Propylene Glycol Market, Opportunity, Regional Analysis, Top Impacting Factors And Covid-19 Scenario Analysis

 

The global Propylene Glycol Market is mainly driven by the growing demand from the food and beverage, pharmaceuticals, automotive, and cosmetics and personal care products industries, according to the latest research report from Market Research Future (MRFR). market Size was valued at USD 0.33 Billion in 2022. The Calcium Propionate industry is projected to grow from USD 0.35 Billion in 2023 to USD 0.48 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.86% during the forecast period (2023 - 2030). The impact of the COVID-19 pandemic on the global propylene glycol market is also assessed in the report.

Propylene glycol is a clear, colorless, odorless, and viscous liquid and is used in various applications as a solvent, emulsifier, stabilizer, etc. it can be produced synthetically by hydrating propylene oxide as well as through the hydrogenolysis of glycerin. Propylene glycol comes in two grades: Industrial and pharmaceutical. Industrial grade propylene glycol is widely used in making coolants, antifreeze solutions, paints and coatings, heat transfer fluids, deicing fluids, and hydraulic and brake fluids, among others. The growing automotive industry has been a major driver for the global propylene glycol market, as the industry consumes significant volumes of hydraulic and brake fluids, coolants, and paints and coatings. This is likely to remain the major driver for the global industrial grade propylene glycol market over the forecast period.

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Pharmaceutical grade propylene glycol is used in the food and beverage, pharmaceutical, and cosmetics industries. The increasing demand for packaged, processed food has been a major driver for the propylene glycol market over the last few years, as this has driven the demand for food additives. The increasing demand for cosmetics and personal care products is also likely to remain a major driver for the global propylene glycol market over the forecast period, as this is likely to drive the demand for pharmaceutical grade propylene glycol over the coming years.

Competitive Leaderboard:

Leading players in the global propylene glycol market include HaiKe Chemical Group, Manali Petrochemicals Ltd., DowDuPont Inc., Huntsman International LLC, Chaoyang Chemicals Inc., Adeka Corporation, Global Bio-Chem Technology Group Co. Ltd., Archer Daniels Midland Company, BASF SE, and LyondellBasell Industries Holdings BV.

Major players in the global Propylene Glycol Market Statistics are likely to focus on developing biobased propylene glycol in the coming years. Traditionally, propylene glycol has been prepared from petrochemicals. However, the increasing demand for biobased formulations from consumers around the world has led to a growing demand for biobased propylene glycol in the last few years. Regulatory bodies like REACH and the U.S. EPA are also likely to favor biobased formulations in the coming years, leading to biobased propylene glycol emerging as a highly profitable venture.

Segmentation:

The global propylene glycol market is segmented on the basis of source, grade, end use industry, and region.

On the basis of the source, the global propylene glycol market is segmented into petroleum-based and bio-based.

On the basis of the grade, the global propylene glycol market is segmented into industrial grade and pharmaceutical grade. Industrial grade is sub-segmented on the basis of applications into unsaturated polyester resins, coolants and antifreeze, hydraulic and brake fluid, aircraft deicing fluid, heat transfer fluids, paint and coatings, printing inks, and liquid detergents. Pharmaceutical grade is sub-segmented on the basis of applications into processed foods & animal feedstock, pharmaceuticals, cosmetics & personal care products, tobacco & electronic cigarettes, and theater fogs & artificial smoke.

On the basis of end-use industry, the global propylene glycol market is segmented into food & beverage, cosmetics & personal care, pharmaceutical, building & construction, automotive, and others. The food and beverage industry holds the largest share in the global propylene glycol market, followed by the cosmetics and personal care products industry.

Regional Analysis:

Asia Pacific is the largest and fastest growing regional market for propylene glycol, followed by North America. The growing urbanization in Asia Pacific is likely to remain a major driver for the propylene glycol market in the region. The growing automotive industry in the region is also a major driver for the propylene glycol market.

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