New York, May 02, 2023 (GLOBE NEWSWIRE) -- The global Propylene Glycol market size is expected to be worth around USD 6.9 Billion by 2032 from USD 4.3 Billion in 2022, growing at a CAGR of 5.0%% during the forecast period from 2022 to 2032. Propylene Glycol is a versatile organic compound with the chemical formula C3G802. It is produced by the hydration of propylene oxide, which is obtained from the reaction of propylene with chlorine & water. It has many applications in several industries, like pharmaceuticals, automotive, construction, and food & beverages. In the food & beverages industry, propylene glycol is used as a solvent, preservative, and humectant.
It is also heavily used as a key ingredient in the production of personal care products and pharmaceuticals like toothpaste, cough syrups, and moisturizers. Additionally, it is used as a de-icing agent in airports & as a heat transfer fluid in the construction industry. Propylene Glycol is considered safe for use in several stages and is approved by many regulatory bodies, which include the US Food and drug administration (FDA).
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Key Takeaway:
- Based on the source, in 2022, the propylene glycol market was dominated by the petroleum-based segment owing to it being an easily accessible source of hydrocarbons.
- By grade, in 2022, the industrial grade segment dominated the largest market share in the grading segment.
- Based on end-user, in 2022, the construction segment holds a significant share of the propylene glycol market.
- In 2022, Asia-Pacific dominated the market with the highest revenue share of 44.6%.
- North America is expected to have the highest CAGR among all regions, owing to well-established infrastructure and easy access to raw materials.
Factors affecting the growth of the Propylene Glycol industry
There are several factors that can have an impact on the growth of the propylene glycol industry including:
- End-use industries: The demand for propylene glycol is heavily influenced by the growth of various end-use like food & beverages, cosmetics, construction, automotive, and pharmaceuticals.
- Advancement in technology: Advancements in technology have led to the development of new & innovative products & production processes that offer better performance, cost-effectiveness, and performance. These advancements are expected to drive the growth of the propylene glycol industry.
- Economic Conditions: The growth of the propylene glycol industry is also influenced by the conditions in different regions. A strong economy generally leads to increased demand for consumer goods, which drives the demand for propylene glycol.
- Environmental Concerns: Rising environmental concerns & increasing regulations to curb greenhouse gas emissions are led to a shift towards the use of eco-friendly products, like propylene glycol.
- Raw material prices: The prices of raw materials, like propylene oxide & glycerine which are used in the production of propylene glycol can significantly affect the profit margins of manufacturers & turn into the growth of the industry.
Top Trends in Propylene Glycol Market
The propylene glycol industry has witnessed several recent trends like demand for sustainable and environment-friendly products. One of the major trends is the rising demand for bio-based propylene glycol which is made from renewable sources like sugarcane & corn. This trend is driven by the growing demand for sustainable products in various industries. The second trend is the increasing use of propylene glycol in the food & beverage industry. Propylene glycol is used as a preservative, humectant, and solvent in the food & beverage industry & has witnessed a surging demand because of the increasing processed food industry.
Market Growth
Propylene Glycol's growth has been steady over the past few years. Propylene Glycol is a major driver of market growth. In the food and beverage industry, it is used widely as a preservative and solvent. Propylene glycol is also in demand due to the growing awareness of the negative effects of ethylene glycol, especially in the automotive sector. Propylene glycol has lower toxicity & is more environmentally friendly than ethylene glycol. Major players such as Dow Chemicals and BASF SE are present in the market. Archer Daniels Midland Company and LyondellBasell Industries also play a major role. These companies are focused on strategic partnerships, mergers, and acquisitions, and collaborations to increase their market share & global presence.
Regional Analysis
APAC is accounted as the most dominant market in the global Propylene Glycol market with a market share of 44.6%, during the forecasted period. Construction is booming in India, Indonesia, and China. China is responsible for 26,3% of global construction growth. Infrastructure activities will account for 13% of all foreign direct investment (FDI), that India receives, by 2021. The construction industry will grow as a result. In China, there were 12.32 million cars on the road. The transport industry will grow in the next year.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 4.3 Billion |
| Market Size (2032) | USD 6.9 Billion |
| CAGR (from 2023 to 2032) | 5.0% |
| Aisa-Pasific Revenue Share | 44.6% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Propylene glycol is a useful organic compound that is extensively used in several industrial applications. One of the main drivers for the propylene glycol market is its increasing use as a substitute for ethylene glycol in the automotive industry due to its less harmfulness & biodegradability. Propylene glycol is also used as the main component in the production of unsaturated polyester resins, which are broadly used in the construction & transportation industries. Additionally, the increasing demand for personal care & pharmaceutical products, like toothpaste, cough syrups, and moisturizers is expected to drive the propylene glycol market growth. Furthermore, the rise in demand for food & beverage products, like frozen foods, alcoholic beverages, and packaged food is expected to propel the growth of the propylene glycol market.
