Propylene glycol is a versatile organic compound that is widely used across various industries. It is a colorless, odorless liquid with excellent solubility and low volatility, making it an essential ingredient in a wide range of products. The propylene glycol market size is projected to reach USD 4.7 billion by 2024 from USD 3.8 billion in 2019, at a CAGR of 4.4%. The growing demand for propylene glycol in countries such as China, India, Japan, and South Korea. From pharmaceuticals to food and beverage, cosmetics to automotive, the propylene glycol market is witnessing significant growth due to its numerous applications and unique properties.
Browse 130 market data Tables and 58 Figures spread through 176 Pages and in-depth TOC on "Propylene Glycol Market by Source (Petroleum-based, Bio-based), Grade (Industrial, Pharmaceutical), End-use Industry (Transportation, Building Construction, Food Beverage, Pharmaceuticals, Cosmetics Personal Care), Region - Global Forecast to 2024"
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Propylene Glycol Market Key Players
The key market players profiled in the report include as The Dow Chemical Company (US), LyondellBasell Industries N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (US), Global Bio-chem Technology Group Co., Ltd. (China), DuPont Tate Lyle Bio Products Company, LLC (US), Huntsman Corporation (US), SKC Co., Ltd. (South Korea), Temix Oleo S.R.L. (Italy), and Ineos Oxide (Switzerland).
The Dow Chemical Company (US) is focused on partnerships to meet the growing demand in the market. In October 2019, the Dow and Evonik entered into an exclusive technology partnership. They are plan to bring a unique method (HYPROSYN) for directly synthesizing propylene glycol from propylene and hydrogen peroxide. Over 100 Evonik employees worked for years to develop this method. The key element is a novel catalytic system developed by Evonik researchers, which allows direct synthesis of propylene glycol from propylene and hydrogen peroxide in a process offering high yield and comparatively low energy consumption.
Growing Demand and Market Trends:
The propylene glycol market has been experiencing substantial growth in recent years, driven by several factors. One of the primary drivers is the increasing demand for personal care and cosmetic products. Propylene glycol acts as a humectant and solvent in these products, ensuring moisture retention and enhancing the texture and effectiveness of various formulations. With the rising emphasis on personal grooming and self-care, the demand for cosmetics and personal care products is on the rise, thereby boosting the propylene glycol market.
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Additionally, the pharmaceutical industry is another major contributor to the propylene glycol market. Propylene glycol is extensively used as a solvent and stabilizer in pharmaceutical formulations, including oral, topical, and injectable medications. Its ability to dissolve a wide range of drugs and its compatibility with various excipients make it a preferred choice for pharmaceutical manufacturers. As the global population continues to grow and age, the demand for pharmaceutical products is expected to rise, thereby positively impacting the propylene glycol market.
Furthermore, the food and beverage industry also plays a significant role in propylene glycol market growth. The compound is used as a food additive, specifically as a solvent for flavors and food coloring. It is also employed as a preservative in certain food items and as a humectant in baked goods. With the expanding food and beverage industry and the increasing demand for processed and packaged food products, the utilization of propylene glycol in this sector is anticipated to witness steady growth.
Diverse Applications:
Apart from the aforementioned industries, propylene glycol finds applications in various other sectors as well. In the automotive industry, it is used as an antifreeze and coolant in vehicle cooling systems, ensuring optimal engine performance. The compound's low toxicity, thermal stability, and compatibility with different materials make it an ideal choice for automotive applications.
Moreover, propylene glycol is utilized in the production of paints and coatings, where it acts as a solvent, enhancing the dispersion of pigments and other additives. The chemical's low volatility and excellent viscosity properties make it a valuable ingredient in these applications.
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“Pharmaceuticals to be the fastest-growing application of the global propylene glycol market during the forecast period”
Pharmaceuticals application is projected to be the fastest growing segment in the global propylene glycol market during the forecast period. This is due to the increased health consciousness of people and high consumption of medications.
“Transportation to be the fastest-growing end-use industry of the global propylene glycol market during the forecast period”
Transportation is projected to be the fastest-growing end-use industry in the global propylene glycol market during the forecast, period mainly due to the rising demand for propylene glycols in automotive coolants, aircraft wings, pleasure boats, and ships application. The transportation industry is estimated to witness the highest CAGR in the APAC region. Improving standards of living and increasing disposable income in emerging countries such as India, China, and South Korea are also driving the growth of the transportation industry. China, Korea, Japan, and India are witnessing high demand for new ships for both military and commercial purposes.
“APAC to be the fastest-growing market for propylene glycol during the forecast period”
The propylene glycol market in APAC is expected to witness the highest CAGR between 2019 and 2024. Stable economic growth in the region, coupled with rising disposable income, is driving the market. In addition, increased demand for propylene glycol, in key countries such as China and India, is contributing to the growth of the propylene glycol market in the region.
