As per the report by Visiongain, the Propylene Glycol Market was valued at US$4,931.7 million in 2022 and is projected to grow at a CAGR of 4.1% during the forecast period 2023-2033.
Visiongain has published a new report entitled Propylene Glycol Market 2023-2033. It include profiles of Propylene Glycol and Forecasts Market Segment by Source (Petroleum-derived and Bio-derived), Market Segment by Grade (Industrial Grade and Pharmaceutical Grade), Market Segment by Application (Unsaturated Polyester Resin, Paints and Coatings, Antifreeze & Functional Fluids, Liquid Detergents, Plasticizers, Food & Beverage, Pharmaceuticals, Cosmetics & Personal Care, and Other Applications), plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
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How has COVID-19 had a Significant Negative Impact on the Propylene Glycol Market?
One of the major impacts of the pandemic was the disruption of global supply chains. Restrictions on transportation and trade led to delays in the delivery of raw materials and finished products, affecting the availability and distribution of propylene glycol. This resulted in temporary shortages in some regions, impacting the market. The demand for propylene glycol experienced fluctuations during the pandemic. Industries such as automotive and construction, which were heavily affected by lockdowns and reduced economic activity, witnessed a decline in demand for propylene glycol-based products. However, certain industries like pharmaceuticals, personal care, and food and beverages saw an increased demand for specific products containing propylene glycol. The heightened focus on hygiene and sanitization during the pandemic led to a surge in demand for hand sanitizers, disinfectants, and cleaning products, which often contain propylene glycol due to its antimicrobial properties. Regulatory changes implemented in response to the pandemic also affected the propylene glycol market. Governments imposed various regulations and guidelines to control the spread of the virus, impacting the production, distribution, and use of certain products. Compliance with these regulations required adjustments in manufacturing processes and formulations, influencing the demand for propylene glycol in specific applications.
How will this Report Benefit you?
Visiongain’s 366-page report provides 144 tables and 240 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the propylene glycol market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for propylene glycol. Get financial analysis of the overall market and different segments including source, grade, and application. We believe that there are strong opportunities in this growing propylene glycol market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Demand from Unsaturated Polyester Resin Manufacturing
The propylene glycol market is anticipated to witness significant growth due to the growing demand for unsaturated polyester resin (UPR). UPR is a key end-use application of propylene glycol, predominantly used in the production of composite materials, such as fiberglass-reinforced plastics. The increasing adoption of UPR in various industries, including construction, automotive, marine, and electrical, is expected to fuel the demand for propylene glycol. The construction industry, in particular, plays a vital role in driving the demand for UPR and subsequently propylene glycol. UPR is extensively used in the manufacturing of pipes, tanks, and other infrastructure components due to its superior mechanical properties, corrosion resistance, and lightweight characteristics. With rapid urbanization and infrastructure development in emerging economies, the demand for UPR-based products is poised to surge, driving the growth of the propylene glycol market.
Rising Automotive Industry in APAC and the Middle East & Africa
The growing automotive industry in the Asia-Pacific (APAC) and the Middle East & Africa (MEA) regions is expected to have a significant impact on the propylene glycol market. These regions are witnessing robust growth in automotive manufacturing and consumption, driven by factors such as rising population, increasing disposable incomes, and urbanization. As the automotive industry expands in APAC and MEA, the demand for propylene glycol is expected to soar. Propylene glycol finds extensive use in automotive applications, including engine coolants, brake fluids, and hydraulic fluids. It acts as an essential component in these formulations, providing properties such as thermal stability, corrosion resistance, and low viscosity, which are critical for the efficient performance and durability of automotive systems. The APAC region, in particular, is experiencing remarkable growth in automotive production and sales. Countries such as China, India, and Japan are witnessing a surge in demand for vehicles, driven by increasing middle-class populations, improving infrastructure, and favourable government policies. As a result, the demand for propylene glycol in the manufacturing of automotive fluids and components is expected to witness substantial growth.
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Where are the Market Opportunities?
Bio-based Propylene Glycol
Bio-based propylene glycol is produced from renewable resources, such as biomass, and is considered more environmentally friendly compared to its petroleum-based counterpart. The increasing awareness and emphasis on sustainability and environmental impact have driven the demand for bio-based alternatives across various industries. Bio-based propylene glycol offers several advantages, including reduced carbon footprint, lower greenhouse gas emissions, and decreased dependence on fossil fuels. As a result, it aligns with the sustainability goals and initiatives of many companies and consumers. The utilization of renewable resources in bio-based propylene glycol production helps diversify the feedstock options and reduces reliance on petroleum-derived raw materials. This can contribute to greater supply chain resilience and mitigate the price volatility associated with petroleum feedstocks.
Competitive Landscape
The major players operating in the propylene glycol market are ADEKA Corporation, Archer Daniels Midland (ADM), BASF SE, Dow Inc., Global Bio-chem Technology Group Company Limited, Indorama Ventures Public Company Limited, Ineos Group Holdings S.A., LyondellBasell Industries N.V., Manali Petrochemicals Limited, Monument Chemical, Repsol S.A., Sadara Chemical Company (Sadara), Shell plc, and SKC Co., Ltd. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 13th March 2023, LyondellBasell and Mepol Group entered into a definitive agreement for LyondellBasell to acquire Mepol Group, a manufacturer of recycled, high-performing technical compounds located in Italy and Poland, consisting of Mepol S.r.l. and its subsidiaries Polar S.r.l. and Industrial Technology Investments Poland Sp.z.o.o.
- On 2nd July 2021, Dow, the global leading materials science company, planned to expand its propylene glycol (PG) capacity at its existing facility in Map Ta Phut Operations, Rayong, Thailand. This high return, incremental investment supports growing demand and advances Dow’s leading positions in attractive flavour and fragrance, personal care, food and pharmaceutical markets growing above GDP. Expected to begin production in 2024, the Thailand facility expansion includes an 80,000 ton per year increase in propylene glycol capacity – bringing total capacity to 250,000 tons per year. Once complete this will make the Dow Thailand’s PG facility the largest of its kind in Asia Pacific. This capacity will serve customers and support their growth in Asia Pacific and India.
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