Global Propylene Glycol Market: Demand Analysis and Growth Forecast
As per the findings of a newly published market research report by IndustryARC, the global propylene glycol market size was around $3,655 million in 2018, and the market demand is projected to grow at a CAGR of around 3.9% during the forecast period of 2019 to 2025. The report is titled “Propylene Glycol Market: by application (unsaturated polyester resins, food, pharma, cosmetics, and others); by source (bio based and petroleum based); by end user (transportation, building and construction, and others); & by geography - forecast (2019 - 2025).”
The World Health Organization (WHO) suggests for an extreme consumption of 25 milligram/kilo gram /day of propylene glycol as a food additive, but exceeding this may be harmful to human body. Increasing usage of propylene glycol in automotive applications such as hydraulic and brake fluid, coolants and antifreeze, aircraft deicing fluid is fuelling the growth of the global propylene glycol market. Because of changing lifestyle across the globe, consumers are preferring convenience food which increasing the demand for propylene glycol as a food additive in the food & beverage industry. Low dose of propylene glycol is suggested in the fiction for intravenous therapy. Intoxication occurs at much higher doses than the WHO dose limit and it is limited to pharmacologic exposure.
Propylene glycol or propane 1,2 diol is a colorless, odorless, and hydroscopic synthetic organic compound used in the production of polymers. The synthetic organic compound is also known as α propylene glycol due to their properties varies from the isomer propane 1,3-diol.
Browse 62 Market Tables, 177 Figures spread through 144 slides and an in-depth TOC “Propylene Glycol Market (2019 - 2025)”
Global Propylene Glycol Market: Leading Segments
APAC is anticipated as the key region for the growth, with the maximum share of 32% during the forecast period. Due to rapid industrialization and urbanization, the construction industry is growing in this region. The surge in this sector is expected to use large amount of propylene glycol in the construction applications, which in turn drives the demand for propylene glycol market over the forecast period.
Analyst of the report says that, building and construction application is dominating among other diverse propylene glycol market application segments such as food, pharma, and cosmetics; it is estimated to grow with a good CAGR around 5.6% during the forecast period 2019-2025. Propylene glycol made unsaturated polyester resins are reinforced with fiber glass to form fibre glass reinforced plastics (FRPs), which are primarily used to make building panels, bathroom components, fixtures and corrosion-resistant tanks, pipes and ducts in the building and construction sector.
Global Propylene Glycol Market: Trends
- Propylene Glycol has replaced ethylene glycol as the base fluid for aircraft deicing formulations and a coolant in the food industry. Propylene glycol is preferred over ethylene glycol due to its much lower toxicity.
- Besides traditional sources, production of propylene glycol from bio raw materials has been developed in recent years. Bio based propylene glycol market is experiencing a surge owing to the component’s separation in several industries such as detergent & household, cosmetics, automotive, pharmaceutical, and construction.
- As the consumers are becoming eco-friendly, the demand for green buildings using propylene glycol has grown. Unsaturated polyester resins, which are produced from the bio based propylene glycol are used to manufacture the important products in construction industry such as electric components, paints and coatings, tanks, and ducts.
- Unsaturated polyester resins are the major propylene glycol downstream industry in terms of volume; production of antifreezes & coolants is the fastest growing application area for propylene glycol market.
Global Propylene Glycol Market: Competitive Landscape
Some of the major players operating in the global decorative paints market are The Dow Chemical Company, LyondellBasell Industries N.V., BASF SE, Archer Daniels Midland Company, Global Bio-chem Technology Group Co., Ltd., DuPont Tate & Lyle Bio Products Company, LLC, Huntsman Corporation, and SKC Co., Ltd. New Organization of the BASF SE Group has transferred its propylene oxide and propylene glycol business from the petrochemicals division to the monomers division in Jan, 2019. The reason behind the transformation is to increase their competitiveness through technological leadership and operational excellence.
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Monopropylene Glycol Market: By Grade (Food-Grade, Industrial), By Production Method (Catalytic, Non- Catalytic), By Application (Food Colorings, Solvent, Printing Inks, Non-ionic Detergents, Sugar Refining, Paper Making, Dehydrating Agent, Moisturizer, Emulsifier, Excipient, Anti-freezing Agent, Chemical Intermediate, Chemical Feedstock, Humectant, Preservative, Vaporizers, Veterinary Medicine), By End-User Industry (Paints & Coatings, Cryonics, Pharmaceutical, Food & Beverages, Cosmetics & Personal Care, Aerospace, Detergents, Automotive, Others), By Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) Forecast (2018 2023)
Polyalkylene Glycol Market: By Type (PEG, PPG, and Others), By Solubility (Oil, Mineral Oil, and Water Soluble), By Application (Lubricants, Surface Active Agents, Pharmaceutical, Personal Care, and Others) & By Region - Forecast(2018 - 2023)
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