Selbyville, Delaware, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global 1,3 Propanediol market size was estimated at $450 million in 2020 and is slated to surpass $790 million by 2027, registering a CAGR of 8.3% from 2021 to 2027 owing to increasing penetration of bio-based products in various application. Furthermore, high demand for organic and environmentally friendly products in personal care & cosmetics will augment the market.
A surge in the bio-based 1,3-propanediol driven by increasing investment by market participants to increase production capacities to meet high demand from personal care & detergent and polyurethane application which is likely to spur the market growth over the forthcoming years.
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Increasing demand for bio-based organic products from the personal care & cosmetics industry for applications such as humectant, solvent and preservative booster is expected to drive the 1,3-propanediol market growth. On the other hand, the petrochemical-based 1,3-propanediol was valued at USD 87.62 million in 2020.
The personal care & detergent application was valued at USD over 72.15 million in 2020 and expected to register the highest CAGR during the forecast period driven by increasing organic cosmetic production.
The pharmaceutical application was valued at over USD 61.50 million and is projected to grow with a CAGR of 9.3% by the end of 2027. 1,3-Propanediol is widely used in pharmaceutical formulations as solvent, carrier, and humectant as an alternative to petroleum-based glycols and glycerin.
North America was valued at over USD 205.10 million and is expected to witness steady growth during the forecast period. The market growth in the region is attributed to increasing demand for personal care & detergent production. Increasing biodiesel production in the U.S. along with the increasing prevalence of stringent environmental regulations is expected to augment the market growth Moreover, the growing inclination towards the use of biobased products is spurring the 1,3-propanediol market growth in the region.
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The global market is consolidated with the key players in the 1,3-propanediol industry include Dupont Tate & Lyle Bio Products Company, METabolic Explorer, Shangdong Mingxing and Zhangjiagang Huamei Biomaterial Co., Ltd, accounting for lion’s share in the global market. Companies are focusing on R&D activities towards production process development and product development for novel applications such as in personal care & cosmetics. Furthermore, companies are investing to increase production capacities to meet the increase in global demand. For instance, in July 2018, METabolic Explore signed an agreement with Bpifrance to invest approximately USD 57 million to build and operate a 20 KT 1,3-propanediol at Carling Saint-Avold, France.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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