Glycol Ethers Market size is forecast to reach US$7.2 billion by 2026, after growing at a CAGR of 5.6% during 2021-2026. The glycol ethers are a group of organic solvents used in industry and the home for cleaning applications. They are used as solvents for resins, varnishes, lacquers, dyes, paints, gum, perfume, and others. They are colorless liquids with a slight odor. Glycol ethers have a higher boiling point and lower molecular weight compared to other solvents. They are majorly available in two series namely E-series and P-series. Propylene glycol ethers are used in cleaners, aerosol paints, and adhesives whereas E-series are widely preferred in cosmetic products. The growing personal care industries among developing nations is one of the major factors driving the market growth during the forecast period. The growing usage and consumption of water-based coatings among end-users are also supporting the market growth during the forecast period. The growing construction activities and renovation activities. However, the availability of alternative products like cellulosic ethanol is likely to hamper the market growth during the forecast period.
COVID-19 Impact
The COVID-19 pandemic is impacting different industries, one of the few industries that were largely hit to some extent was the chemical industry. Due to the Covid-19, the construction and automotive industries are impacted very badly that further impacted the glycol ethers market. The slowdown in construction activities due to lack of raw material supplies, and workforce are impacting the market negatively. The textile industry is also registered low revenue during the pandemic, which in turn drive less demand for printing ink or emulsion paints. The automotive industry also impacted negatively during the covid-19 pandemic. The covid-19 impacted every operation such as supply chain, production, sales, and others. However, the companies resumed their operation in 2021, which may positively impact the market.
Glycol Ethers Market Segment Analysis: By Type
The E-series glycol ethers segment accounted for the largest share of more than 60% in the Glycol Ethers market in 2020 and is estimated to grow at a significant rate during the forecast period. E-series glycol ethers offer different properties such as low volatility, solubility, and slightly stronger solvents compared top-series. The products are used as solvent and coupling agents in both household and industrial cleaners. The commercial E-series glycol ethers consist of methyl, ethyl, and butyl glycol ethers. The e-series glycol ethers find their application in varied end-use industries such as paints & coatings, automotive, pharmaceutical, and cleaners are boosting the market growth between 2021-2026. The p-series glycol ethers segment is expected to register a CAGR of 6.5% during the forecast period. The p-series glycol ethers are widely preferred for metal and non-metal surface treatment, laboratory products, and water treatment formulation.
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Glycol Ethers Market Segment Analysis: By Application
The inks & dies segment accounted for a significant market share of the market in 2020 and is estimated to grow at an above-average growth rate during the forecast period. The growing textile industry in the Asia Pacific region is one of the major factors driving the market inks & dies market. Inks & dies are used for printing in the textile industry and also used as leather finishing agents. According to the data published by ILO, more than 65 million people are working in the textile industry in Asia Pacific reason. Metals cleaner and paint remover segments are also expected to hold a significant share in the application segment. The growing house renovation activities in both developed and developing nations are driving the market during the forecast period.
Glycol Ethers Market Segment Analysis: By End-Use Industry
The paints & coatings segment accounted for the largest market share of more than 18% of the market in 2020 and is estimated to grow significantly during the forecast period. The paints & coatings are used in various industries such as automotive, construction, textiles, and others. The rapid growth in construction activities in emerging economies is driving the market growth. Paints & coatings are used in all kinds of construction such as residential, industrial, and commercial builds. In March 2021, USA President Joe Biden announced that the government is planning to invest approximately USD 2 trillion in repairing and building new infrastructure in the United States. The automotive sector is also one of the prominent consumers of paints & coatings globally. The growing production of passenger vehicles in the Asia Pacific region is boosting the market growth.
Glycol Ethers Market Segment Analysis - By Geography
Asia Pacific region held the largest share of more than 35% in the Glycol Ethers market in 2020, owing to the rapid growth in the pharmaceutical and personal care industries. The growing construction industry along with the growing usage of paints and coatings are driving the market growth during the forecast period. The changing lifestyle and the influence of western culture in developing nations such as China and India are driving the usage of cosmetic products among youth. It is also estimated that the Asia Pacific cosmetic industry will register a high CAGR of 9.5% between the forecast period 2021-2026. According to the data published by Euro Monitor International, the Asia Pacific region currently holds 32% of the global beauty and personal care market. The Asia Pacific region is leading textile manufacturing. According to the Eurostat analysis, approximately 75% of U.S. apparel imports are from Asian countries. The Europe region accounted for the second-largest share in the Glycol Ethers market. The presence of developed nations such as Germany, the UK, France, and Spain are driving the market growth. Growing consumer awareness towards high-quality, non-toxic, and biodegradable cosmetics are the major factors supporting the regional growth during the forecast period.
