Propylene Glycol Market Research Report – Forecast to 2030

Propylene Glycol Market Information: by Source (petroleum-based, bio-based), Grade (industrial grade, pharmaceutical grade), End-Use industry (food & beverage, cosmetics & personal care, pharmaceutical, building & construction, automotive), and Region – Forecast till 2030

ID: MRFR/CnM/4501-HCR | January 2023 | Region: Global | 100 Pages         

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Propylene Glycol Market

Propylene Glycol Market is expected to grow USD 6.54 billion CAGR 4.30% during the forecast 2021-2030.

Segmentation
By Source Petroleum-Based Bio-Based
By Grade Industrial Grade Pharmaceutical Grade
By End-Use industry Food & Beverage Cosmetics & Personal Care Pharmaceutical Building & Construction Automotive
Key Players
Companies Profiled   LyondellBasell Industries Holdings B.V. (Netherlands)   BASF SE (Germany)   Archer Daniels Midland Company (U.S.)   Global Bio-chem Technology Group Company Limited (China)   ADEKA CORPORATION (Japan)   Chaoyang Chemicals    Inc. (U.S.)   Huntsman International LLC. (U.S.)   DowDuPont Inc. (U.S.)   Manali Petrochemicals Limited (India)   HaiKe Chemical Group (China).
Drivers
Market Driving Forces   Changing lifestyle in both developed & developing regions   Strong automotive industry in China & Germany
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Propylene Glycol Market Overview


Propylene Glycol Market is expected to grow USD 6.54 billion CAGR 4.30% during the forecast 2021-2030. Propylene Glycol (PG) is a colorless, odorless, non-toxic liquid that has been used in a variety of industries for decades. It comes from both petroleum and bio-based sources. Propylene glycol is synthesized through the hydration of propylene oxide via a catalytic or non-catalytic process. It is widely used in pharmaceuticals, cosmetics, food processing, and automotive manufacturing. In recent years, the applications of PG have expanded to include agriculture, industrial applications, and personal care products.


Some of the major factors driving the growth of the global market of Propylene Glycol are rising demand for food additives, raising awareness about the health benefits of propylene glycol, rising demand for personal care products, and growing adoption of propylene glycol in pharmaceuticals. However, high production costs and stringent regulatory requirements may stymie this market's growth over time. Another factor that can drive product demand is the introduction of bio-based propylene glycol, which is known for lowering greenhouse gas emissions.


Key Players


Some of the major players operating in the global propylene glycol market are LyondellBasell Industries Holdings B.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Global Bio-chem Technology Group Company Limited (China), ADEKA CORPORATION (Japan), Chaoyang Chemicals, Inc. (U.S.), Huntsman International LLC. (U.S.), DowDuPont Inc. (U.S.), Manali Petrochemicals Limited (India), and HaiKe Chemical Group (China).Propylene Glycol Market: Regional Analysis


The global propylene glycol market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. 


Asia Pacific is expected to be the largest and fastest growing market for propylene glycol in 2017 due to   rapid industrialization & urbanization, rising disposable income, changing lifestyle, growing health awareness, and relaxed investment norms. End-use industries such as building & construction, automotive, pharmaceutical, food & beverages, cosmetics & personal care, and chemical are expected to drive the regional propylene glycol demand and expected to show bolstering demand during the forecast period.


North America was the second largest market for propylene glycol after Asia Pacific in 2017 and expected to show considerable growth during the forecast period. High demand from building & construction, pharmaceutical, food & beverages, cosmetics & personal care, chemical, aerospace is expected to drive the regional propylene glycol market.


Europe is expected to show steady demand of propylene glycol over the forecast period and the demand is expected to come from the strong automotive industry, food & beverages, cosmetics & personal care, and chemical industry among other.


The Middle East & Africa is expected to show moderate demand of propylene glycol over the forecast period and the demand is expected to come mainly from the construction industry due to ongoing infrastructural projects in Qatar, U.A.E., Kuwait, and Oman.


Latin America is also expected to show moderate growth due to slow overall development and the demand is expected to come mainly from the evolving construction industry in Brazil, Mexico, Chile, and Venezuela.


Global Propylene Glycol Market in 2017, by End-Use Industry


 Propylene Glycol Market


Source: MRFR Analysis


Market Segmentation


The global propylene glycol market is segmented by 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, 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.


On the basis of the region, the global propylene glycol is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.Recent Development


LyondellBasell Industries, a multinational chemical company headquartered in the Netherlands, plans to shut down its Houston refinery by the end of 2023. The decision has been made to reduce carbon dioxide emissions and focus the company on petrochemicals and plastics. The century-old refinery can process 268,000 barrels of heavy, high-sulfur crude oil per day into fuels, chemical feedstocks, and aromatics. The company is also launching circularity initiatives in the field of plastic waste.


Two researchers from the University of Illinois at Chicago (UIC) have developed a longer-lasting alternative to conventional de-icers. They've developed a diverse family of over 80 ice-resistant bio-friendly coatings. To protect the metal surface, de-icing fluids are typically ethylene or propylene glycol-based fluids containing water, corrosion inhibitors, wetting agents, and dye. The new anti-freezing coatings, which are available in mixtures, non-aqueous emulsions-creams, and gels, are designed to withstand take-off shear forces and are also biofriendly if washed into waterways.


Intended Audience



  • Propylene glycol manufacturers

  • Traders and distributors of propylene glycol

  • Research and development institutes

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratory



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 6.54 billion 2030
  CAGR   4.30% 2030
  Base Year   2021
  Forecast Period   2021-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Source, Grade, and End-use Industry
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   LyondellBasell Industries Holdings B.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Global Bio-chem Technology Group Company Limited (China), ADEKA CORPORATION (Japan), Chaoyang Chemicals, Inc. (U.S.), Huntsman International LLC. (U.S.), DowDuPont Inc. (U.S.), Manali Petrochemicals Limited (India), and HaiKe Chemical Group (China)
  Key Market Opportunities   Introduction of bio-based propylene glycol
  Key Market Drivers

  • changing lifestyle in both developed & developing regions
  • strong automotive industry in China & Germany


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    Frequently Asked Questions (FAQ) :

    Leading players profiled in the propylene glycol market include HaiKe Chemical Group (China), Manali Petrochemicals Limited (India), DowDuPont Inc. (U.S.), Huntsman International LLC. (U.S.), Chaoyang Chemicals, Inc. (U.S.), Chaoyang Chemicals, Inc. (U.S.), ADEKA CORPORATION (Japan), Global Bio-chem Technology Group Company Limited (China), Archer Daniels Midland Company (U.S.), BASF SE (Germany), and LyondellBasell Industries Holdings B.V. (Netherlands).

    It finds extensive application in automotive, building and construction, pharmaceutical, cosmetics and personal care, and food and beverage.

    Increasing preference for convenience foods and growing automotive and cosmetics & personal care industry are boosting the market growth.

    The APAC region will is likely to dominate the propylene glycol market.

    Strict regulations by regulatory bodies may limit the propylene glycol market growth.