| Source: Research Nester
New York, New York, UNITED STATES
New York, Oct. 11, 2022 (GLOBE NEWSWIRE) — Research Nester has published a detailed market report on ‘Global Dimethyl Ether Market’ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
Global Dimethyl Ether Market Size:
The global dimethyl ether market is estimated to garner a revenue of nearly USD 21,528.5 Million by the end of 2033 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2033. Further, the market generated revenue of around USD 7,856 Million in the year 2022. The growth of the market can be attributed primarily to the expansion of the chemical industry worldwide. For instance, the Indian chemical industry accounted for nearly USD 170 billion in the year 2019 and is anticipated to reach around USD 300 billion by 2025. The global market is further expected to be propelled by increasing utilization of dimethyl ether in aerosol propellants, rising exports of aromatic ethers, growing use in LPG blending, surge in number of liquefied petroleum gas (LPG) plants across the globe, and growing demand for electric and non-electric vehicles over the forecast period.
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Global Dimethyl Ether Market: Key Takeaways
Growing Demand for Electric and Non-Electric Vehicles across the Globe to Boost the Market Growth
The expansion of automotive industry has been in the limelight throughout the years. Revenue of worldwide automotive manufacturing industry was sized at approximately USD 2.9 trillion in 2021 and it is estimated to increase significantly over the forecast period. Moreover, in hybrid and electronic vehicles, dimethyl ether is increasingly used. It was observed that nearly 13,34,000 electric vehicles are in use in India, compared to approximately 27,80,50,000 non-electric vehicles. With that, increasing disposable income per capita is also increasing among the global population, which is resulting more sales of personal vehicles. Hence, this is also anticipated to add to the global dimethyl ether market’s growth significantly.
In addition to this, aerosol propellants are extensively used in medical spray products. The increasing sales of medical sprays coupled with their ability to provide immediate relief to affected areas is a reason why people are increasing their use of medical sprays. Dimethyl ether is widely used nowadays in aerosol propellants. Further, according to the statistics by the International Trade Center (Trademap), the value of exports of aromatic ethers in China in the year 2021 was recorded to be USD 133,809 thousands, which was an increase from USD 124,434 thousands in the previous year. Hence, this is also estimated to influence the global dimethyl ether market’s growth majorly.
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Global Dimethyl Ether Market: Regional Overview
The global dimethyl ether market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Support from Government Bodies to Favor Market in the Asia Pacific Region
The dimethyl ether market in the Asia Pacific region held the largest market share of 80% in the year 2022 backed by the affordability of raw materials, and rising utilization of dimethyl ether in transportation fuel, and LPG blending. Moreover, government support to expand the chemical industry in the region is further expected to drive the dimethyl ether market in the region during the forecast period. For instance, within the Union Budget 2022-23, the Indian government allocated approximately USD 27 million to the Department of Chemicals and Petrochemicals. In addition, the rising number of population in Asia Pacific is boosting the expansion of key market players over the region. As per the data by The World Bank, the population of the East Asia and Pacific region accounts to 2.37 billion, as of 2021.
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Increasing Disposable Income Per Capita Regional Population to Propel the Market in the North America Region
On the other hand, the dimethyl ether market in the North America region is estimated to grow with a notable CAGR over the projection period. This growth can be primarily ascribed to the presence of a significant number of automotive manufacturers, and rising sales of vehicles in the region. Additionally, the expanding number of activities in the region that use dimethyl ether, such as vehicle manufacturing, LPG blending, and others, and increasing disposable income per capita throughout the region are anticipated to accelerate market growth. According to the U.S. Bureau of Economic Analysis, in March 2021, the disposable income per capita in North America region was USD 57,597 and this is anticipated to increase more over the forecast period along with the expenditure on cleaning products.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
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Global Dimethyl Ether Market, Segmentation by Raw Material
The fossil fuel-based segment held the largest market share by 85% in the year 2022 as it is suitable for direct use in conventional internal combustion engines (ICs) without requiring any substantial alterations.
Moreover, the increasing exports of internal combustion piston engines are expected to augment segment growth during the forecast period. It has been reported that the US exported internal combustion piston engines worth USD 5,935,305 thousand in the year 2021, which was an increase from USD 4,753,345 thousand in the previous year according to figures from the International Trade Center (Trademap).
Global Dimethyl Ether Market, Segmentation by Application
The chemical feedstock segment to hold a substantial market share in the global dimethyl ether market over the forecast period. The growth of this segment can be associated with the significant expansion of chemical industry around the globe. For instance, the share of Indian specialty chemicals industry in the global chemical market is expected to grow to 6% by 2026 from 3-4% in the year 2021.
Few of the well-known market leaders in the global dimethyl ether market that are profiled by Research Nester are Mitsubishi Corporation, Air Products and Chemicals, Inc., Nouryon Chemicals Holding B.V., Shell plc, Praxair Technology, Inc., Akzo Nobel N.V., TotalEnergies Company, Dongguan JOVO Chemical Co., Ltd., Ferrostaal GmbH, Chinese Energy Holdings Limited, and others.
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Recent Developments in the Global Dimethyl Ether Market
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