Propylene Glycol Market

Propylene Glycol Market size reached USD 4.2 billion in 2021 and is estimated to reach USD 6.0 billion in 2029 and the market is estimated to grow at a CAGR of 4.6% from 2022-2029.

Introduction of the Propylene Glycol Market Report

Propylene glycol is a glutinous, colourless liquid, which is almost odorless but retains a faintly sweet taste. It is most widely used in personal care and cosmetics products, which includes cleansers, bath, soaps, moisturizers, among others. With the rising demand for chemicals and petrochemicals across the globe, propylene glycol is anticipated to surge in the coming years.

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Market Dynamic

Key Drivers and Emerging Trends

Rising consumption of petrochemicals across the globe has pushed the propylene glycol market globally, as propylene glycol is a petrochemical. For instance, according to the “Department of Chemicals and Petrochemicals India”, the petrochemical industry contributes to near about 30% to India’s total chemical industry. The consumption of petrochemicals has increased from 31,693 thousand metric tons to 36,813 thousand metric tons from the 2014-2018 period, which has boosted the growth of the market. In addition, China has a wide base of consumers for propylene glycols, and the expanded propylene capacities further reflects the growing demand. For instance, companies in China that have expanded the propylene capacity are Zhejiang Satellite Petrochemical, Liaocheng Meiwu New Materials Technology, Shenzhen Junengyuan, Nanjing Chengzhi Clean Energy.

Furthermore, the rapid expansion of the pharmaceutical industry across the globe is a factor that has surged the demand for propylene glycol for making topical and injectable formulations, including oral and acts as a carrier and solvent, which has pushed the growth of the chemical sector and propylene glycol market.

Restraint in the Propylene Glycol Market

However, high demand in switching to petroleum base, is a factor that is likely to hamper the growth of the market.

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Source – Segment Analysis

Based on the source, bio-based is witnessed to grow at a higher CAGR in the market over the forecast period. This is due to the rise in inclination towards bio-based propylene glycol as it used to reduce almost 70% to 80% of CHG emission compared with petroleum-based propylene glycol. It is used by various industries like cosmetics, pharmaceuticals, food, electronics, and reduces greenhouse gas emissions.

End-User – Segment Analysis

Based on the end-user, home and personal care is expected to grow at a higher CAGR in the market over the forecast period. This is due to the millennial’s consumer preferences for valuable cosmetics and personal care products, which has pushed the growth of the market. For instance, The DOW Chemical Company, offers industrial grade propylene glycol where it acts as extraction solvent and flotation agent.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is witnessed to grow at a higher CAGR in the market over the forecast period. This is due to the increasing production capacity of the region, which is expected to change the region’s landscape. According to a report published by the GCC petrochemicals and Chemicals Industry, in 2017, Asia contributed around 49% to the total production. By the end of 2027, it will be 59%, reflecting an increase of 10% during the period.  In addition, due to the strong presence of the key players in the region, the demand for the product has increased which has led to an increase in the market share of the global propylene glycol market.

Top Market Players

Various notable players operating in the market, include, The DOW Chemical Company, LyondellBasell Industries N.V., Archer Daniels Midland Company (ADM), BASF SE, Huntsman Corporation, Global Bio-Chem Technology Group Co., LTD., SKC Co., LTD., DuPont Tate & Lyle Bio Products, LLC, Royal Dutch Shell PLC., Temix Oleo S.R.L., among others. 

Key Developments:

• • In 2019, LyondellBasell Industries N.V. announced the increase in prices of some propylene glycol products like Di-Propylene Glycol Industrial Grade (DPGI), Tri-Propylene Glycol Acrylate Grade (TPGA), and others, which reflects the rising demand of the product in the market.

Segments covered in the Report:

The global propylene glycol market has been segmented on the basis of source, application, end-user, and regions. Based on source, the market is segmented into petroleum based and biobased. Based on application, the market is segmented into unsaturated polymer resins, antifreeze & functional fluids, plasticizers, excipients, and others. Based on end-user, the market is segmented into transportation, home & personal care, pharmaceuticals, building & construction and others. 

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Key questions answered in this research report:

• • At what pace is global propylene glycol market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in propylene glycol market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global propylene glycol market?
  • Which source generated maximum revenues in 2021 and identify the most promising source during the forecast period?
  • What are the various application areas of global propylene glycol market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 4.2 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Source, By Application, By End-User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	The DOW Chemical Company, LyondellBasell Industries N.V., Archer Daniels Midland Company (ADM), BASF SE, Huntsman Corporation, Global Bio-Chem Technology Group Co., LTD., SKC Co., LTD., DuPont Tate & Lyle Bio Products, LLC, Royal Dutch Shell PLC., Temix Oleo S.R.L., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Propylene Glycol Market by Source

• • Petroleum Based
  • Bio-Based

Global Propylene Glycol Market by Application

• • Unsaturated Polymer Resins
  • Antifreeze & Functional Fluids
  • Plasticizers
  • Excipients
  • Others

Global Propylene Glycol Market by End-User

• • Transportation
  • Home & personal care
  • Pharmaceuticals
  • Building & construction
  • Others

Global Propylene Glycol Market by Region

• • North America Propylene Glycol Market (Option 1: As a part of the free 25% customization)
    • By Source
    • By Application
    • By End-User
    • US Market All-Up
    • Canada Market All-Up
  • Europe Propylene Glycol Market (Option 2: As a part of the free 25% customization)
    • By Source
    • By Application
    • By End-User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Propylene Glycol Market (Option 3: As a part of the free 25% customization)
    • By Source
    • By Application
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Propylene Glycol Market (Option 4: As a part of the free 25% customization)
    • By Source
    • By Application
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Propylene Glycol Market All-Up

Major Players Operating in the Propylene Glycol (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • The DOW Chemical Company
  • LyondellBasell Industries N.V.
  • Archer Daniels Midland Company (ADM)
  • BASF SE
  • Huntsman Corporation
  • Global Bio-Chem Technology Group Co., LTD.
  • SKC Co., LTD.
  • DuPont Tate & Lyle Bio Products, LLC
  • Royal Dutch Shell PLC.
  • Temix Oleo S.R.L.