The global Propylene Glycol market is likely to be valued at US$ 4.3 Billion in FY 2022, up from US$ 4.13 Billion in 2021.
During the past year, the industry registered a Y-o-Y increase worth 4.1%. From 2022 to 2032, propylene glycol sales are poised to flourish at a CAGR of 4.2% to reach a value of US$ 6.5 Billion by the end of 2032.
Demand for Biobased Propylene Glycol will continue to thrive, with a documented CAGR of 6% during the 2015-2021 historical period of assessment, while demand for propylene glycol in chemical intermediaries proliferated at a rate of 5% during the same period.
“Bio-based propylene glycol to witness the fastest growth during the forecast period”
On basis of source, the global propylene glycol market is segented into petroleum-based and bio-based propylene glycol. Petroleum-based propylene glycol is expected to lead the global market during the forecast period, due to its growing use in the transportation and building & construction industries.
“Unsaturated polyester resin to be the largest application segment during the forecast period”
Unsaturated polyester resin is expected to dominate the global propylene glycol market during the forecast period, followed by antifreeze & functional fluids and pharmaceuticals. The growing building & construction industry, coupled with increasing investments in emerging economies for infrastructural development, is fostering the growth of the propylene glycol market in the unsaturated polyester resin application.
“Transportation to be the largest end-use industry during the forecast period”
On the basis of end-use industry, the global propylene glycol market is segmented into transportation, building & construction, food & beverage, pharmaceuticals, cosmetics & personal care, and others. Transportation is the fastest-growing end-use industry due to the growing automobile sales. The increase in the use of propylene glycols in applications, such as aircraft deicing fluid, automotive coolants, and hydraulic & brake fluids, is also driving the propylene glycol market.
Demand for Propylene Glycol Will Continue to Steal the Spotlight in Industrial Applications, Says Fact.MR
About two-thirds of the propylene glycol supplied is utilized as chemical feed to manufacture unsaturated polyester resins. Propylene glycol’s industrial applications include the manufacturing of paints and coatings, resins and plastics which are used as intermediates for the production of other chemical substances such as unsaturated polyester resins used in pipes or windmill blades, as well as bath and kitchenware.
Propylene glycol presently is being utilized in a wide range of industrial applications including pharmaceutical and cosmetics which hold a considerable market share. Propylene glycol is also used in tobacco products as a preservative, solvent and a significant component of e-liquid used in vegetable glycerin. Moreover, propylene glycol is also widely used in cosmetics and personal care products which acts as the most prominent driver for the global propylene glycol market.
Prominent Propylene Glycol providers are reliant on partnerships, collaborations, acquisitions, and new software launches to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.
- In October 2020, Dow and Evonik entered into an exclusive technology partnership. Together, they plan to bring a unique method for directly synthesizing propylene glycol (PG) from propylene and hydrogen peroxide to market maturity.
- In August 2021, BASF and SINOPEC further expanded their Verbund site operated by BASF-YPC Co., Ltd. (BASF-YPC), a 50-50 joint venture of both companies in Nanjing, China. It includes the capacity expansion of several downstream chemical plants, including a new tert-butyl acrylate plant to support the growing Chinese market.
Key Companies Profiled:
- BASF SE
- Sumitomo Chemical Co. Ltd.
- Exxon Mobil Corporation
- LyondellBasell Industries Holdings B.V.
- Asahi Kasei Corporation,
- China Petrochemical Corporation,
- Chevron Phillips Chemical Company,
- Manali Petrochemical
Key Segments Covered :
- by Source :
- by Type :
- Industrial Grade
- Food Grade
- Pharma Grade
- by End Use :
- Chemical Intermediary (Unsaturated Polyester Resins, Functional Fluids & Antifreezes)
- Cosmetic and Personal Care Products
- Consumer Goods (Liquid Detergents)
- by Primary Function :
- Emollients (Softener)
- Stabilizing Agents
- Preservative Agents
- Humectants (Binding Agent)
- Excipients (Bulking Agent)
- by Region :
- North America
- Latin America
- Asia Pacific
- The Middle East & Africa
Questionnaire answered in the report include:
- How the industry has grown?
- What is the present and future outlook on the basis of region?
- What are the challenges and opportunities?
- Why the consumption in region?
- In which year segment is expected to overtake segment?