What's driving the Glycol Ethers Market Trends? | Key players are BASF, Dow, Eastman Chemical Company, SABIC, ExxonMobil, Sasol, Huntsman Corporation, Shell, LyondellBasell, Biesterfeld Group
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1. Europe: Increasing inclination towards sun protection products
2. North America: Rising trends towards biodegradable products
3. Asia Pacific: Increasing focus on ecological construction & rising paints and coating industries
Glycol ethers are widely deployed in automotive coating applications to protect vehicles from extreme weather conditions and UV radiations. Considering the current market scenario, the material is set to witness substantial demand owing to the increasing production of electric and hybrid vehicles. Increasing disposable income paired with rising concerns pertaining to climate change is attributed to the rise in demand for green vehicles. A recent example involves Volkswagen’s new ID.3, an all-electric model from the company’s ID brand, which was flooded with more than 10,000 pre-orders at a launch event in Europe. Such incidences suggest a growing demand for electric vehicles, which will eventually drive glycol ethers market demand over the coming years.
Increasing demand from paint manufacturers on account of its ability to improve product’s flow characteristics and smoothen lapping would contribute to expanding the global glycol ethers market. This trend is further supported by the increasing spending on construction and infrastructural activities, which serve as the primary consumers for paints and adhesives. For instance, Sharjah, UAE is anticipating completion of major infrastructure projects including the construction of the General Naturalisation and Residency building, private security infrastructure, and a deportation prison worth Dh98 million, by the end of 2019. Development of major projects like these will produce a huge demand for paints, further augmenting glycol ethers market over the coming years.
Meanwhile, the U.S. market is set to attain significant gains in the approaching years owing to increasing demand for glycol-based paints & coatings, especially ethylene glycol propyl ether. The ethylene glycol propyl ether paints & coatings are renowned for non-hazardous and biodegradable characteristics. Conventional household paints are often composed of lead and other chemicals which are high in VOCs, while glycol-based paints are non-toxic and therefore, barely impact indoor air quality. The nation is also home to one of the world’s largest construction industries, which directs substantial spending on paints & coatings. As a matter of fact, U.S. ethylene glycol ethers market size is expected to depict a CAGR of 4.5% over 2019-2025.
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The construction industry in the U.S. would continue to prosper over the coming years due to proposed mega projects such as Hudson Yards in New York City, which is anticipated to be the largest construction project area in United States history. Increasing construction activities will further amplify the demand for paints and coatings, which will boost the U.S. glycol ethers market growth in the future.
All in all, glycol ethers are anticipated to entice high demand from applications in the construction and automotive industries. Moreover, the present regulatory outlook and the rising need to preserve environment will further support the adoption of glycol-based paints and coatings. Powered by the burgeoning demand from assorted segments, the global glycol ethers market is anticipated to surpass $8.5 billion by 2025.
Browse key industry insights spread across 400 pages with 615 market data tables and 34 figures & charts from the report, “Glycol Ethers Market” in detail along with the table of contents:
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