Propylene Glycol Ether Market to Witness Steady Growth at 3.0% CAGR During 2018-2026
Propylene Glycol Ethers (PGE) are organic compounds produced from the reaction of propylene oxide and alcohols. Propylene glycol ethers are widely used in the paints & coating industry as solvents and for flow regulation and coalescence. These compounds are also used in electronic, coatings and pharmaceuticals, along with other industries, as a chemical intermediate, cleaner and solvent.
The global propylene glycol ether market is estimated to have been valued at US$ 1,604.1 Mn by 2017 end and is expected to reach US$ 2,088.4 Mn by the end of 2026 while expanding at a CAGR of 3.0% over the forecast period. The global propylene glycol ether market is anticipated to represent incremental opportunity worth US$ 484.5 Mn between 2018 and 2026.
Increasing Acceptance In End-User Industries Is Escalating The Growth Of Propylene Glycol Ether Market
Propylene glycol ether is gaining traction in the market owing to its superior properties, such as faster evaporation rate, high water solubility and solvency, for a variety of resins, including acrylic, polyesters, epoxies and polyurethanes. Propylene glycol ether is increasingly being accepted among end-user industries. Propylene glycol ethers are widely used in printing inks, coatings and cleaning applications. Moreover, propylene glycol ethers offer better viscosity reduction compared to heavier molecular weight glycol ethers. They are also being used by resin manufacturers, coating formulators and coating applicators for the manufacturing of protective coatings for application in automotive, architecture and other industries. Further, owing to their lower toxicity and higher ecofriendly characteristics, end-users are increasingly preferring propylene glycol ether. Hence, increasing application and acceptance of propylene glycol ether & its acetates, among diverse end-user industries, is among the key driving factors responsible for the growth of the market in near future.
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Customizing Product Portfolio as Per Specific Applications: Key Trend In The Propylene Glycol Ether Market
Propylene glycol ether finds application across diverse industry verticals for various applications. Each application requires specific properties and characteristics and hence, manufacturers have been focusing on improving the product mix and providing customized & tailored products according to customer-specific requirements. The electronic segment requires tailored products with particular properties and enhanced qualities. Hence, product differentiation and customization are expected to create new growth avenues in the market.
Solvent segment to register highest value and volume CAGR among all application segments in the propylene glycol ether market
On the basis of application, the global propylene glycol ether market is segmented into chemical intermediate, solvents, coalescing agent, coatings, electronics and others. The electronics segment in the propylene glycol ether market is further divided into semiconductor and TFT-LCD. The chemical intermediate and solvent segments are collectively estimated to account for more than half of the overall propylene glycol ether market by the end of 2018.
North America dominates the global propylene glycol ether market; china tipped to be a high growth market by the end of forecast period
The North America propylene glycol ether market accounted for a significant value & volume share in 2017 and is forecast to maintain its dominance in the global propylene glycol ether market over the forecast period. Top 7 countries in the global market are expected to account for around 60% of the global propylene glycol ether market share by the end of 2018. Top 3 countries in the Europe are expected to account for more than half of the European propylene glycol ether market share by the end of 2018.
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Market participants in the global propylene glycol ether market
Some of the market participants reported in this study of global propylene glycol ether market include LyondellBasell Industries Holdings N.V., Royal Dutch Shell plc, DowDuPont Inc., BASF SE, Eastman Chemical Company, Chang Chan Group, Manali Petrochemicals Limited, KH Neochem Co., Ltd, Shiny Chemical Industrial Company Limited, Jiangsu Baichuan High-tech New Materials Co., Ltd, Jiangsu Hualun Chemical Industry Co. Ltd. and Jiangsu Dynamic Chemical Co., Ltd. Prominent players involved in the global propylene glycol ether are focusing on expansion of their processing facilities to meet the ever-increasing demand and gain share in the market.