Propylene Glycol Ether Market to Grow $2.75 Billion by 2034 at a 3.1% CAGR

Rising awareness of environmental issues prompting manufacturers to develop eco-friendly propylene glycol ethers, thus complementing market growth, says Fact.MR

ROCKVILLE PIKE SUITE, ROCKVILLE, UNITED STATE , May 23, 2024 /EINPresswire.com/ -- As per a new industry research recent report by Fact.MR, the global propylene glycol ether market stands at US$ 2.03 billion in 2024. Global demand for propylene glycol ether is forecasted to increase at a CAGR of 3.1% through 2034.

The market is exhibiting steady growth driven by diverse factors. The paints and coatings industry uses propylene glycol for protective functions and serves as a key catalyst for market expansion. Propylene glycol ether's commendable properties, including water solubility, slow evaporation rate, and compatibility with various resins, such as acrylic, polyesters, epoxies, and polyurethanes, contribute to its market appeal.

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The compound's lower toxicity levels and eco-friendly characteristics are fostering widespread acceptance in end-user industries. The industrial sector's rapid growth, coupled with the increasing investments by developing countries in infrastructure, is driving the demand for solvents and coatings, thus further propelling the propylene glycol ether market growth.

Despite challenges posed by fluctuating oil and gas prices, the market remains resilient, driven by the growing adoption of electronic devices and the rising disposable income of consumers. In essence, the global propylene glycol ether market is on a trajectory of sustained growth, driven by its versatile applications and favorable properties across various industries.

Key Takeaways from Market Study

The global propylene glycol ether market is poised for steady growth, with a forecasted compound annual growth rate (CAGR) of 3.1% through 2034. In 2024, global sales are expected to reach US$ 2.03 billion, reflecting the increasing demand for this versatile chemical. By the end of 2034, the market is projected to attain a value of US$ 2.76 billion, indicating a substantial expansion over the decade. A notable contribution to this growth comes from the North American market, which is anticipated to expand at a slightly higher CAGR of 3.3% during the same period. This growth underscores the region's robust industrial base and its significant consumption of propylene glycol ether in various applications.

In terms of market segments, tripropylene glycol mono ethyl ether is estimated to hold a significant share, accounting for 39.1% of the market in 2024. This highlights its prominence and widespread use in the industry. Additionally, East Asia is projected to play a crucial role in the global market dynamics, expected to account for 38.4% of the total market share by 2034. The region's rapid industrialization and increasing demand for chemical products are key drivers behind this substantial market share. Collectively, these trends and projections underscore the global and regional growth trajectories of the propylene glycol ether market, highlighting significant opportunities and shifts within the industry.

“Rising construction activities in developing countries are pushing demand for paints and coatings. Propylene glycol ether is extensively used in the formulation of paints and coatings due to its low toxicity,” says a Fact.MR analyst.

Market Developments

Key propylene glycol ether producers are BASF SE, Chang Chan Group, DowDuPont Inc, Royal Dutch Shell Plc, and Celanese Corporation. Leading companies in the market are teaming up through mergers and acquisitions while also introducing new products. These actions are strategic efforts to enhance their market presence and capture a larger share of the market.

In 2021, LyondellBasell and Sinopec inked a Memorandum of Understanding (MoU) for the development of a Propylene Glycol Ether facility at Ningbo ZRCC LyondellBasell New Material Co., Ltd. The plant is expected to boast a manufacturing capacity of 125 kilotons.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the propylene glycol ether market for 2018 to 2023 and forecast market statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (propylene glycol mono methyl ether, dipropylene glycol mono methyl ether, tripropylene glycol mono methyl ether) and application (chemical intermediates, solvents, coalescing agents, coatings, electronics), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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