Global Bio-based and synthetic dimethyl ether market is anticipated to be worth more than USD 14.46 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
According to the report, the burgeoning need to utilize clean energy production resources will be a key factor driving the global bio-based and synthetic dimethyl ether market over the projected timeline. Dimethyl ether is mixed with liquified petroleum gas for use in heating and domestic cooking due to benefits like affordability and emissions reduction. Surging environmental concerns and the requirement to substitute the traditional LPG by mixing DME with LPG would add substantial momentum to dimethyl ether market growth over the estimated duration.
The product is gaining popularity in this business sphere due to its increasing applications as a domestic fuel for cooking and heating purposes. It is promoted by regional governing authorities as it is a clean and green source of power production, which can aid in decreasing particulate matter, soot, and other contaminants existing in the atmosphere to maintain and restore ecological stability in the long term. The product is deployed across a plethora of industries such as home care, pharmaceutical industry, and several others, which would help in achieving promising proceeds for DME market over the predicted duration. The growing APAC pharmaceutical industry is projected to be a key contributor towards product demand, claims the study.
In 2018, bio based DME captured a significant position in global dimethyl ether market and is poised to increase demonstrating a modest CAGR over the estimated timeline. Burgeoning environmental awareness has resulted in the imposition of strict fossil fuel extraction regulations across the world. These regulations are anticipated to stimulate the demand for bio-based dimethyl ether in the near future.
Dimethyl ether market share from industrial applications although minor but is slated to gain commendable gains in the approaching years. It is projected to grow with a substantial CAGR over the estimated timeline because of widespread applications as catalyst in the polymerization process, intermediate in developing several basic organic chemicals, etc., thus offering lucrative growth prospects for the industrial segment.
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Speaking of the regional contribution, the demand for the product in North America will advance at a modest CAGR during the forecast time frame. LPG blending and aerosol propellant industry would drive demand in the region during the analysis period. According to the Consumer Specialty Products Association, in 2015, aerosol product manufacturing in NA was more than 4.2 Bn units and is estimated to grow at a steady rate in the time to come. Additionally, World LPG Association in 2015 presented statistics claiming that the United States was the world’s foremost contributor in global LPG consumption and production.
Several multinational behemoths are operating in the worldwide bio-based and synthetic dimethyl ether market. The key players functioning in this business space include China Energy, Akzo Nobel, Korea Gas, Mitsubishi Corporation, Shenhua Ningxia Coal Industry Group, Guangdong JOVO Group, Grillo-Werke AG, Fuel DME Production Co., and Royal Dutch Shell.