Glycol Ethers Market Drivers
Rapid growth in the personal care and cosmetic industry
The glycol ethers are used in different personal & cosmetics products such as skin care products, hair care products, bath products, cleanliness products, and others. The rapid change in lifestyle and increasing consumer spending on personal and cosmetic products are the major factors positively impacting the market. According to Euro Monitor International, the United States occupied the major market share in the global beauty and personal care market. They also mentioned that the country generated revenue of USD 93.1 Billion in 2020 and China holds the next position with USD 70.9 Billion. L’Oréal, Unilever, Estée Lauder, Coty, and Proctor & Gamble are the top 5 cosmetic companies operating in the world. The cosmetic and personal care industry is one of the fastest-growing consumer product sectors in India. According to the data published by the Indian Beauty & Hygiene Association (IBHA), the beauty and personal care market in India is expected to reach US$ 10 billion by 2021. Rapid penetration of smartphones and the internet is one of the primary factors supporting the Indian cosmetic market.
Growing demand from various end-use industries
Glycol Ethers find their application in various end-use industries such as construction & buildings, automotive, textile, pharmaceutical, personal care & cosmetics, and others. The growing consumption of water-based paints in the construction industry is also supporting market growth. P-series glycol ethers are slowly replacing e-series glycol ethers among end-users due to their lower toxicity level. Glycol ethers are used in treating both metal and non-metal surfaces. The products are preferred as tailing solvent that controls evaporation rates. Glycol ethers are widely used in the automotive industry for coatings, and brake fluid applications. Propylene glycol ethers are used for printing ink and protective coatings. Propylene glycol ethers are the eco-friendly solvents preferred as organic solvents in different applications such as coatings, and cleaners. In the textile industry glycol ethers are used for the manufacturing of dyes and during the printing and dyeing process. According to Euratex, the European textile & clothing sector includes 160,000 small & micro textile companies and generated a turnover of Euro 162 billion during 2019-2020.
Glycol Ethers Market Challenges
Environmental and Safety Rules and Regulations
Glycol ethers find their application in many end-user, but they also release several toxic and hazardous gases into the atmosphere. Under the Toxic Substances Control Act (TSCA), the Environmental protection agency has made some strict usage rules for ethylene glycol ethers. The agency is also concluded that E-series glycol ethers are toxic and may harm the environment and human health. The agency also mentioned that mono ethylene glycol dimethyl ether, diethylene glycol dimethyl ether, ethylene glycol diethyl ether, diethylene glycol diethyl ether, triethylene glycol dimethyl ether, diethylene glycol dibutyl ether, and triethylene glycol dibutyl ether are toxic and they are to be used only for certain applications. Glycol ethers also cause narcosis, pulmonary edema, and severe liver and kidney diseases. These are the major factors restraining the market growth during the forecast period.
Glycol Ethers Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Glycol Ethers market. Major players in the BASF SE, Eastman Chemicals Company, Royal Dutch Shell, DowDuPont, FBC Chemical Corp., Ineos Group Limited, KH Neochem Co. Ltd., LyondellBasell Industries NV, Nippon Nyukazai Co. Ltd., Oxiteno, Recochem, Inc. (H.I.G. Capital), Sasol Limited, India Glycols Ltd, and others.
Acquisitions/Technology Launches
In September 2019, BASF has planned to expand the production of integrated ethylene oxide and ethylene oxide derivatives at its Verbund site in Antwerp. The company also mentions that the Investment exceeds €500 million and adds 400,000 metric tons per year to company production. Ethylene oxide derivatives include non-ionic surfactants, glycol ethers for automotive applications.
Key Takeaways
The Asia Pacific region is expected to dominate the market and register the highest CAGR of 6.8% during the forecast period 2021-2026. The presence of leading chemical companies along with rapid growth in personal care, the industry is propelling regional growth.
The paints & coating industry is the largest consumer of glycol ethers during the forecast period. Paints and coatings find their usage in different industries such as construction, automotive, packaging, and others.
The Dow chemicals company is one of the leading producers of ethylene-oxide-based glycol ethers globally. The company is also expanded its p-series and performance glycol esters products. The company holds a 50% share in the Sadara joint venture with Saudi Aramco.
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