(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 17, 2021, 09:09 /Comserve / -- Glycol Ethers Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The market for glycol ethers is expected to register a CAGR of more than 5.5%, during the forecast period. The major factors driving the growth of the market studied are the increasing usage in cosmetics and personal care products, and accelerating demand in the paints and coatings industry. On the flipside, REACH and EPA regulations regarding the usage of glycol ethers, and the emergence of new products, like cellulosic ethanol, to use as a solvent for cleaning agents are restraining the growth of the market studied.
- The paints and coatings segment dominated the market. It is expected to grow during the forecast period, with anticipated robust demand for paints and coatings from various industries, such as construction, packaging, etc.
- The growing awareness leading to excess demand for P-series glycol, for low emission oxygenated diesel fuel, is likely to provide opportunities for the market studied, during the forecast period.
- Asia-Pacific dominated the market across the globe due to the significant growth in demand and thereby, production in industries, such as paints & coatings, adhesives, and cosmetic & personal care.
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Key Market Trends
Paints and Coatings Segment to Dominate the Market
- Glycol ether helps in the formation of a proper film during coating cure and acts as an active solvent in resins. It helps in optimizing the evaporation rate of the solvent in a coating. It is also helpful in improving the flow out characteristics of the paint, and in eliminating brush marks during painting.
- The paints and coatings industry is the largest consumer of glycol ethers. Paints and coatings are extensively used in various industries, such as construction, automotive, and packaging.
- Residential and commercial construction has been increasing significantly across the world, which is driving the demand for glycol ethers, for their application in the production of architectural paints and coatings.
- According to the World Bank, the construction industry expenditure in 2020 is likely to witness a growth of about 4.2% from 2019. This, in turn, is likely to increase the demand for glycol ether over the forecast period.
- Asia-Pacific has been witnessing a growth of residential and commercial construction projects, due to growing housing needs, and noticeable growth opportunities prevailing in the region.
- In the Middle East, the government's efforts to develop non-oil industries are leading to investments in industries, such as tourism, hospitality, healthcare, further driving the demand for, and investments in the commercial infrastructure.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the market share. The demand for products, such as paints, coatings, and adhesives, has been increasing from the end-user industries, such as automotive, construction, electronics, and packaging.
- Countries, such as India, China, the Philippines, Vietnam, and Indonesia, have numerous construction projects and investments planned, which may increase the demand for architectural paints, coatings, and adhesives.
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- Countries, such as India, Thailand, Vietnam, Pakistan, and Malaysia, have recorded noticeable growth in automotive production. China, the world's largest automotive producer, has plans to increase the production of electric vehicles (EVs) to 2 million a year, by 2020, and 7 million a year by 2025.
- Furthermore, in the cosmetics and personal care industry, the demand is increasing at a noticeable rate in the region, owing to the influence of western culture and increased cosmetic demand from the youth population. With this, the market players are increasing investments and production, thereby driving the demand for raw materials, including glycol ethers.
- The pharmaceutical industry in India, South Korea, and ASEAN countries are witnessing huge investments from foreign countries, in order to exploit the market opportunities, which may increase the demand for glycol ethers in the region, during the forecast period.
- Hence, such favorable market trends are likely to drive the growth of the glycol ethers market in the region, during the forecast period.
Competitive Landscape
The glycol ethers market is fragmented, with numerous players holding insignificant market share to affect the market dynamics individually. Some of the noticeable players in the market include BASF SE, Eastman Chemicals Company, Royal Dutch Shell, and Dow, among others.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Use in Cosmetics and Personal Care Products
4.1.2 Accelerating Use in Paints and Coatings Industry
4.2 Restraints
4.2.1 REACH and EPA Regulations Regarding Glycol Ether Use
4.2.2 Emergence of New Products, like Cellulosic Ethanol, to Use as a Solvent for Cleaning Agents
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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