The Propylene Glycol Methyl Ether Acetate Market to stroll through innovations at a CAGR of 3.5% from 2021 to 2031

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A P-type glycol ether derivative, propylene glycol methyl ether acetate (PGMEA), is used extensively as a solvent and surface adhesive in the semiconductor and electronics industries - in the form of inks, coatings and cleaning products.

According to a recent market outlook by Persistence Market Research, the global Propylene Glycol Methyl Ether Acetate market will register a slow CAGR of 3.8% between 2018 and 2026 and reach a market valuation of US$511.2 million by 2026. PMR's report anticipates key dynamics of the Global Propylene Glycol Methyl Ether Acetate Market including various trends, drivers, restraints and opportunities shaping the market. Most importantly, PMR has analyzed the global demand and supply situation of PGMEA.

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The purity level of PGMEA mainly defines its application in various industries. PGMEA with 98-99% purity is commonly used as a solvent for paints, coatings, varnishes, cleaners and varnishes. While PGMEA with more than 99% purity is mainly used in electronics industry. 98-99% purity PGMEA is expected to provide lucrative growth opportunities between 2016 and 2026. On the other hand, PGMEA is more than 99% in high growth low value segment and is expected to trend towards high growth moderate value over the forecast period.

"Although propylene glycol methyl ether acetate offers many advantages, issues related to storage and transportation of PGMEA are the most impeding its adoption. PGE requires safe manufacturing and handling as it is highly flammable with a low flash point of 45°C. Under transport regulations, PGMEA is classified as highly hazardous", Principal Analyst , Chemicals Industry , Persistence Market Research

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Propylene Glycol Methyl Ether Acetate (PGMEA) Market.

High demand from the paints and coatings industry drives the global PGMEA market, electronics industry reports increased PGMEA demand

The paint and coatings industry is expected to see increasing acceptance of propylene glycol methyl ether acetate over the coming years where pigments are used as a solvent to achieve desired properties. The electronics industry is also likely to benefit from the adoption of PGMEA worldwide. In addition, the expansion of construction activities around the world will drive the paints and coatings market and further drive the adoption of PGMEA. Paints and coatings in the automotive industry have also recorded high growth in recent years.

As PGMEA coatings impart high insulation resistance properties to electronic components and products while maintaining the quality and durability of the products, demand for propylene glycol methyl ether acetate is expected to increase in the electronics industry in the coming years. Furthermore, ongoing technological innovations in the electronics industry and growing trends related to miniaturization and use of high-density printed circuit boards (PCBs) are expected to drive PGMEA consumption globally through 2026.

Finally, growing demand for agrochemical applications will also drive PGMEA consumption as it is used as a solvent in the formulation of fertilizers, pesticides, biocides and insecticides. Furthermore, due to its non-toxic nature, the consumption of propylene glycol methyl ether acetate is likely to increase due to the increasing global trend towards organic farming.

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PGMEA market is witnessing cost pressures due to declining PGMEA supply

With planned and unplanned outages in the Propylene Glycol Methyl Ether Acetate market, this has created a distorted supply-demand scenario and put upward pressure on the price. A major contributor to the shortage of PGMEA is the closure of the Royal Dutch Shell Plc refinery in Rotterdam, the Netherlands. This created an uncertain supply scenario for PGMEA in the European market and put additional pressure on other companies to meet the growing demand.

Customized products and capacity expansion remain important market strategies

Since PGMEA is used in several end-use industries, its application is mainly defined by the properties and characteristics it possesses. Major manufacturers have focused on improving product mix and providing customized end products to meet industry-specific needs.

The electronics industry, which is moving towards miniaturization of components, requires tailor-made products with special properties and higher quality. With the ongoing competition among PGMEA manufacturers, particularly in the European regions, the expansion of production capacities is the manufacturers' key strategy to consolidate their position in the PGMEA market, in addition to meeting the increasing global demand for PGMEA.

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This release was published on openPR.