According to a new report by Reports and Data, the global Propylene Glycol Methyl Ether market is projected to reach USD 1,043.8 Million by 2028. Methoxy Propanol is an industrial and commercial chemical and a methoxy alcohol derivative that is widely used as a direct or intermediate solvent chemical in the formulation of various chemical processing applications, including paints, inks, synthetic resin, varnishes, and rubber adhesives. The continuous expansion of the paint and coatings, varnishes, dyes, inks, acrylics, stains, toners, anti-freezers, and coolants industries is expected to drive demand throughout the forecast period.
Methoxy Propanol Market: Notable Innovation
There have been several notable innovations in the Propylene Glycol Methyl Ether market, including the development of new formulations and applications of the chemical. For example, Methoxy Propanol is now being used as a coalescing agent in waterborne coatings, which can help to reduce the amount of volatile organic compounds (VOCs) emitted during the application process. Additionally, there have been advancements in the production of Methoxy Propanol, such as the use of renewable feedstocks and the development of more efficient manufacturing processes. These innovations are expected to contribute to the growth and sustainability of the Methoxy Propanol market in the future.
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The Asia Pacific region is expected to grow the fastest, with the highest growth rate of 6.4% in the period 2019-2027, owing to high market penetration in paints and coatings and electronics applications, coupled with extensive demand for automotive coolants, particularly in regions like India and China.
Propylene Glycol Methyl Ether is considered one of the safest synthetic alcohols to be used in direct solvent applications and is widely used in chemical formulations, such as eyeglasses cleaners, toners of electronics appliances, and anti-freezing agents in diesel engines. The direct solvent is expected to reach a market share of 34.5% by 2027, growing with a rate of 6.3% during the period 2019-2027.
Furthermore, the report finds that the chemical intermediate segment is projected to gain a market revenue of USD 186.9 Million by 2027, with a CAGR forecasted to be 5.5% in the forecast period. Methoxy propanol is utilized as the chemical intermediate in the processing of glycol ethers, cellulose, and acrylics.
The growing penetration of online retailing businesses for chemicals and materials, particularly in emerging nations in Asia Pacific, is helping the market grow, broadening its outreach in areas where offline vendors are unavailable. Moreover, due to the non-involvement of distributors in the supply chain model, the profit margin is higher than that of offline retailing. The online retailing segment is expected to gain a market share of 34.1% by 2027.
In terms of regions, Europe is forecasted to reach a market share of 20.5% by 2027 and grow at a CAGR of 5.0% in the forecast period, with Germany having the highest number of valuable players in this region, while France is the fastest-growing market in Europe. North America is expected to witness significant growth in the overall market, with a market possession of 25.7% by 2027 and a CAGR of 6.1% during the forecast period. The US has the highest market share in this region.
The key participants in the market 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.
The report segments the global Propylene Glycol Methyl Ether market based on end-use, sales channel, applications, and region. End-use outlook includes direct solvent, chemical intermediate, coalescing agent, pesticides, chemical reagents, and others. Sales channel outlook includes online retailing and offline retailing. Applications outlook includes industrial use, paints and coatings, electronics industry, automotive use, and others. Regional outlook includes North America, Europe, Asia Pacific, MEA, and Latin America.
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