E-Series Glycol Ether Market to Grow with a CAGR of 3.72% through 2028
Growing demand of e-series glycol ether in cosmetic
and personal care industry expected to drive the Global E-Series Glycol Ether
Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “E-Series
Glycol Ether Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global E-Series Glycol Ether
Market stood at USD1.67 billion in 2022 and is anticipated to grow with a CAGR
of 3.72% in the forecast period, 2023-2028. The initiatives taken by government
based on e-series glycol ether has led to favorable market conditions for the Global
E-Series Glycol Ether Market. Several factors contribute to the growth of
various e-series glycol ether products.
In recent years, there has been a notable shift in
regulations towards safer chemicals, bringing to light the significance of
E-Series Glycol Ethers in the market. The Environmental Protection Agency (EPA)
has actively included ethylene glycol monobutyl ether (EGBE), a specific type
of E-Series Glycol Ether, in its toxic chemical release reporting list. These
regulatory measures serve as a catalyst for industries to embrace safer
alternatives, potentially leading to an increased demand for E-Series Glycol Ethers
that are less toxic in nature.
Moreover, it is important to recognize the influence
of regulatory actions on market dynamics. A prime example of this can be seen
in the case of Dow, where they made a strategic decision to cease the
production of certain glycol ethers due to their inherent toxicity. Instead,
Dow shifted its focus towards the manufacturing of E-series butyl glycol
ethers, which are known to possess lower toxicity levels. This shift in
production had a profound impact on the supply landscape, reshaping the
availability of glycol ethers in the market.
These regulatory shifts not only underscore the
importance of using safer chemicals but also highlight the need for continuous
innovation and adaptation in the industry. As companies respond to these
regulations, they not only contribute to a safer environment but also fuel the
development and adoption of more sustainable and less-toxic alternatives in the
market.
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Glycol Ether Market”
The E-Series Glycol Ether is experiencing a thriving
demand in the cosmetic and personal care industry. It is widely utilized in
various applications such as skin care products, hair care, body care, and
more. The cosmetic and personal care sector is flourishing due to several
factors, including the rising beauty and hygiene trends, evolving lifestyles,
and increasing demand for color cosmetics worldwide.
For instance, according to the International Trade
Administration, the beauty and personal care sector in Thailand generated
revenues of US$4.2 billion in 2021. It is projected to grow at a rate of 5.5%
through 2025, with skincare accounting for the largest share of 42%, followed
by dental care (12%), soaps and hygiene (14%), and hair care (15%). Moreover,
according to the L'OREAL annual report in 2021, the worldwide growth of the
cosmetics sector showed a remarkable recovery, rising by 8.2% after a decline
of 8.1% in 2020.
With the increasing demand for skin care, hair care,
and other products in the cosmetics & personal care industry, the demand
for E-Series Glycol Ether is on the rise. This trend offers significant growth
opportunities and serves as a driving force in the E-Series Glycol Ether
Market.
The Global E-Series Glycol Ether Market is segmented
into type, application, regional distribution, and company
Based on its application, the others segment held the
largest share in the market. The E-Series Glycol Ether is experiencing growing
applications in the building and construction industry, particularly in the
formulation of water-based paints, lacquers, and other related products. This
surge in usage can be attributed to several factors driving the rapid growth of
the construction sector. These include the increasing income levels of
individuals, the ongoing process of urbanization, the growing emphasis on
sustainable and green buildings, as well as the rising production of various
architectural and infrastructural projects.
For example, according to data from the US Census
Bureau, construction spending in the United States has witnessed a significant
increase from US$1524.2 billion in April 2021 to US$1,744.8 billion in April 2022.
Similarly, the Make in India initiative by the government of India has set a
target of constructing around 2.95 crores of houses under the 'Housing for All'
program by the year 2024. This substantial construction activity, not only in
India but also across the globe, is expected to drive the demand for E-Series
Glycol Ethers in various applications such as paints, lacquers, varnishes, and
others.
As a result, the market growth of E-Series Glycol
Ethers in the building and construction sector is projected to witness a
significant boost during the forecast period. This increased demand is driven
by the growing need for these chemicals in the construction of housing units,
buildings, and other large-scale projects worldwide.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
Glycol ethers, versatile chemical compounds, are
produced and utilized in significant quantities across various regions,
particularly in Western Europe, and China. These compounds find wide
applications in industries such as paints and coatings, where there is a
growing demand due to increasing infrastructure activities. The market growth
of E-Series glycol ether is supported by this high demand for paint and coating
products, making it a vital component of the industry's supply chain.
Major companies operating in Global E-Series Glycol
Ether Market are:
- Eastman Chemical Co
- Huntsman Corporation
- Saudi Basic Industries Corporation
(SABIC)
- LyondellBasell Chemical Company
- India Glycols Limited
- Shell Chemical LP
- Exxon Mobil Corporation
- Sasol Ltd.
- BASF SE
- Dow Inc.
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“Growing application of e-series glycol ether in
various end user industries are key drivers of the e-series glycol ether market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of e-series glycol ether
with every passing year are anticipated to register an impressive growth to Global
E-Series Glycol Ether Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“E-Series Glycol Ether Market By Type (Ethylene
Glycol Propyl Ether, Ethylene Glycol Butyl Ether, Ethylene Glycol Butyl Ether
Acetate, Others), By Application (Paints & Coatings, Cosmetics &
Personal Care, Pharmaceutical, Automotive, Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
E-Series Glycol Ether Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global E-Series
Glycol Ether Market.
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