Rockville, MD , Oct. 24, 2024 (GLOBE NEWSWIRE) -- Methyl ether acetates play a vital role in the electronics industry, covering both polar and non-polar substances. The global Propylene Glycol Methyl Ether Acetate Market is valued at US$ 980.6 million in 2024 with projections for expansion at a CAGR of 7.8% from 2024 to 2034.
PMA/PGMA is widely used in several industrial materials such as paints, printing inks, and polymers such as nitrocellulose, acrylic acid, and epoxy resin, serving as coloring agents too. Applications include photoresist removal, stripping agents, TFT-LCD photo-resistance diluents, and IC detergents.
Propylene glycol methyl ether acetate functions well as a solvent in battery management ICs and electronic chips due to its non-corrosive nature. Its market share has risen due to its cost-effectiveness and versatility. Manufacturers are recognizing its potential through intense research, thus driving its popularity and cushioning market growth. This chemical is favored for its ability to act as a colorless solvent in various environments, both aqueous and organic.
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Key Takeaways from Market Study:
- The global propylene glycol methyl ether acetate market is projected to expand at a CAGR of 7.8% through 2034.
- Global sales of PGMEA are estimated at US$ 980.6 million in 2024.
- The market is forecasted to reach US$ 2.08 billion by 2034-end.
- The North American market is forecasted to expand at a CAGR of 7.9% through 2034.
- Metal finishing accounts for 23.3% market share in 2024.
- East Asia is projected to account for 38.4% of the global market share by 2034.
“Propylene glycol methyl ether acetate is a versatile industrial solvent, valued for its low toxicity, strong solubility, and diverse applications across various sectors. The non-corrosive nature of PGMEA is driving its widespread use in electronics manufacturing,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Propylene Glycol Methyl Ether Acetate Market:
Chang Chun Group, Shiny Chemical Industrial Company Ltd, KH Neochem Co., Dow Chemical Company, Eastman Chemical Company, Royal Dutch Shell Plc, Yancheng Super Chemical, LyondellBasell
Market Competition:
Prominent players in the propylene glycol methyl ether acetate market, like Chang Chun Group, Shiny Chemical Industrial Company Ltd., and KH Neochem Co., have established themselves through geographical expansions and collaborations with counterparts. Industry participants are focusing on comprehending the challenges posed by these acetates and converting those challenges into lucrative possibilities.
Country-wise Evaluation:
The United States has an extensive road network and well-designed skyscrapers as part of its well-developed infrastructure. Because of its coating qualities, propylene glycol methyl ether acetate is employed in building. It facilitates construction for field workers by effectively diluting a variety of components, including sand, concrete, and cement blocks.
In addition to infrastructure, the nation is home to well-known industrial facilities that bring in large sums of money. Because of its exceptional capabilities, a large number of these industries are investing in the propylene glycol methyl ether acetate market. PGMEA suppliers now have a chance to take control of the US market and develop their presence.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the propylene glycol methyl ether acetate market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on application (solvents, cleaners, electronics, metal finishing, pesticides) and purity (99.5%, 99.9%), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Key Segments of Propylene Glycol Methyl Ether Acetate Market Research:
- By Application :
- Solvents
- Cleaners
- Electronics
- Metal Finishing
- Pesticides
- By Purity :
- 99.5%
- 99.9%
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