Propylene Glycol Methyl Ether Acetate Market Size, Revenue Analysis, Industry Outlook, Forecast, 2023-2028
The Global Propylene Glycol Methyl Ether Acetate Market is forecast to reach USD 678.4 Million by 2028, according to a new report by Reports and Data. The Propylene Glycol Methyl Ether Acetate is a colorless, flammable, water soluble industrial and commercial chemical and a p-type glycol alcohol with ether-like odor. Propylene glycol methyl ether acetate is mostly used in the manufacture of surface adherent applications and are also widely utilized as a direct or intermediate solvent chemical in the formulation of various chemical processing. Paints, inks, synthetic resin, varnishes, and surface adhesives are some of its chemical applications. The continuous expansion of the paint & coatings, varnishes, adherents, inks, acrylics, stains, toners, anti-freezers and electronic circuit boards & screens are expected to drive the demand throughout the forecast period. Direct & Intermediate solvent, chemical reagent, surface adherent, and other processing aids are some of its widely used end-usages. Growing demand for consumer electronics products are harnessing the growth of this market substantially.
Asia Pacific region is forecasted to grow the fastest with the highest growth rate of 6.5% in the period 2019 – 2027, owing to high market penetration in paints & coatings and electronics applications coupled with the extensive demand for the automotive paints, especially in regions like India and China.
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Key participants include The Dow Chemical Company, Royal Dutch Shell PLC, Exxon Mobil Corporation, BASF SE, Tokuyama Corporation, LCY Chemical Corp., OXEA GmbH, JXTG Holdings, Inc., LG Chem Ltd., Sasol Limited, and ISU Chemical.
Further key findings from the report suggest
- Propylene glycol methyl ether Acetate is one of the safest synthetic alcohol to be used in the direct solvent and are widely used in chemical formulations. Coating, cleaner, varnishes, lacquers, silk screen printing inks, and anti-freezing agents are some of its end-use applications. The direct solvent is forecasted to reach a market share of 34.5% by 2027 growing with a rate of 6.4% during the period 2019 – 2027.
- Chemical intermediate segment is measured to gain a market revenue of USD 121.5 Million by 2027 and the CAGR is forecasted to be 5.6% in the forecast period. Propylene glycol methyl ether acetate is utilized as the chemical intermediate with polyesters, epoxies, and acrylics, among other type of resins.
- Growing penetration of the online retailing businesses for chemicals and materials especially in the emerging nations in Asia Pacific, is helping the market grow broadening the outreach in the areas where the offline vendors are unavailable. Also due to non-involvement of the distributors in the supply chain model, the profit margin is way more than that of the offline retailing. The online retailing is expected to gain a market share of 34.1% by 2027.
- Europe would reach a market share of 20.5% by 2027 and would grow at a CAGR of 5.1% in the forecast period. Germany has the highest number of valuable players in this region, while France is the fastest-growing market in Europe.
- North America is forecasted to witness significant growth in the overall market, with 25.40% of market possession by 2027 and CAGR of 6.2% during the forecast period. US possesses the highest market share in this region.
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For the purpose of this report, Reports and Data have segmented the global propylene glycol methyl ether acetate market on the basis of the end-use, sales channel, applications, and region:
End-Use Outlook (Revenue: USD Million; Volume: Kilo Tons; 2018-2028)
- End-Use
- Direct Solvent
- Chemical Intermediate
- Surface Adherent
- Pesticides
- Chemical Reagents
- Others
Sales Channel Outlook (Revenue: USD Million; Volume: Kilo Tons; 2018-2028)
- Online Retailing
- Offline Retailing
Applications Outlook (Revenue: USD Million; Volume: Kilo Tons; 2018-2028)
- Industrial Use
- Paints and Coatings
- Electronics Industry
- Printing Inks
- Others
Regional Outlook (Revenue: USD Million; Volume: Kilo Tons; 2018-2028)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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