NEWARK, Del, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The mono propylene glycol market is expected to be worth US$ 3,974 million in 2023. By 2033, the market is expected to be worth US$ 6,473 million. The market is estimated to grow at a CAGR of 5% during the forecast period of 2023 to 2033.
The global food and beverage sector is driving demand for mono propylene glycol for usage in food flavoring, food coloring, preservation of food, and other applications, hence influencing the mono propylene glycol market volume.
Monopropylene can be found in paints & varnishes, baths, and as a cooling fluid in autos. The growing usage of mono propylene glycol across a variety of end-use sectors, such as the chemical industry, pharmaceuticals, cosmetic goods, and others, is expected to drive the market.
Intelligence Awaits! Request Your Sample Report Today: https://www.futuremarketinsights.com/reports/sample/rep-gb-10801
Asia-Pacific, particularly China, is a major consumer and producer of mono propylene glycol. The growing industrialization and financial development of the region are driving up demand for mono propylene glycol.
Mono propylene glycol is an important component of automobile antifreeze and coolants, as it keeps the engine temperature stable. The need for mono propylene glycol in automobiles has expanded as the automotive sector grows, particularly in the electric vehicle (EV) segment.
Concerns about ecological sustainability have prompted the advancement of bio-based mono propylene glycol generated from natural resources such as corn, sugarcane, or soy. This tendency is consistent with the larger trend towards sustainable alternatives and lessens dependency on fossil fuels.
Key Takeaways
- Between 2018 and 2022, the demand for mono propylene glycol increased at a 4.4% CAGR.
- The United States is on track to surpass $480 million by 2033.
- The mono propylene glycol market in China is expected to be worth US$ 500 million.
- The mono propylene glycol market in the United Kingdom is expected to expand and reach US$ 480 million by 2033.
“The mono propylene glycol market is expected to increase steadily from 2023 to 2033, owing to a wide range of applications. Demand is expected to climb steadily, driven by increased application in the food, pharmaceutical, cosmetic, and automotive industries. Because of environmental concerns, the use of bio-based mono propylene glycol may increase.” says FMI analyst.
Access the Complete Report Methodology Now: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-10801
Competitive Landscape
Manufacturers' focus has shifted towards emerging countries in recent years to meet rising demand for mono propylene glycol. Several major corporations are also focusing on collaborations, expanding manufacturing capacities, mergers and acquisitions, and increasing R&D spending.
- In March 2022, Braskem and Sojitz Corporation partnered to develop and market bioMPG (monopropylene glycol).
- Beginning in April 2022, MOL and HELM teamed up on the marketing of propylene glycols in Western Europe and global markets. The product line will include technical along with higher-value-added monopropylene glycol and dipropylene glycol grades.
Scope of Report
| Attribute | Details | ||
| Forecast Period | 2023 to 2033 | ||
| Mono Propylene Glycol Market Estimated Size in 2023 | US$ 3,974 million | ||
| Projected Market Value in 2033 | US$ 6,473 million | ||
| Value-based CAGR from 2023 to 2033 | 5% | ||
| Historical Data Available for | 2018 to 2022 | ||
| Market Analysis | US$ Million for Value and Tons for Volume | ||
| Key Regions Covered |
| ||
| Key Segments Covered |
| ||
| Key Companies Profiled |
|
| |
Access Exclusive Data and Premium Insights at Discounts! Buy Now: https://www.futuremarketinsights.com/checkout/10801
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global mono propylene glycol market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights By Grade (Technical, Food, Pharmaceutical), Application (Unsaturated Polyester Resin (UPR), Polyester Fiber Production, Food Additive, Heat Transfer Fluid (Engine coolant, De-icing Fluids, Antifreeze Solutions), Pharmaceutical Solvents, Liquid Detergents, Paints & Coatings, Other Industrial), End Use (Chemicals, Cosmetics & personal care, Pharmaceutical, Food & Beverage, Others), Source (Synthetic, Bio-based), and Region.
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Latest Research Reports on Chemicals & Materials: Navigating Industry Developments
Polyalkylene Glycol Market Size: By 2032, the polyalkylene glycol market is anticipated to reach US$ 594.6 billion, expanding at a high CAGR of 6.1%. The market size is worth US$ 328.94 billion in 2022.
Biobased Propylene Glycol Market Sales: The global biobased propylene glycol market is projected to have an average-paced CAGR of 4.40% during the forecast period.
Butyl Glycol Market Revenue: The growing application of butyl glycol as a coupling agent and solvent across household cleaning and industrial sectors is propelling the demand in the market.
1,3-Butylene Glycol Market Forecast: The growing production of PVC, coupled with the significant growth of polymer and plastic industries, is expected to in turn drive the demand for 1,3-butylene glycol over the forecast period.
Hexylene Glycol Market Demand: Hexylene glycol's demand is expected to grow owing to its increasing use in pharmaceuticals and household and personal care products.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
