Scienza e Tecnologia
Glycol Ethers Market to Garner $11.5 Billion, Globally, By 2030 at 5.9% CAGR, Says Allied Market Research
Increase in application of glycol ethers in paints & coatings and expansion of the pharmaceutical, cosmetic and personal care sectors drive the growth of the global glycol ethers market. On the other hand, fluctuations in prices of raw materials and negative effect of glycol ethers on health impede the growth to some extent. However, rise in investment for expansion of facilities and innovation toward application of renewable raw materials are expected to create lucrative opportunities in the industry.
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Based on type, the P-series segment held the major share in 2020, accounting for more than four-fifths of the global glycol ethers market. The same segment would also register the fastest CAGR of 6.2% from 2021 to 2030. Rapid surge in demand for personal care products and increase in awareness among people in regards to healthcare boost the segment growth.
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Based on end-use, the paints and coating segment contributed to around two-fifths of the global glycol ethers market revenue in 2020, and is projected to lead the trail throughout the forecast period. This is due to rise in application of corrosion inhibitor coatings in metal products used in the automotive, aerospace, and military sectors. However, the pharmaceuticals segment is projected to grow at the fastest CAGR of 6.7% from 2021 to 2030.
Based on region, the market across Asia-Pacific , followed by Europe and North America , contributed to the highest share in 2020, accounting for nearly two-fifths of the global glycol ethers market. The same region is also expected to showcase the fastest CAGR of 6.7% during the forecast period. This is because rapid modernization and increase in per capita income have led to huge improvement in lifestyle, which, in turn, increases the demand for glycol ethers in the province.
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