The Growing Demand for Propylene Glycol From End-use Industries Like Transportation, Construction and Food and Beverages is Fueling the Growth of the Propylene Glycol Market During the Forecast Period 2022-2027

The Propylene Glycol Market size is estimated to reach US$5.3 billion by 2027, after growing at a CAGR of 4.2% during the forecast period 2022-2027. The growth of the Propylene Glycol market would be highly influenced by surging demand from transportation, construction, food & beverage and others. Propylene Glycol belongs to the same group as alcohol and has major applications in solvents, food additives, polyester compounds, deicing agents and others. The flourishing transportation sector, mainly automotive, is driving the propylene glycol industry. This is due to the wide utilization of propylene glycol in brake fluids, antifreeze, coolants and others. According to Statistics Canada, around 1.6 million new vehicles were registered in Canada in 2021, marking an increase of 6.5% over 2020. The growing demand from construction, food & beverage, medical & pharmaceutical and other industries are also fueling the growth scope for the Propylene Glycol industry. 

Propylene Glycol Market: The Transportation Industry Leads the Market

Based on the end-use industry, the Propylene Glycol market can be segmented into building & construction, transportation, food & beverage, cosmetics & personal care, medical & pharmaceutical and others. The leading segment in the propylene glycol industry has been evaluated to be the transportation industry. During the forecast period 2022-2027, the transportation industry is projected to grow at a CAGR of 4.5%. This can be attributed to growth factors such as an upsurge in public transportation, rising demand for electric vehicles and industrialization.

For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), global automotive production increased from 77,621,582 units in 2020 to 80,145,988 units in 2021. Thus, the propylene glycol industry would grow significantly as a result of emerging applications of Propylene Glycol in the transportation sector for deicing, coolants, hydraulic & brake fluids, antifreeze and others over the forecast period.

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Propylene Glycol Market: Asia-Pacific Holds the Largest Market Share

Based on geography, the Propylene Glycol market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, Asia-Pacific has emerged as the most profitable region. In 2021, the Asia-Pacific held a 42% share of the total revenues earned by the market globally. The APAC region is estimated to grow rapidly due to the established base for automotive, construction and robust urbanization trends. According to the India Brand Equity Foundation (IBEF), the automotive industry in India is expected to reach US$251.4-282.8 billion by the year 2026. Owing to the established base for the transportation industry, the propylene glycol market in APAC is expected to gain significant traction during the forecast period. The Propylene Glycol market would also gain demand from the North American region. The U.S. and Canada are emerging countries in the Propylene Glycol industry.  

Propylene Glycol Market: Competitive Landscape

Key companies holding major shares in the Propylene Glycol market are Dow, BASF SE, Temix Oleo, INEOS Oxide, Huntsman International, Haike Chemical Group Co., Ltd, Repsol, Shell Plc, ADEKA Corporation and LyondellBasell Industries N.V.