Dimethyl Ether (DME) Market size is predicted to expand significantly over the forecast period of 2016-2024, owing to growing product usage in transport fuel, LPG blending, and aerosol propellants. As per Global Market Insights, Inc., “Dimethyl Ether (DME) Industry value is projected to hit USD 11 billion by 2024.” Growing use of the compound as a replacement for conventional fuel is projected to drive market demand over the coming years. Rising ecological concerns along with enhanced use of DME blended LPG as a cooking fuel will further benefit the industry in the near future. Escalating need to replace LPG fuel with its environment-friendly substitute is anticipated to stimulate the business growth over the forthcoming years.
DME industry size in aerosol propellants sector, worth USD 1 billion in 2015, is expected to grow noticeably over the coming timeframe. Beneficial features such as low odor, cost-effectiveness, less toxicity, flammability, stability, versatility, and efficiency is expected to push the industry trends. Transportation fuel application is projected to grow at a rate of 14% over the coming timeline, driven by strict government guidelines to reduce air pollution as well as greenhouse effects occurring due to fuel emissions from the vehicles.
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Based on the raw material trends, dimethyl ether market is classified into bio-based and fossil-fuel based dimethyl ether. Bio-based dimethyl ether industry size is anticipated to register significant gains of 8% over 2016-2024, in terms of volume. Large availability of natural gas plus rapidly shooting costs of diesel will promote the industry expansion. Bio-based dimethyl ether industry share is projected to grow at a rate of 11% over the coming timeline, driven by the elevated use of clean fuel for transport and domestic purposes.
Taking into consideration the regional trends, North America dimethyl ether market, which accumulated a revenue of USD 300 million in 2015, is forecast to experience an extensive growth over the next few years. Rising product popularity due to low carbon emissions is the key industry growth driver in the region. U.S. is predicted to propel the regional growth.
Europe dimethyl ether industry is anticipated to record a CAGR of 10% over the forecast timeline, driven by high R&D investments made by the industry players to manufacture low fuel emitting automobiles.
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Asia Pacific dimethyl ether market, which had made major contributions towards the overall revenue in 2015, is expected to grow significantly over the coming seven years. Population explosion across the countries such as India and China, resulting in heavy product demand across domestic application will push the regional growth. Besides, rise in the number of manufacturing activities in the region will further drive the revenue.
Key industry participants include Royal Dutch Shell PLC, Akzo Nobel N.V., Mitsubishi Corporation, China Energy Limited, Shenhua Ningxia Coal Industry Group Company Limited, Guangdong JOVO Group Company Limited, Fuel DME Production Company Limited, Oberon Fuels, Grillo-Werke AG, and Korea Gas Corporation.
Browse key industry insights spread across 125 pages with 143 market data tables & 11 figures & charts from the report, “Dimethyl Ether (DME) Market Forecast, 2013 – 2024” in detail along with the table of contents:
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