The propylene glycol market has been witnessing significant growth in recent years, driven by its wide range of applications across various industries. Propylene glycol, a colorless, odorless liquid, is primarily used as a solvent, humectant, and viscosity reducer in a diverse array of products. From cosmetics and personal care items to food and beverages, pharmaceuticals, and automotive fluids, propylene glycol plays a crucial role in numerous sectors. According to the new market research report “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″, 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.
One of the key factors driving the propylene glycol market is the increasing demand for the compound in the food and beverage industry. Propylene glycol is widely used as a food additive, particularly as a solvent in flavorings and food coloring. Its properties, including its ability to mix well with both water and oil, make it an ideal choice for various applications in the food industry. Moreover, its low toxicity and stability further contribute to its popularity in food and beverage formulations.
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The cosmetics and personal care industry is another significant consumer of propylene glycol. With the rising awareness of personal grooming and increasing disposable income, the demand for cosmetic products has witnessed a surge. Propylene glycol acts as a moisturizing agent, emulsifier, and solvent in a wide range of skincare, haircare, and personal care products. It helps in retaining moisture, enhancing product texture, and stabilizing formulations, thereby driving its adoption in the cosmetics industry.
Furthermore, the pharmaceutical sector is experiencing steady growth, which, in turn, boosts the demand for propylene glycol. It is extensively used as a solvent and excipient in various drugs, including oral, topical, and injectable medications. The compound’s ability to improve the solubility of active pharmaceutical ingredients and enhance drug delivery systems makes it a preferred choice for pharmaceutical formulations.
The automotive industry also plays a crucial role in propylene glycol consumption. The compound is widely used in the manufacturing of automotive fluids, such as antifreeze and engine coolants. Its excellent heat transfer properties and low toxicity make it an ideal coolant, helping to prevent engine overheating and maintain optimal performance.
“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).
