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Dimethyl Ether Market 2024 - By Size, Share Analysis, Trends And Growth Forecast By 2033
Dimethyl Ether Market
According to The Business Research Company's, the dimethyl ether market size has grown rapidly in recent years. It will grow from $5.83 billion in 2023 to $5.8 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to rising demand in aerosol propellants, demand for fuel alternatives in transportation, chemical feedstock demand, growing use In LPG blending, government initiatives and regulations.
The dimethyl ether market size is expected to see rapid growth in the next few years. It will grow to $8.64 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to green energy initiatives, growing demand for electric and non-electric vehicles, expanding industrial applications, rising exports of aromatic ethers. Major trends in the forecast period includes bio-based DME production, technological advancements, innovative advancements, increasing adoption in propellant applications, advanced catalytic technologies.
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Market Drivers and Trends:
The increasing use of LPG blends is expected to propel the growth of the dimethyl ether market going forward. LPG blending refers to the process of combining liquefied petroleum gas (LPG), a mixture of propane and butane, with other substances or additives to achieve desired fuel characteristics, enhance performance, or meet specific regulatory requirements. Dimethyl ether (DME) is often blended with liquefied petroleum gas (LPG) to improve combustion characteristics and reduce emissions in specific applications. For instance, in December 2023, according to the Energy Market Authority (EMA), a Singapore-based regulator of the electricity and natural gas industries, natural gas accounted for 92.0% of Singapore's fuel mix in 2022, and it is expected to reach 94.3% of the fuel mix in the first half of 2023. Therefore, increasing use of LPG blends will drive the growth of the dimethyl ether market.
Major companies operating in the dimethyl ether market are developing clean fuels, such as ultra-low-carbon molecule products, to provide cleaner fuels. Ultra-low carbon molecule solution refers to a substance or fuel with a shallow carbon footprint, often derived from renewable sources, aiming to minimize greenhouse gas emissions and environmental impact. For instance, in April 2022, Suburban Propane, a US-based electric power distribution company, launched Propane + recycled carbon DME (rDME), which enhances the lower emissions of pollutants such as particulate matter, nitrogen oxides (NOx), and sulfur compounds compared to conventional diesel fuels. This enhances the clean air and low carbon benefits of the base fuel, and it can be used as a drop-in replacement for propane engines in both on-road and off-road applications, with no need for additional investments in equipment and infrastructure. The blend of propane and rDME can be stored and transported using existing LPG infrastructure, and it can reduce the emissions profile and help meet global climate commitments.
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Major Key Players of the Market:
Royal Dutch Shell Plc, Mitsubishi Corporation, Korea Gas Corporation, Air Liquide SA, Merck KGaA, E. I. du Pont de Nemours & Co (DuPont), Akzo Nobel N.V., The Chemours Company, Nouryon Chemicals Holding BV, Methanex Corporation, Sigma-Aldrich, Toyo Engineering Corporation, Haldor Topsoe, Sichuan Lutianhua Co Ltd, Oxea GmbH, Grillo-Werke AG, Zagros Petrochemical Company, Koch Methanol, LLC, Ferrostal GmbH, Jiutai Energy Group, Oberon Fuels, Aerosolex, Vizag chemical , Guangdong JOVO Group Co., Jiangsu July Chemical Co Ltd, Fujian Lyondissolve Chemical Co., Ltd., and Shenhua Ningxia Coal Industry Group Co.
Dimethyl Ether Market 2024 Key Insights:
• The dimethyl ether market is expected to grow to $8.64 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Role Of LPG Blending In Propelling The Dimethyl Ether Market
• Pioneering Ultra-Low Carbon Molecule Solutions For Cleaner Fuels
• Asia-Pacific was the largest region in the dimethyl ether market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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