The Global Propylene Glycol market is projected to reach the valuation of USD 3,933.94 Million by 2026 with a CAGR of 2.26%
Published | 13 March 2019
Global Propylene Glycol Market has gained the
momentum in recent years with a CAGR of 2.26%, in value terms, over the
forecast period 2020-2026, and expected to reach at USD 3,933.94 Million by
2026. The
production of specialty chemicals will receive gains from end-use applications
such as oilfield chemicals, coatings, electronic chemicals, adhesives, flavors,
cosmetic chemicals, and fragrances. The surge in the demand for specialty
chemicals will also remain sustained, on account of the growth in industrial
and construction activities in the future. Application of Propylene Glycol as
an ingredient in engine coolants, deicing fluids, antifreeze and which are also
helpful in making base fluid for aircraft deicing formulations and a coolant in
the food industry will boom the global propylene glycol market.
Pharmaceuticals
& Cosmetics is playing major role to drive the Propylene Glycol market
Pharmaceutical & Cosmetics industries is leading the
market during the forecast period 2020-2026. Propylene glycol (CH8O2) is a
commonly used drug solubilizer in topical, oral, and injectable medications. Rising
investment in pharmaceutical sector due to various outbreak of chronic diseases
& Covid-19 across the world will escalate the propylene glycol market
growth rate owing to its application as excipient in medicines and raw material
in sanitizers. Many European countries such as France, Italy, etc. are leading
manufacturers of cosmetics and personal care products, these countries are also
home of some of the leading brands, which makes it suitable destination for
propylene market.
BioBased is the
major driver for the global Propylene Glycol market
The demand for bio-based chemicals has thus increased as the
chemical industry aims for sustainability and commercialization of their
products. Bio-based propylene glycol is obtained from renewable sources and can
be put to diverse application, which is a key factor fueling its demand in the
chemical industry. Bio-based propylene glycol has a low toxicity level and many
bio-based propylene glycol products are listed as GRAS (generally recognized as
safe) for use in food and pharmaceuticals.
Rising demand of
humectant
Propylene glycol is one of the most commonly used humectants
substances that have a high affinity for water and have a stabilizing action on
the water content of a material. The demand for humectants market in recent
years has grown due to the increase in its usage for prolonging the shelf life
of a product by retaining moisture and increasing product's effectiveness.
Growing demand of humectants from food & beverage based applications is
quite common. For instance, glucose syrup and honey are most frequently used as
humectants which not only helps to retain the shape of the product but also
helps in preservation for a longer period of time. Additionally, use of
humectant as an ingredient is common among many personal care & cosmetic
products. These products are generally used as moisturizers i.e., hair
conditioners, lip balms, face or body cleansers, creams as well as body lotions
along with transforming changes in cosmetics and lifestyle will propel the
global Propylene glycol market.
Asia Pacific is expected to witness
significant growth in the market during the forecast period
Propylene glycol
production from bio-based materials is possible since it involves conversion of
glycerine (e.g. lower grades of glycerine from biodiesel production) by
hydrogenation to this substance. it is already commonly used in certified
natural and organic cosmetics. As such this area of the cosmetics segment
represents an opportunity for further development and growth of bio-based
chemicals in Asia-Pacific region. Developing economies in Asia Pacific region
will show a robust growth rate in near future supported by increasing urbanization.
It is expected that market is expected to get consolidated in Asian countries
due to rising demand of unsaturated polyester resins.
Propylene Glycol: Competitive Landscape
Companies such as The Dow Chemical Company, LyondellBasell
Industries N.V., SABIC, Archer Daniels Midland Company, BASF SE Company, Huntsman International LLC., Exxon Mobil
Corporation, Dupont Company, Total S.A., Formosa Plastics Corporation, LG Chem
Ltd., Sinopec, Sumitomo Chemical Co., Ltd., Royal Dutch Shell PLC, INEOS are
the key players in manufacturing of propylene glycol.
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