The rising adoption of glycol ethers in the paint and coatings sector is one of the primary factors driving the market's growth. With rising urbanisation and construction activity, demand for paints and coatings in the market has increased.
Glycol ethers are versatile solvents used in a wide range of industries. These compounds, derived from ethylene or propylene oxide, offer excellent solvency, low volatility, and compatibility with various materials. Glycol ethers find applications in paints and coatings, cleaning agents, personal care products, pharmaceuticals, and more, making them indispensable in many manufacturing processes.
The glycol ethers market size is expected to escalate at a CAGR of 5.0% from USD 7.3 Billion in 2022 to USD 11.9 Billion through 2032. The global market is estimated to reach US$ 25 billion by 2025, according to Future Market Insights, due to rising demand for corrugated cardboard and flexible packaging applications. This is likely to change the glycol ethers market outlook.
High demand for water-soluble active ingredients is projected to drive glycol ethers market expansion in end-use sectors such as printing and personal care. The increasing adoption of glycol ethers as a coalescing agent in water-based coatings has been a major driver of growth in the printing and personal care industries.
The global glycol ethers market is predicted to increase due to rising demand for glycol ethers in the personal care, cleansers, paints & coatings, pharmaceutical, and printing industries over the forecast period. It is widely utilized in the formulation of skin and hair products, shampoos, personal hygiene products, and bath products in personal care and cosmetics.
Furthermore, rising demand for printing inks as a result of increased economic growth is likely to propel the glycol ethers market size, as these are employed in the manufacture of printing inks because of their quick-drying properties and compatibility with high-speed roll-to-roll yardage printing. Printing inks are utilized in a variety of industries, including the publication of books, newspapers, journals, technical printed documents, and magazines.
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Rapid urbanization, repairs of aging structures, and many smart city initiatives are the primary drivers of the construction industry’s growth. The construction industry’s rapid expansion is predicted to boost the growth of the paints and coatings industry, which will force the worldwide demand for glycol ethers forward.
On the other hand, REACH and EPA rules concerning the use of glycol ethers, as well as the advent of new products, such as cellulosic ethanol, as a solvent for cleaning agents, are limiting the adoption of glycol ethers.
Key Takeaways:
Competitive Landscape:
Companies are merging and forming joint ventures to expand their presence and product line, as well as expanding their research potential to acquire a competitive advantage in the glycol ethers industry. Furthermore, in order to promote overall growth of sales of glycol ethers, producers are focusing on economically sustainable and high-quality products.
The glycol ethers industry is fragmented, with many competitors owning insignificant market share and hence having little influence on market dynamics. BASF SE, Eastman Chemicals Company, Royal Dutch Shell, and Dow are just a few of the notable participants in the market.
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Recent Development:
BASF plans to boost production of integrated ethylene oxide and ethylene oxide derivatives at its Verbund facility in Antwerp in September 2019. The investment surpasses €500 million, according to the firm, and adds 400,000 metric tonnes per year to the company’s production. Non-ionic surfactants and glycol ethers for automotive applications are examples of ethylene oxide derivatives.
Key Segments
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
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Jul 11, 2023
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