Propylene Glycol Market:
Growth opportunities in the Propylene Glycol Market look promising over the next six years. This is mainly due to the rapid boost in the medical industry and the expanding consumption of petrochemicals.
Propylene Glycol Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting consumption of petrochemicals throughout the world is a crucial driver responsible for the growth of the global propylene glycol market. For instance, in accordance with the “Department of Chemicals and Petrochemicals India,” the petrochemical industry contributes approximately 30% to India’s total chemical industry. The rise in consumption of petrochemicals from 31,693 thousand metric tons to 36,813 thousand metric tons from 2014-2018 is strengthening the propylene glycol market share. Also, China has an extensive base of consumers for propylene glycols, and their extended capacities further present the accelerating demand. Chinese companies that have enlarged the propylene capacity are Nanjing Chengzhi Clean Energy, Zhejiang Satellite Petrochemical, Liaocheng Meiwu New Materials Technology, and Shenzhen Junengyuan.
The swift growth in the pharmaceutical industry has accelerated the market demand to make topical and injectable formulations, such as oral, and perform like a carrier and solvent, which has prompted the market growth. However, colossal demand to shift to petroleum base has hampered the propylene glycol market size.
End-User Segment Drivers
Based on the end-user, home and personal care is projected to witness a faster CAGR during the forecast period. This is attributed to the millennial consumer inclination in favor of valuable cosmetics and personal care products. The DOW Chemical Company imparts industrial grade propylene glycol where it behaves as an extraction solvent and flotation agent.
Regional Drivers
Based on the regional coverage, Asia-Pacific is projected to expand at a higher CAGR in the market over the forecast period. This is owing to the growing production capabilities. As per a report published by the GCC petrochemicals and Chemicals Industry, Asia, in 2017, contributed nearly 49% to the total production. It will be 59% by the end of 2027, reflecting a rise of 10% during the period. In addition, the robust prevalence of leading players has escalated the demand, which is thereby fuelling the market growth.
Propylene Glycol Market’s leading Manufacturers:
- Royal Dutch Shell PLC.
- SKC Co., LTD.
- Huntsman Corporation
- Archer Daniels Midland Company (ADM)
- The DOW Chemical Company
- Temix Oleo S.R.L.
- DuPont Tate & Lyle Bio Products, LLC
- Global Bio-Chem Technology Group Co., LTD.
- BASF SE
- LyondellBasell Industries N.V.
Propylene Glycol Market Segmentation:
Segmentation by Source
- Petroleum Based
- Bio-Based
Segmentation by Application
- Unsaturated Polymer Resins
- Antifreeze & Functional Fluids
- Plasticizers
- Excipients
- Others
Segmentation by End-User
- Transportation
- Home & personal care
- Pharmaceuticals
- Building & construction
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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