According to Prophecy Market Insights Dimethyl Ether Market accounted for US$ 7.24 billion in 2022 and is estimated to be US$ 19.9 billion by 2032 and is anticipated to register a CAGR of 10.0%.
Covina, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Introduction –
Dimethyl Ether is a synthetically produced diesel replacement that can be utilized in specially constructed compression ignition diesel engines. A typical environment contains a colorless gas called dimethyl ether (DME). It is widely used in the chemical industry and as an aerosol propellant. For dimethyl ether to become liquid, a pressure of about 75 pounds per square inch (psi) is required.
It is projected that as there is a growing worldwide emphasis on cutting emissions and converting to better energy sources, demand for clean-burning fuels like dimethyl ether (DME) would rise. Chemicals like methyl acetate, formaldehyde, and methyl methacrylate are all produced using dimethyl ether (DME) as a chemical feedstock. Furthermore, the expansion of the dimethyl ether market is likely aided by the rising demand for these chemicals in industries including automotive, construction, and electronics.
According To Research Report “Dimethyl Ether Market accounted for US$ 7.24 billion in 2022 and is estimated to be US$ 19.9 billion in 2032 be with a CAGR of 10.0% during the forecast period”
Key highlights –
In December 2021, India’s first 100% Dimethyl Ether (DME) fuelled tractor/ vehicle for on- and off-road applications has been developed by IIT Kanpur that exhibited higher thermal efficiency and lower emissions than the baseline diesel engine. The Department of Science and Technology's (DST) Science and Engineering Research Board (SERB), which supports research, provided funding for the project. The project was in line with NITI Ayog's "Methanol Economy" program, which aims to lower India's greenhouse gas emissions and oil import bill.
Analyst View –
Increased applicability and usage across a wide range of sectors, as well as less hazardous nature and environmental friendliness in comparison to conventional fuels, are anticipated to drive the market. Dimethyl ether is being used more often across a number of industries. Additionally, it serves as the propellant in paint sprays. Dimethyl ether is also used as a fuel for transportation because it emits little particulates. The use of DME as a substitute for conventional fuel sources might become simpler as a result of technological improvements. In addition, a lot of electricity is saved.
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Advancement in market:
Increased Use as a Clean Energy Source:
Dimethyl ether has gained attention as a clean-burning alternative to diesel fuel. Advancement in DME production technology and increased awareness of its environmental benefits may have led to a greater adoption of DME as a fuel for transportation and power generation.
DME Production from Renewable Sources:
There is ongoing research and development to produce DME from renewable sources such as biomass, municipal solid waste, and carbon capture and utilization. These advancement can contribute to reducing greenhouse gas emissions and dependence on fossil fuels.
Applications in Chemical Industry:
DME has applications in the chemical industry as a feedstock for the production of various chemicals and plastics. Advancements in catalysis and chemical processes may have expanded its use in this sector.
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Supply and Demand:
The fundamental driver of market dynamics is the interplay between supply and demand. When demand for a product or service exceeds supply, prices tend to rise, and vice versa. Factors affecting supply and demand include consumer preferences, population growth, economic conditions, and government policies.
The level of competition in a market can significantly impact its dynamics. Markets with many competing firms tend to have lower prices and more innovation, while monopolistic or oligopolistic markets can have different dynamics, with limited competition potentially leading to higher prices and less innovation.
Broader economic factors, such as inflation, interest rates, and GDP growth, can impact market dynamics. Economic downturns can lead to reduced consumer spending, lower investment, and changes in market behavior.
Social and Cultural Factors:
Societal and cultural shifts can shape market dynamics. For example, changing attitudes toward sustainability can drive demand for eco-friendly products, affecting markets in various industries.
Some of the major players operating in the Dimethyl Ether Market:
Key players operating in the growth of global Dimethyl Ether Market includes,
Oberon Fuels Inc.
Zagros Petrochemical Company
China Energy Limited
Toyo Engineering Corporation
Fuel DME Production Company Limited
Guangdong JOVO Group Co.Ltd
Korea Gas Corporation
Shenhua Ningxia Coal Industry Group Company.
Questions by Dimethyl Ether Market:
What are the key market trends and market dynamics?
Who are the major players in the market and what is their market share?
What is the competitive landscape like in the market?
What are the major drivers and restraints affecting the market?
What are the growth opportunities in the market?
What are the regional and local market conditions and consumer behavior?
What is the market size and growth forecast for different regions and countries?
What is the impact of government regulations and policies on the market?
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