PUBLISHER: The Business Research Company | PRODUCT CODE: 1425756
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425756
Propylene Glycol Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on propylene glycol market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for propylene glycol? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The propylene glycol market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Propylene glycol is a synthetic liquid known for its water-absorbing properties. Commonly utilized in the production of polyester compounds and as a base in deicing solutions, propylene glycol serves as an antifreeze in various applications to prevent leakage that may lead to contact with food. It is sourced from petroleum-based and bio-based materials. Bio-based propylene glycol is a polymer derived from natural resources like corn, sugar cane, vegetable oil, and other biomass.
Propylene glycol comes in various grades, including industrial and pharmaceutical grades, each finding applications in areas such as animal feed, inks, lacquers, tobacco humectants, and varnishes. The versatile substance is employed by diverse end-users, spanning the building and construction industry, consumer goods (cosmetics and personal care), electronics, food and beverages, paint and coatings, pharmaceuticals, the textile industry, tobacco, and transportation.
The propylene glycol market research report is one of a series of new reports from The Business Research Company that provides propylene glycol market statistics, including propylene glycol industry global market size, regional shares, competitors with a propylene glycol market share, detailed propylene glycol market segments, market trends and opportunities, and any further data you may need to thrive in the propylene glycol industry. This propylene glycol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The propylene glycol market size has grown strongly in recent years. It will grow from $4.45 billion in 2023 to $4.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historic period for propylene glycol can be attributed to its versatile applications, including its humectant and solvent properties. It has found widespread use in industrial manufacturing, the food and beverage industry, pharmaceuticals, and personal care products. The substance's ability to serve various functions across these industries contributed to its increased adoption during the specified historical period.
The propylene glycol market size is expected to see strong growth in the next few years. It will grow to $6.15 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period for propylene glycol can be attributed to the increased focus on bio-based propylene glycol, a heightened emphasis on health and hygiene, its use in food preservation and packaging, as well as its applications as antifreeze and coolants in the automotive and industrial sectors. Major trends expected in the forecast period include supply chain optimization, strategies for market expansion, a continued emphasis on sustainability and adherence to regulations, ongoing research and development initiatives, and increased industrial utilization. These trends reflect the evolving landscape and diverse applications of propylene glycol in various industries.
The propylene glycol market anticipates growth due to increased consumption of processed foods. This market trend results from propylene glycol's multifunctional use as a preservative, flavor enhancer, and processing aid in processed foods. In April 2021, India's Ministry of Commerce & Industry reported a significant surge of 26.51% in exports of processed food products during April-February 2020-21, valued at INR 437,980 million ($5.5 billion). This increased demand for processed food items signifies the driving force behind the propylene glycol market's growth.
Expansion within the cosmetic and personal care industries is projected to fuel the propylene glycol market. Propylene glycol's role as a humectant and solvent in various personal care products aids in moisture retention, texture enhancement, and formulation stability. According to Circana, Inc.'s report in August 2023, the US market witnessed a 15% rise in sales of prestige beauty products, totaling $14 billion in the first half of 2023. This expansion, coupled with the mass beauty market's growth to $28 billion, underlines the key contribution of these industries to driving the propylene glycol market.
Product innovation stands as a prominent trend in the propylene glycol market, fueling companies' efforts to strengthen their market positions. Notably, Evonik, a German chemical manufacturer, introduced renewable isophorone-based products in March 2022. Leveraging renewable acetone, Evonik's initiative aims to reduce the CO2 footprint by introducing products chemically equivalent to their fossil-based counterparts. These innovations significantly contribute to minimizing the industry's global warming potential and CO2 emissions, addressing increasing concerns related to health and sustainability.
Major companies in the propylene glycol sector are actively engaging in collaborations with hydrogen peroxide industries to produce propylene glycol (PG) using hydrogen peroxide and propylene, aiming to reinforce their market positions. The strategic partnerships empower these companies by leveraging the expertise of allied firms, translating conceptual ideas into concrete implementations. For instance, in October 2023, Dow Chemical Company, a prominent US-based chemical producer, partnered with Evonik Industries AG, a Germany-based specialty chemicals company specializing in hydrogen peroxide manufacturing. Together, they launched a cutting-edge hydrogen peroxide to propylene glycol (HPPG) pilot plant at Evonik's Hanau, Germany. This pioneering plant utilizes the HYPROSYN process to directly synthesize propylene glycol (PG) from hydrogen peroxide and propylene.
In April 2022, Braskem, a leading Brazilian chemical manufacturer, and Sojitz Corporation formed a collaborative venture to introduce renewable MPG (monopropylene glycol) technology. This joint venture merges Braskem's expertise in industrial production and distribution of chemicals and plastics from renewable sources with Sojitz's extensive presence in Asia. Given that Asia accounts for 80% of the global propylene glycol market, with the highest consumption recorded in the region, Sojitz's influence and Braskem's technological advancements are set to make a significant impact. Sojitz, a Japan-based multinational company, operates diversified businesses worldwide, including the production of propylene glycol.
Major companies operating in the propylene glycol market report are Archer-Daniels-Midland Company, BASF SE, The DOW Chemical Company, Bio-Chem Technology Group Co. Ltd., LyondellBasell Industries N.V., Huntsman Corporation, SKC CO. Ltd., INEOS Group Holdings Limited, Manali Petrochemicals Limited, DowDuPont Inc., Royal Dutch Shell PLC, ADEKA Corporation, Chaoyang Chemicals Inc., Temix International SRL, Helm AG, Repsol S.A., Arch Chemicals Inc., HaiKe Chemical Group, Global Bio-chem Technology Group Co. Ltd., DuPont Tate & Lyle Bio Products LLC, Flint Group Holdings Limited, Hubergroup Deutschland GmbH, Wikoff Color Corporation, Zeller+Gmelin GmbH & Co. KG, Marabu GmbH & Co. KG, Nutec Digital Ink Ltd., Chemicoat Co. Ltd., Oleon NV, Penta Manufacturing Company, Kraft Chemical Company.
Asia-Pacific was the largest region in the propylene glycol market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the propylene glycol report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the propylene glycol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The propylene glycol market consists of sales of propylene glycol USP, inhibited propylene glycol, reclaimed propylene glycol, and dowfrost glycol. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.