The Monopropylene Glycol Market size is estimated to reach US$4.2 billion by 2027, after growing at a CAGR of 4.6% during the forecast period 2022-2027. The growth of the Monopropylene Glycol market will be highly influenced by surging demand from automotive, food, building & construction and others. Monopropylene Glycol is a clear liquid, obtained through propylene oxide and is miscible in liquids such as acetone and chloroform. The increasing utilization of monopropylene glycol in polyester resins for applicability in paint, coatings, solvents and others in the construction sector is driving the monopropylene glycol market. For instance, according to the United States Census Bureau, the total construction spending in the US increased from a seasonally adjusted annual rate of US$1.62 million in May 2021 to US$1.77 million in May 2022. The growing construction industry, along with a flourished base for automotive, aerospace, food & beverage and other sectors is fueling the growth scope for the monopropylene glycol industry.
Monopropylene Glycol Market: Leading Segment is the Paints & Coatings Applications
Based on the applications, the Monopropylene Glycol market can be segmented into food pigment, antifreezers, industrial coolants, additives, paints & coatings, liquid detergents, hand sanitizers, building panels and others. The leading segment in the monopropylene glycol industry has been evaluated to be paint & coatings. During the forecast period 2022-2027, the paints & coatings application is projected to grow with a CAGR of 4.1%. This can be attributed to the increasing utilization of paint & coatings in the construction sector for building panels, tiles, roofing and others. For instance, according to Oxford Economics, the global construction output in 2020 accounted for US$ 10.7 trillion and is projected to grow by 42% to reach USD 15.2 trillion between 2020 and 2030. Thus, the monopropylene glycol industry will grow significantly as a result of emerging paint & coatings applications of monopropylene glycol in building & construction over the forecast period.
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Monopropylene Glycol Market: Leading Region is the Asia-Pacific
Based on geography, the Monopropylene 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 prosperous region. In 2021, the Asia-Pacific held a 39% share of the total revenues earned by the market globally. The APAC region is estimated to grow rapidly due to the established base for the building & construction industry, upsurge in the food & beverages sector and industrialization. The food & beverage sector is lucratively growing in APAC due to rising consumption of ready-to-eat food items, bolstering the growth of retail food outlets and changing lifestyles.
Thus, with robust growth scope for monopropylene glycol in the food & beverage sector, automotive, building & construction and other industries across APAC countries, the monopropylene glycol industry will emerge significantly in over the forecast period. The monopropylene glycol market will also gain demand from the North American region. The USA, Canada and others are emerging countries in the monopropylene glycol industry.
Monopropylene Glycol Market: Competitive Landscape
Key companies holding major shares in the Monopropylene Glycol market are Royal Dutch Shell Plc, LyondellBasell Industries N.V, Huntsman Corporation, Chemtex Specialty Limited, Solventis Ltd., Banner Chemicals Limited, The Dow Chemical Company, Airedale Chemical, The Archer Daniels Midland Company and INEOS
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