DUBAI, United Arab Emirates, Feb. 03, 2022 (GLOBE NEWSWIRE) -- Future Market Insights (FMI) has forecasted the Mono Propylene Glycol Market to grow with a year on year growth of 4.5% in 2022 reaching a value of about US$ 3,784.0 Mn by 2022 end. The global business is anticipated to witness a considerable CAGR of 4.5% during the period of 2022 and 2029.
Mono propylene glycol (MPG) continues to find application across diverse industries, on the back of its low toxicity and hygroscopic properties. A recent Future Market Insights (FMI) study suggests that the global Mono Propylene Market value will reach beyond US$ 5,159.5 Mn towards the end of 2029, witnessing a moderate CAGR during forecast period (2022 - 2029). Environmental sustainability of bio-based mono propylene glycol will be significantly responsible in upholding its demand in the global market over the course of following years.
| Base Year Value (2021A) | US$ 3,620.3 Mn | |
| Estimated Year Value (2022E) | US$ 3,784.0 Mn | |
| Projected Year Value (2029F) | US$ 5,159.5 Mn | |
| Value CAGR (2022-2029) | 4.5% | |
| Collective Value Share: Top 3 Countries (2022E) | 46.8% | |
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Key Takeaways - Mono Propylene Glycol Market Study
- Low toxicity of mono propylene glycol, as compared to ethylene glycol, is expected to drive its usage in cosmetics and personal care products on a large scale. As ethylene glycol is poisonous and must be handled with caution to restrict any human or animal exposure, MPG will witness higher demand in the forecast period.
- Being the preferred glycol for manufacturing high performance, unsaturated polyester resins for several uses such as reinforced plastic laminates for marine construction, gel coats, sheet molding compounds (SMC), and synthetic marble casting, industrial grade mono propylene glycol is projected to witness significant demand. It is also a vital intermediate in the production of alkyd resins for paints and varnishes.
- Substantial demand is anticipated for mono propylene glycol from the pharmaceutical industry as it is a well-known excipient. MPG is used for several purposes in a broad range of pharmaceutical dosage forms, for e.g. as a humectant in topical medication, as a preservative in solutions, or as a co-solvent in aerosols, parenteral, and oral solutions.
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Scope of the Report
| Attribute | Details |
| Forecast Period | 2022-2029 |
| Historical Data Available for | 2014-2021 |
| Market Analysis | USD Million for Value and Tons for Volume |
| Key Regions Covered | North America, Latin America, Europe, East Asia, Africa, South Asia & Pacific, Middle East. |
| Key Countries Covered | U.S.,Canada,Brazil ,Mexico, Argentina,Rest of LA, Germany, Italy, France, U.K., Spain, BENELUX, Russia, Rest of Europe, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Oceania, rest of South Asia,Egypt, Nigeria, Moroccco, South Africa,Iran, KSA, UAE, Kuwait, Qatar, Turkey, Jordan, Rest of Middle East. |
| Key Segments Covered | Grade, Application, End Use, Source and Region |
| Key Companies Profiled | • BASF SE • Royal Dutch Shell PLC • LyondellBasell Industries N.V. • Sumitomo Chemical Co., Ltd. • The Dow Chemical Company • Huntsman Corporation • Archer Daniels Midland Company • Adeka Corporation • AGC Inc. • Oleon NV • Repsol • Foodchem International Corporation • SKC Korea • Sadara Chemical Company • INEOS Group of Holdings S.A. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Manufacturers Moving towards Bio-based Mono Propylene Glycol
Bio-based mono propylene glycol is gaining popularity in the market, as a switch from petrochemical- to renewable-based MPG results in the reduction of climate change impact of 40-60% kg of CO2. Several countries are taking initiatives to increase the adoption of bio-based mono propylene glycol among various end-use industries owing to its significant environmental benefits.
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The global mono propylene glycol market is fairly consolidated due to the unavailability of raw materials required for the manufacturing of mono propylene glycol, especially at the regional level, and absence of local manufacturers. Key manufacturers such as Dow Chemical Company, LyondellBasell, BASF SE, and Royal Dutch Shell PLC account for about 40% of the overall market share. North America and Europe are anticipated to account for a significant share of the global mono propylene glycol market, owing to rapid infrastructural development and increasing preference for bio-based mono propylene glycol.
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