The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
In a recently published market research report titled “Glycol Ether Market: Global Industry Analysis and Forecast, 2016–2024,” a Persistence Market Research analyst concludes, “The US$ 6 Bn glycol ether market is slated to exceed a value of US$ 10 Bn by the end of 2024, expanding at a CAGR of over 6%. Volume-wise, the market will witness a moderate CAGR of 5.4% over the eight-year period. Asia Pacific and Europe will remain the key markets.”
By the end of 2024, the global market for glycol ether is expected to reach US$ 10.09 Bn. Overall growth outlook remains positive; the report elaborates on various influential factors associated with historic, current, and futuristic market status.
Key Driver Insights
Growing consumption by various end-use industries will remain the primary factors driving the sales of glycol ether. Rising introduction of new variant products with the help of a wide variety of eco-friendly and renewable technologies will be another key driver to market growth. Development of innovative, cost-effective products is anticipated to further boost the market for glycol ether.
PCE is widely used in degreasing and dry cleaning but is not eco-friendly and is hazardous to human health. Some forms of glycol ether on the market are identified to be the relatively decent alternatives to PCE, eventually fueling their demand in the market over the next few years.
Key Trend & Opportunity Insights
Several governments are increasingly promoting the use of P-series glycol ethers over the use of E-series glycol ethers. This trend is likely to present new opportunities for leading players. In addition to paints, coatings & adhesives, cleaners, printing inks, and cosmetic sectors are also registering significant consumption of glycol ethers.
Flourishing cleaners, printing inks and electronics & semiconductor sectors will also continue to bring in new growth opportunities. Moreover, as manufacturing and healthcare industries continue to thrive at pace, the demand for cleaning chemicals will also remain on the rise through 2024. Manufacturers are likely to capitalize over such end-use opportunities in near future.
Key Segment Insights
By product type, E-series glycol ether segment will witness a decline by 470 BPS over 2016-2024. P-series glycol ether segment will however exhibit significant growth, accounting for a whopping 71.6% revenue share in 2024.
Based on application, paints, coatings & adhesives segment will remain dominant throughout the forecast period, capturing a value share of over 53% by 2024 end. With a gain of over 100 BPS, cleaners will represent the second largest segment, reaching beyond US$ 1.8 Bn in 2024. Other application segments are likely to witness a drop in terms of BPS.
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By region, APAC will retain the leading regional market position and expand at the fastest CAGR of 9.9% over the forecast period. Accounting for over 40% share of the market value in 2024, this segment will experience a massive boost in BPS. This growth is attributed to substantial consumption by paints and printing ink sectors within this region, especially by water-based flexo inks manufacturing companies. Europe, despite a slight decline over the assessment period, will remain the second largest market for glycol ether.
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