Propylene Glycol Market – Global Market Share, Trends, Analysis and Forecasts, 2023-2032
The global market for propylene glycol is analyzed to expand from US$1.77 billion in 2019 to US$ 2.72 billion by 2030 and the market is projected to exhibit 3.5% CAGR during the forecast period 2020-2030. Propylene glycol is an element produced with propylene oxide as a result of water.
The chemical is a clear, pale, unscented fluid with a slightly sweet taste and a glutinous fluid. It dissolves with water, acetone and chloroform and in nature is considered hygroscopic. It is not chemically aligned, and no other substance is affected. This propylene glycol characteristics keep it functional in the fraternization of various elements including perfumes. Eco-friendly bio-based propylene glycol production has led to growth of the global market for propylene glycol.
Propylene glycol is widely used for engine coolants and sheet molding compounds, with the growing automotive industry in Asia Pacific, the adoption of propylene in these applications is anticipated to further drive the market during the coming time.
A wide range of elements that support the growth of the global market for propylene glycol include biodegradable production methods, reduced use of petrochemical feedstock and reduced greenhouse gas emissions. High reaction risk throughout the manufacturing process as well as less firmness in the catalyst are the most important factors for impeding the growth of propylene glycol market.
The fastest-growing application sector of the global propylene glycol market over the forecast period are projected to be food, pharmaceuticals & cosmetics, owing to increasing awareness of health and better lifestyle. In addition, the segment under consideration is primarily driven by consumer preferences for high priced and high quality cosmetic products across the globe and an increase in drug delivery fuelled by high adoption in healthcare applications.
Additionally, application of propylene glycol in automotive and transportation are projected to witness rapid growth due to rising demand in automotive coolants, aircraft wings, recreational vessels and vessels.
The global propylene glycol market has been segmented based on grade, application and geography. Based on grade, the global propylene glycol market has been segmented into industrial grade and pharmaceutical grade. Based on application, the global propylene glycol market has been sub-segmented into cosmetics and personal care, food and beverage, automotive, pharmaceutical and building & construction and others. Geographically, the global propylene glycol market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Key players working in the global propylene glycol market include Manali Petrochemicals Limited, Global Bio-chem Technology Group Company Limited, LyondellBasell Industries Holdings B.V., Archer BASF SE, Huntsman International LLC., Daniels Midland Company, ADEKA CORPORATION, Chaoyang Chemicals, Inc., DowDuPont Inc., and HaiKe Chemical Group among others.
Market Segmentation:
By Grade
- industrial grade
- pharmaceutical grade
By Application
- cosmetics and personal care
- food and beverage
- automotive
- pharmaceutical
- building & construction
- others
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
