, industrial intermediates, coatings and silicones businesses provides a broad range of differentiated science-based products and solutions for its customers. The company operates under the following business segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. It has presence in about 160 countries with 109 production sites and employs around 54,000 people worldwide.
Product Portfolio: The Company's portfolio comprises plastics, chemicals and agricultural products.
The global glycol ether market report would provide access to an approx. 48 market data table, 43 figures and 210 pages.
LIST NOT EXHAUSTIVE