According to the new market research report “Propylene Glycol Marketby 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″, published by MarketsandMarkets™, the Propylene Glycol Market is projected to reach USD 4.7 billion by 2024, at a CAGR of 4.4% from USD 3.8 billion in 2019. The eco-friendly production process of bio-based propylene glycol has led to the growth of the global propylene glycol market. The growing automotive industry in APAC is also driving the market as propylene glycols are widely used in engine coolants and sheet molding compounds, among others.
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The propylene glycol market refers to the global industry involved in the production, distribution, and consumption of propylene glycol. Propylene glycol is a chemical compound that is used in a wide range of applications across various industries.
The scope of the propylene glycol market is broad and encompasses several sectors, including:
- Pharmaceuticals: Propylene glycol is used as a solvent and excipient in pharmaceutical formulations. It is commonly found in cough syrups, ointments, and oral medications.
- Food and Beverage: Propylene glycol is used as a food additive, specifically as a humectant and preservative. It helps retain moisture in food products and prevents spoilage.
- Cosmetics and Personal Care: Propylene glycol is widely used in skincare products, such as moisturizers, lotions, and creams. It acts as a humectant, keeping the skin hydrated. It is also used in deodorants, hair care products, and makeup.
- Industrial Applications: Propylene glycol finds application in various industrial processes. It is used as a heat transfer fluid, antifreeze, and coolant in HVAC systems, as well as in manufacturing processes such as polyester resins, paints, and coatings.
- Automotive: Propylene glycol is used as an additive in automotive products like engine coolants and antifreeze solutions. It helps prevent freezing and overheating of the engine.
- Other Applications: Propylene glycol is used in diverse sectors, including agriculture (as a solvent for herbicides and insecticides), textiles (for dyeing and printing), and household products (as a solvent and ingredient in cleaning solutions and detergents).
Browse in-depth TOC on “Propylene Glycol Market”
128 – Tables
54 – Figures
176 – Pages
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“Bio-based propylene glycol to register the highest CAGR in the global propylene glycol market, between 2019 and 2024”
The global propylene glycol market is segmented by source, into petroleum-based and bio-based propylene glycol. The market for bio-based propylene glycol is expected to grow at the highest CAGR from 2019 to 2024. This is because the production of propylene glycol from the bio-based source has less impact on the environment. In addition, increasing demand from the pharmaceuticals, food & beverage, and cosmetics applications is also driving the growth of the bio-based propylene glycol market.
“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.
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“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.
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).
