NEW YORK, Jan. 13, 2021 /PRNewswire/ -- Globally, the chemical industry plays a vital role in the economic development of a country. However, the COVID-19 pandemic situation has changed the outlook of global chemical industry over the last couple of quarters in 2020. In order to overcome this situation, key players in the propylene glycol methyl ether acetate (PGMEA) market across the world are planning to focus on more an agile and flexile supply chain network for chemicals. Furthermore, there are some chemicals that are in demand even in this pandemic situation, such as solvents, which are required for agrochemicals, pharmaceuticals, and for other important applications. PGMEA is one such solvent, estimated to witness steady growth in demand over the coming years.
As per Persistence Market ResearchAnalysis, the global propylene glycol methyl ether acetate market is estimated to expand at a CAGR of 3.5% over the forecast period of 2020-2030.
Key Takeaways from Propylene Glycol Methyl Ether Acetate (PGMEA) Market Study
Globally, the chemical manufacturing industry has witnessed significant growth over the recent past, driven by growth in end-use industries. This growth is estimated to persist over the coming years too. Demand for PGMEA in chemical manufacturing is expected to remain lucrative in end uses such as solvents, electronics, cleaners, metal finishing, and pesticides.
Owing to several applications of solvents in the chemical industry, the segment is experiencing significant growth and is expected to grow 1.4X over the next ten years. Demand is majorly driven by pharmaceutical and other allied industries
Application of PGMEA is substantially increasing in the electronics industry, owing to its significant properties that is essential for electronic components, such as high purity. Key players in the propylene Glycol methyl ether acetate market have an opportunity to gain around US$ 53 Mn over the next ten years.
The cleaners segment in the PGMEA market has gained momentum since the last couple of years, owing to improved stability with respect to other cleaning chemicals and more economical as compared to its substitutes.
Globally, East Asia is one of the dominant regions for PGMEA, especially China, with the fastest growth of across the world. PGMEA manufacturers in China possess very high export potential, and are actively focused on expanding their overseas markets.
The COVID-19 pandemic has resulted in supply chain disruptions in the propylene Glycol methyl ether acetate market, and also decreased demand from end-use industries.
"The global chemical sector has undergone mass relocation over the past 5 years. India and China, along with other developing countries, have been preferable destinations for expenditure and investments. Prime driving factors are rapid industrialization, infrastructural developments, and economic growth. Growth in these regions is paving way for substantial growth opportunity for manufacturers in the PGMEA market," says a Persistence Market Research analyst.
The global propylene Glycol methyl ether acetate market is occupied by a number of manufacturers. They are increasing production in their existing units by increasing production utilization rates. Moreover, to strengthen their global supply systems and continue meeting robust demand, they are expanding their global presence. Demand for PGMEA is expected to ascend for its use in solvents, cleaners, metal finishing, pesticides, electronics, and others applications. East Asia holds a major portion of the global PGMEA market. Also, increasing imports from developed regions such as North America and Europe are further anticipated to catalyze the growth of the propylene Glycol methyl ether acetate market over the coming years.
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