Market Restraints
Health concerns related to propylene glycol like skin irritation & respiratory problems, led to increased regulations on the use of the chemical in certain applications like personal care & cosmetics. Secondly, the availability & price of raw materials, which are derived from petroleum can impact the price & profitability of propylene glycol producers. Thirdly, propylene glycol faces competition from substitutes like ethylene glycol, butylene glycol, and glycerine which can be used in similar applications.
Market Opportunities
The future looks bright for the propylene glycol market because there are various opportunities for growth in the coming years. One of the major opportunities is the growing demand for bio-based propylene glycol, which is made from renewable resources & considered more environmentally friendly. Another opportunity is the development of new applications for propylene glycol, like in the production of renewable chemicals & bioplastics. As the world moves towards a more & more sustainable future, propylene glycol is expected to perform a key role in these areas. Additionally, the expansion of the healthcare industry, driven by factors like population growth is expected to increase demand for propylene glycol in pharmaceuticals.
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Report Segmentation of the Propylene Glycol Market Source Insight
Petroleum-based holds a significant share in the deployment segment i.e., 72.4% in 2022, and this segment drives the market in the source segment due to petroleum-based propylene glycol being cheaper and more readily available than bio-based propylene glycol. It is derived from crude oil & natural gas, which are easily accessible sources of hydrocarbons. Additionally, the production process for petroleum-based propylene glycol is well-established & has been optimized over the years which results in a cost-effective & efficient manufacturing process.
Grade Insight
Propylene glycol market share is dominated by the industrial grade segment with a share of 62.4%, due to it being suitable for a broad range of applications in various industries. Industrial-grade propylene glycol has a purity level of 99%, which makes it suitable for use in industrial processes where high purity is not required. This segment is also cost-effective, which makes it an attractive option for manufacturers who need a large volume of propylene glycol for their processes.
End-User Insights
Construction holds a significant share in the end-user segment i.e., 39.7% in 2022, and this segment drives the market end-user segment due to the propylene glycol is used as a major ingredient in the production of construction materials like coatings, adhesives, and insulation foam. Additionally, propylene glycol is used as a heat transfer fluid in geothermal systems, which are increasingly being used in building applications for their energy-efficient & environment-friendly features.
Market Segmentation
Based on Genre
- News & Politics
- Society & Culture
- Comedy
- Sports
- Other Genres
Based on Format
- Interviews
- Panels
- Solo
- Repurposed Content
- Conversational
- Other Formats
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
For more insights on the historical and Forecast market data from 2016 to 2032 - download a sample report at https://market.us/report/propylene-glycol-market/request-sample/
Competitive Landscape
The global propylene glycol market is highly competitive, with many key players that are holding significant market shares. According to a report Dow Chemicals, BASF, Huntsman Corporation, Shell, and LyondellBasell are among the top players in the market, which have a significant share of the global propylene glycol market.
Key Market Players:
Listed below are some of the most important Propylene Glycol industry players.
- The Dow Chemical Company
- BASF SE
- INEOS Oxide
- Shell Plc.
- Adeka Corporation
- Huntsman International LLC.
- LyondellBasell Industries Industries N.V.
- Archer Danials Midland Company
- Global Bio-Chem Technology Group Co., Ltd.
- DuPont Tate & Lyle Bio Products LLC
- Temix International S.R.L.
- Other Key Players
Recent Developments of the Propylene Glycol Market
- In 2021, The Indian Finance Ministry announced that USD 26,578.3 million will be spent over five years to fund the Pharmaceutical PLI Scheme.
- In 2021, Hybrid E.V. accounted for 19.6% of all passenger cars registered across the EU, as compared to 11.9% in 2020. Electrically chargeable vehicles also saw a strong increase in sales, which makes up 18.0% of total car registrations, up from a 10.5% share in 2020.
Browse More Related Reports:
- Pharmaceutical Grade Propylene Glycol Market - Size Is Projected To Reach USD 4.3 Billion In 2023 And A Forecast Value Of USD 6.4 Billion By 2032.
- Biobased Propylene Glycol Market Size Is Projected To Reach USD 4.7 Billion In 2023 And A Forecast Value Of USD 7.6 Billion By 2032.
- 1,3-Propylene Glycol Market Size Is Projected To Reach USD 4.1 Billion In 2023 And A Forecast Value Of USD 6.4 Billion By 2032.
- 1,2-Propylene Glycol Market Size Is Projected To Reach USD 4.1 Billion In 2023 And A Forecast Value Of USD 6.3 Billion By 2032.
- Polypropylene Glycol Market Size Is Projected To Reach USD 2.0 Million In 2023 And A Forecast Value Of USD 3.2 Million By 2032.
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