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Glycol Ethers Market Forecast 2024: Global Trends, Opportunities, and Key Players
Ethers Market Forecast
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According to The Business Research Company's, The glycol ethers market size has grown strongly in recent years. It will grow from $7.31 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to paints and coatings industry, printing industry, cleaning and household products, industrial manufacturing, chemical industry advancements.
The glycol ethers market size is expected to see strong growth in the next few years. It will grow to $11.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to green cleaning products, electronics and semiconductor manufacturing, healthcare and pharmaceuticals, renewable feedstock, research and development. Major trends in the forecast period include low-voc paints and coatings, digital printing technologies, renewable feedstock exploration, safety and health regulations, aerospace coatings.
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Market Drivers and Trends:
Rapid growth in the personal care and cosmetic industry is expected to propel the growth of the glycol ether market going forward. The personal care and cosmetic industry involve the manufacturing of products related to beauty and cosmetics. The glycol ethers are majorly used in different personal and cosmetics products, such as hair care products, cleanliness products, skincare products, bath products, and others. For instance, according to Exploding Topics, a US-based internet publishing site, the beauty industry's revenue is expected to exceed $120 billion by 2025. Therefore, the rise in growth of the personal care and cosmetic industries drives the glycol ether market.
Strategic partnerships are a key trend gaining popularity in the glycol ether market. Major companies operating in the glycol ethers sector are searching for strategic alliances to help them strengthen their position in the market. For instance, in March 2022, Saudi Arabian Oil Company (Aramco), through its Saudi Aramco Asia Company Limited (SAAC) subsidiary, a Saudi Arabia-based petroleum and natural gas company, collaborated with China Petroleum and Chemical Corporation. This collaboration reinforces the long-standing relationship with Sinopec and enhances its presence in Asia. China Petroleum and Chemical Corporation is a China-based energy and chemical company. Further, in October 2021, Dow Chemicals, a US-based company operating in glycol ether solvents, partnered with Haldor Topsoe. With this partnership, Dow and Topsoe have formed a new cooperative to efficiently transform waste plastics into circular plastics, keeping them out of the environment and returning their value sustainably. Haldor Topsoe is a Denmark-based company specializing in carbon reduction technologies.
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Major Key Players of the Market:
Dow Chemical Company, HanNong Chemicals Inc., BASF SE, INEOS Group Ltd., India Glycols Limited, Solvay SA, Shell plc, Jiangsu Yida Chemical Co. Ltd., China Petroleum & Chemical Corporation, Huntsman International LLC, Nippon Nyukazai Co. Ltd., Oxiteno LLC, KH Neochem Co. Ltd., Sasol Limited, Eastman Chemical Company, LyondellBasell Industries, Saudi Basic Industries Corporation, CCP Industries, Celanese Corporation, Reliance Industries Limited, Emerald Performance Materials LLC, FBC Chemical Corp, Guangdong Runhua Chemicals Co. Ltd., IGL Coatings, NARCHEM Corporation, NOF Corporation, PetroChina Company Limited, PCC Rokita SA, UBE Industries Ltd., Wujiang Dongang Chemical Co. Ltd.
Glycol Ethers Market 2024 Key Insights:
• The glycol ethers market size is expected to see strong growth in the next few years. It will grow to $11.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Personal Care And Cosmetic Industry Growth Fuels Glycol Ether Market Expansion
• Strategic Partnerships Reshaping The Glycol Ether Market
• North America was the largest region in the glycol ether market in 2023
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