PUBLISHER: The Business Research Company | PRODUCT CODE: 1526894
PUBLISHER: The Business Research Company | PRODUCT CODE: 1526894
Bio-based propylene glycol is a sustainable alternative to traditional propylene glycol, derived from renewable biomass feedstocks such as plants, agricultural byproducts, or waste materials. It possesses similar chemical features and capabilities to its petroleum-derived counterpart but reduces reliance on fossil resources.
The main types of bio-based propylene glycol are bio-based 1,2-propylene glycol and bio-based 1,3-propylene glycol. Bio-based 1,2-propylene glycol is a renewable and eco-friendly glycol sourced from biological origins, extensively used in food, pharmaceuticals, and cosmetics. Its applications include solvents, chemical intermediates, unsaturated polyester adhesives, antifreeze, coolants, and more. End-users in various industries such as food processing, building and construction, cosmetics, automotive, pharmaceuticals, transportation, detergents and household products, marine, among others, utilize bio-based propylene glycol.
The bio-based propylene glycol research report is one of a series of new reports from The Business Research Company that provides bio-based propylene glycol market statistics, including the bio-based propylene glycol industry's global market size, regional shares, competitors with a bio-based propylene glycol market share, detailed bio-based propylene glycol market segments, market trends and opportunities, and any further data you may need to thrive in the bio-based propylene glycol industry. This bio-based propylene glycol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The bio-based propylene glycol market size has grown steadily in recent years. It will grow from $4.34 billion in 2023 to $4.53 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to increased environmental awareness, growth in investments in the bio-based industry, increased crude oil prices, a heightened focus on reducing carbon footprints, and growth in the global economy.
The bio-based propylene glycol market size is expected to see steady growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to increasing awareness and demand for sustainable and eco-friendly ingredients, rising disposable income levels, increased utilization in automotive and general industries, growing demand for green buildings, and a growing need to reduce fuel emissions. Major trends in this period include technological advancements, improvements in bio-refineries, a heightened focus on sustainable products, rising demand for renewable goods, and advancements in cosmetics.
The increasing investment in renewable energy is set to drive the growth of the bio-based propylene glycol market in the coming years. Investment in renewable energy involves allocating finances towards sustainable energy sources such as wind, solar, hydro, and biomass. This rise in investment signifies a global shift towards sustainable and environmentally friendly methods of power generation. It has also facilitated the production of bio-based propylene glycol by enabling the development of sustainable processes using bio-based feedstocks. For example, the International Energy Agency reported in May 2023 that global clean energy investment increased from $1,617 billion in 2022 to $1,740 billion in 2023, indicating a gradual move towards sustainable energy solutions. Consequently, the increasing investment in renewable energy is fueling the growth of the bio-based propylene glycol market.
Key companies in the bio-based propylene glycol market are focusing on developing propylene glycol REN with ecolibrium bio-circular technology to improve sustainability and reduce carbon footprints. Propylene Glycol REN with Ecolibrium bio-circular technology refers to a sustainable form of propylene glycol made from renewable, bio-based feedstocks through an environmentally friendly process. For instance, Dow Inc. launched bio-circular and circular feedstocks in March 2024, two sustainable varieties of propylene glycol solutions in North America. These solutions aim to decrease the environmental impact of the company's operations and products by utilizing renewable resources and minimizing waste. The bio-circular feedstocks are designed to replace traditional fossil-based feedstocks, promoting a more sustainable and environmentally friendly manufacturing approach.
In April 2022, Braskem SA partnered with Sojitz Corporation to produce biobased ethylene glycol and propylene glycol. This collaboration leverages Sojitz's presence in Asia and Braskem's expertise in producing and selling chemicals and plastics from renewable sources, including bio-based propylene glycol. Sojitz Corporation plays a key role in the development of bio-based propylene glycol through this partnership.
Major companies operating in the bio-based propylene glycol market are Shell Chemicals, Cargill Incorporated, Archer Daniels Midland Company, Repsol SA, ORLEN Poludnie SA, BASF SE, Dow Inc, LyondellBasell Industries N.V., Braskem SA, Huntsman Corporation, Clariant AG, Ashland Global Holdings Inc, Tate & Lyle Bio PLC, Global Bio-chem Technology Group Company Limited, Oleon NV, Houghton Chemical Corporation, Ayas Renewables Inc, Rennovia Inc., Vertec Biosolvents Inc., NexantECA
Asia-Pacific was the largest region in the bio-based propylene glycol market in 2023. The regions covered in the bio-based propylene glycol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the bio-based propylene glycol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bio-based propylene glycol market consists of sales of industrial-grade bio-based propylene glycol, food-grade bio-based propylene glycol, and pharmaceutical-grade bio-based propylene 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.
Bio-Based 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 bio-based 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 bio-based 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 bio-based 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.