Propylene Glycol Market Trends, Share, Size, Growth, Opportunity and Forecast -2024”, offers a comprehensive analysis of the industry, which comprises insights on Propylene Glycol market growth. The global propylene glycol market size was valued at USD 3.8 billion in 2019 and is projected to reach USD 4.7 billion by 2024, growing at a cagr 4.4% from 2019 to 2024. This report gives a historical overview of the Propylene Glycol market trends, growth, revenue, capacity, cost structure, and key driver’s analysis.
What is Propylene Glycol industry?
Propylene glycol is a colorless, odorless, and nearly tasteless liquid that is widely used in a variety of industries. The propylene glycol industry refers to the production and sale of propylene glycol and its derivatives, as well as the development of new applications for this versatile chemical.
Propylene glycol is used as a humectant, solvent, and preservative in a range of consumer goods, including food, personal care products, and pharmaceuticals. It is also used as a base for creating unscented and flavored e-liquids for electronic cigarettes and as a de-icing agent for aircrafts.
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Key highlights of the report:
- Market Performance
- Market Outlook (2019- 2024)
- Porter's Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
What are the key industry trends of the global propylene glycol market?
Propylene glycol is a colorless, odorless, and tasteless liquid that is widely used as a solvent, humectant, and preservative in a variety of industries, including food, cosmetics, pharmaceuticals, and electronics. The market for propylene glycol has been growing steadily in recent years due to increasing demand for its applications and the growing popularity of natural and organic products.
Some of the key trends driving the propylene glycol market include:
- Growing demand for natural and organic products: The demand for natural and organic products has been increasing, leading to a growing demand for propylene glycol derived from natural sources.
- Rising demand for e-cigarettes and vapor products: Propylene glycol is used as a key ingredient in e-cigarettes and vapor products, and the growing popularity of these products is driving demand for propylene glycol.
- Increased demand for personal care products: Propylene glycol is used in a wide range of personal care products, including lotions, creams, and hair care products, and the increasing demand for these products is driving demand for propylene glycol.
- Growing use in the food industry: Propylene glycol is used as a humectant and a preservative in the food industry, and the growing demand for processed and packaged foods is driving demand for propylene glycol.
Overall, the propylene glycol market is expected to continue growing in the coming years, driven by increasing demand for its applications in various industries.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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, LLC (US)
- Huntsman Corporation (US)
- SKC Co., Ltd. (South Korea)
- Temix International S.R.L. (Italy)
- Ineos Oxide (Switzerland)
APAC to be the fastest-growing market for propylene glycol during the forecast period
Propylene glycol is a versatile chemical compound used in a wide range of industries, including food and beverage, pharmaceuticals, cosmetics, and personal care. It is primarily used as a humectant, solvent, and preservative, and is valued for its low toxicity and ability to mix with water and other solvents.
In recent years, the Asia-Pacific (APAC) region has emerged as the fastest-growing market for propylene glycol. There are several factors driving this trend:
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Growing demand from end-use industries: The food and beverage, pharmaceuticals, cosmetics, and personal care industries are all expanding rapidly in the APAC region. As a result, there is a significant increase in demand for propylene glycol, which is a key ingredient in many products produced by these industries.
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Increasing disposable income: With rising disposable incomes in countries like China and India, there has been a significant increase in demand for consumer goods, including cosmetics, personal care products, and packaged food and beverages. These products often contain propylene glycol, further driving demand in the region.
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Favorable government policies: Many governments in the APAC region are implementing policies and regulations to promote the use of propylene glycol in various industries.
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“Bio-based propylene glycol to register the highest CAGR in the global propylene glycol market"
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.
“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.
Table of Contents:
- Executive Summary
- Scope/opportunities of the Propylene Glycol Market Report
- Research Methodology
- Propylene Glycol Landscape
- SWOT Analysis
- Market Sizing
- Propylene Glycol Market Segmentation
- Customer Landscape
- Regional Landscape
- Business Decision Framework
- Drivers And Challenges
- Propylene Glycol Key Trends
- Players Landscape
- Players Analysis
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