Diethylene glycol monoethyl ether (DGME) is generally derived from methanol and ethylene oxide. It’s also known as methyl diglycol or 2-hydroxy-2-methoxy-diethyl ether. It’s a solvent that’s ideal for use in a variety of resins and pastes. Since it is a non-volatile solvent, it specifically finds application in particular lacquer formulations.
It is primarily used in nitrocellulose lacquers to enhance the properties of the lacquers. The rise in demand for diethylene glycol monoethyl ether in the paints and coatings industry, as well as its widespread use in the petrochemicals industry, are driving the market growth. As a result, companies started increasing their production to meet the rising requirements.
Quick access to raw materials is expected to be the major factor fuel augmenting the growth of diethylene glycol monoethyl ether. Rapid technological developments are taking place in the global market. Companies are trying to come up with new and better ways to produce these chemicals. The market is expected to be propelled by the development of new processes for producing diethylene glycol monoethyl ether and the emergence of new applications.
Key Trends in Diethylene Glycol Monoethyl Ether Market
- The floor polish application segment dominated the diethylene glycol monoethyl ether market and accounted for the largest revenue share. It is widely known for its multifunctional properties to add a glossy finish and clean stains, especially on wooden flooring, which driving the product demand.
- Increasing application of diethylene glycol monoethyl ether during the production of water-based coatings is a key factor boosting the market. Waterborne coating is becoming increasingly popular in the architectural and industrial sectors due to its environmental benefits, which are expected to fuel demand for its demand.
- Latex paints continuously dominated the paints industry followed by oil-based paints and the trend is projected to continue in the near future. Increased spending on construction activities is triggering the huge demand for paints and coatings, which in turn augment market growth.
Regional Scenario of Diethylene Glycol Monoethyl Ether Market
Asia Pacific is expected to grow at the fastest CAGR in terms of sales, with a dominant share in the market. This growth is attributed to rising investments in residential and commercial construction sectors in the region. Because of the increased adoption of low VOC paints, India and China are anticipated to witness a significant development.
The regional market of Europe is witnessing a surge in demand for the solvent, owing to the establishment of strict regulatory policies regarding the use of hazardous and toxic chemicals. Germany, Netherlands and, U.K. are projected to dominate the global market for diethylene glycol monoethyl ether on account of the increasing presence of paints and coating manufacturing companies.
Key Market Participants in Diethylene Glycol Monoethyl Ether Market
The market is witnessing a rise in intense competition due to the presence of both well-established players and new market entrants. Market players are taking key strategic moves such as marketing programs, new product launches, and regional expansion to outperform their competitors.
Some of the leading players maintaining a dominant position in the market are Advance Petrochemicals Ltd, Clariant AG, Eastman Chemical Company, Dow Chemical Company, Solventis, Huntsman Corporation, Hannong Chemicals Inc., Monument Chemical, Swastik Oil, and LyondellBasell Industries Holdings B.V.
Deep-dive Insights on Diethylene Glycol Monoethyl Ether Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/diethylene-glycol-monoethyl-ether-degee-market/request-for-sample