The propylene glycol industry is a sector that involves the production, distribution, and use of propylene glycol (PG), a chemical compound that belongs to the alcohol family. Propylene glycol is a clear, colorless, and odorless liquid with a variety of applications across different industries. The propylene glycol market size is projected to reach USD 4.7 billion by 2024 from USD 3.8 billion in 2019, at a CAGR of 4.4%. 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.
Browse 130 market data Tables and 58 Figures spread through 176 Pages and in-depth TOC on "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"
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The scope of the propylene glycol industry is broad, as it serves various end-use industries. Here are some of the major sectors that utilize propylene glycol:
Food and Beverage: Propylene glycol is commonly used as a food additive, primarily as a humectant and solvent in food and beverage products. It helps to maintain moisture, texture, and consistency in a wide range of processed foods, including baked goods, dairy products, beverages, and confectioneries.
Pharmaceuticals: Propylene glycol is extensively used in the pharmaceutical industry as a solvent, excipient, and preservative in oral, topical, and injectable medications. It helps to enhance the solubility of active pharmaceutical ingredients (APIs), stabilize formulations, and improve drug delivery systems.
Personal Care and Cosmetics: Propylene glycol is a key ingredient in various personal care and cosmetic products. It is used as a solvent, humectant, and emulsifier in items such as moisturizers, lotions, creams, hair care products, deodorants, and makeup. It helps to maintain product stability, enhance texture, and improve skin absorption.
Industrial Applications: Propylene glycol finds applications in a range of industrial sectors. It is used as a coolant and antifreeze in HVAC systems, as a heat transfer fluid in industrial processes, and as a solvent in paints, coatings, and inks. It is also utilized in the manufacturing of polyester resins, unsaturated polyester compounds, and polyurethane foams.
Automotive: Propylene glycol is utilized as an automotive antifreeze and coolant. It helps to prevent the freezing and boiling of engine coolant, thus ensuring proper engine operation and protection against corrosion.
Other Applications: Propylene glycol has additional applications in areas such as veterinary medicine, pet food, tobacco products, and electronic cigarettes, where it is used as a solvent and carrier for flavors and active ingredients.
"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).
