PUBLISHER: The Business Research Company | PRODUCT CODE: 1391274
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391274
“Glycol Ethers Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on glycol ethers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for glycol ethers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The glycol ethers market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Glycol ethers serve as solvents and stabilizers in a wide range of personal, household, and industrial products. This class of solvents encompasses colorless liquids characterized by a higher boiling point, a faint odor, and a lower molecular weight compared to other solvents. The presence of ether groups in glycol ethers introduces additional sites for hydrogen bonding, contributing to improved hydrophilic solubility performance.
The two main types of glycol ethers are e-series and p-series. P-series glycol ethers find common use in degreasers, cleaners, aerosol paints, and adhesives. They are applicable in various roles, such as solvents, anti-icing agents, hydraulic and brake fluid, and chemical intermediates. P-series glycol ethers are employed across diverse industries, including paints and coatings, printing, pharmaceuticals, cosmetics and personal care, adhesives, and other end-user applications.
The glycol ethers market research report is one of a series of new reports from The Business Research Company that provides glycol ethers market statistics, including glycol ethers industry global market size, regional shares, competitors with a glycol ethers market share, detailed glycol ethers market segments, market trends and opportunities, and any further data you may need to thrive in the glycol ethers industry. This glycol ethers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The glycol ethers market size has grown strongly in recent years. It will grow from $7.31 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth observed in the historic period can be attributed to several key factors, including the contributions from the paints and coatings industry, the printing industry, the demand for cleaning and household products, industrial manufacturing activities, and advancements in the chemical industry. These factors collectively played a significant role in driving the use and demand for glycol ethers during that period. The versatility of glycol ethers in various applications across different industries contributed to their widespread adoption in the historic period.
The glycol ethers market size is expected to see strong growth in the next few years. It will grow to $11.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing demand for green cleaning products, the growth in electronics and semiconductor manufacturing, expanding applications in healthcare and pharmaceuticals, the utilization of renewable feedstock, and ongoing research and development efforts. Major trends expected in the forecast period include the adoption of low-VOC (volatile organic compound) paints and coatings, advancements in digital printing technologies, exploration of renewable feedstock sources, adherence to safety and health regulations, and developments in aerospace coatings. These trends collectively contribute to the projected growth and evolution of the glycol ethers market in the specified period.
The anticipated rapid expansion of the personal care and cosmetic industry is expected to drive the growth of the glycol ether market. This industry encompasses the production of beauty and cosmetic products, with glycol ethers being extensively utilized in various personal care and cosmetic items such as hair care products, cleanliness products, skincare products, and bath products. Notably, projections from Exploding Topics suggest that the beauty industry's revenue is poised to surpass $120 billion by 2025. This surge in the personal care and cosmetic sectors is a significant driver for the glycol ether market.
The glycol ether market is set to experience growth driven by the thriving automobile industry. Glycol ether finds widespread application in diverse automotive uses, including paints, coatings, cleaning products, brake fluids, and adhesives. The automotive sector's dedication to environmental standards further boosts the adoption of glycol ethers due to their eco-friendly characteristics. Notably, in March 2022, the European Automobile Manufacturers' Association reported a 5.5% increase in US passenger car sales, reaching 11.9 million units in 2021. This growth, coupled with global trends, indicates a rise in the production and sales of automobiles, substantiating the positive trajectory of the glycol ether market.
A prominent trend gaining traction in the glycol ether market is the emergence of strategic partnerships. Key players in the glycol ethers sector are actively seeking alliances to fortify their market positions. In a notable instance from March 2022, Saudi Arabian Oil Company (Aramco), through its subsidiary Saudi Aramco Asia Company Limited (SAAC), collaborated with China Petroleum and Chemical Corporation. This strategic partnership not only strengthens Aramco's longstanding relationship with Sinopec but also enhances its market presence in Asia. Another noteworthy collaboration occurred in October 2021, as Dow Chemicals, a US-based player in glycol ether solvents, joined forces with Haldor Topsoe. This partnership focuses on efficiently converting waste plastics into circular plastics, aligning with sustainability goals and contributing to environmental conservation. Haldor Topsoe, based in Denmark, specializes in carbon reduction technologies.
To maintain a competitive advantage in the glycol ether market, major companies are actively engaged in developing innovative products. An illustrative example is the initiative taken by INEOS Group Limited, a UK-based chemicals company, in September 2022. INEOS introduced new Propylene Glycol n-Butyl Ethers (PnBs), strategically targeting diverse industrial sectors such as industrial coatings and home care. PnBs demonstrate exceptional physical properties, rendering them highly valuable in these industries. The anticipated benefits include improved operational efficiencies, reduced solvent requirements, and cost savings in the manufacturing of associated products.
In a strategic move in November 2022, Sherwin-Williams Company, a prominent US-based paint and coating manufacturing entity, successfully acquired AquaSurTech in an undisclosed transaction. This acquisition significantly reinforces Sherwin-Williams' position in the expanding vinyl/PVC building products market. It not only broadens the company's product portfolio but also enhances customer service capabilities. AquaSurTech, a Canada-based chemicals company, specializes in the development, manufacturing, and sale of environmentally friendly coatings tailored for the vinyl and PVC building products industry.
Major companies operating in the glycol ethers market include Dow Chemical Company, HanNong Chemicals Inc., BASF SE, INEOS Group Ltd., India Glycols Limited, Solvay SA, Shell PLC, Jiangsu Yida Chemical Co. Ltd., China Petroleum & Chemical Corporation, Huntsman International LLC, Nippon Nyukazai Co. Ltd., Oxiteno LLC, KH Neochem Co. Ltd., Sasol Limited, Eastman Chemical Company, LyondellBasell Industries, Saudi Basic Industries Corporation, CCP Industries, Celanese Corporation, Reliance Industries Limited, Emerald Performance Materials LLC, FBC Chemical Corp, Guangdong Runhua Chemicals Co. Ltd., IGL Coatings, NARCHEM Corporation, NOF Corporation, PetroChina Company Limited, PCC Rokita SA, UBE Industries Ltd., Wujiang Dongang Chemical Co. Ltd.
North America was the largest region in the glycol ether market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the glycol ether market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the glycol ether market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The glycol ether market consists of sales of butyl glycol and butyl di glycol. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.