Demand for Propylene Glycol in the pharmaceutical industry and cosmetic industry as humectant such will boost Propylene Glycol Market in the upcoming year. Moreover, the major factor driving the market growth is the application of unsaturated polyester resins (UPRs) in construction, marine and transportation industries. Moreover, use of Propylene Glycol is as an ingredient in engine coolants, deicing fluids, and antifreeze for aircraft deicing formulations and a coolant in the food industry is accelerating the growth of Propylene Glycol market. Furthermore, uses of Propylene glycol in production for hydraulic and brake fluids and as a solvent and extractant include alkyd resins, printing inks and coatings will contribute to Propylene Glycol Market growth during the forecast period.
Moreover, application of Propylene glycol (PG) to manufacture unsaturated polyester resins (UPRs), which is majorly consumed in in the construction, marine and transportation industries will also fuel the growth of Propylene Glycol market in the forecast period. Furthermore, uses of propylene glycol in making unsaturated polyester resins that is reinforced with fiberglass which is used in building panels, bathroom components, fixtures , corrosion-resistant tanks, pipes ,ducts, boats, passenger cars, trucks and recreational vehicles and major appliances will contribute in the growth of Propylene Glycol market in upcoming periods.
According to BlueWeave Consulting, The global Propylene Glycol Market is expected to grow with a significant rate during the forecast period 2018-2025 owing to demand of propylene glycol in Pharmaceutical, cosmetics, automotive and food & beverages.
Petroleum-based source of Propylene Glycol Market is projected to be the leading segment of the overall market during the forecast period
On the basis of Source type, the Propylene Glycol market has been segmented into petroleum based and bio source based. Petroleum-based dominates the global Propylene Glycol owing to its huge demand in transport and construction industry. Bio-based sources are the fastest growing market due to its eco-friendly manufacturing methods, reducing dependency on natural fossil fuel and helpful in reducing carbon emission.
Food, pharmaceuticals & cosmetics are projected to leading industry for utilizing applications of the Propylene Glycol during the forecast period
On the basis of application, the global Propylene Glycol market has been segmented into food, pharmaceuticals & cosmetics, liquid detergents, unsaturated polyester resin, antifreeze & functional fluids, plasticizers, and others. By application type, food, pharmaceuticals & cosmetics will lead the market owing to the use of propylene glycol as food additive coupled with growing consumers’ awareness for health consciousness and improved the living of standard. Unsaturated polyester resin will be the fastest growing market due to its application in making building panels, bathroom components, fixtures, and corrosion-resistant tanks.
Transportation Industry is anticipated to leading industry for using applications of the Propylene Glycol during the forecast period
On the basis of End-Use industry, the global Propylene Glycol market has been segmented into building & construction, food & beverage, transportation, pharmaceuticals & cosmetics, and others. Transportation industry will be leading industry due to the growing demand of propylene glycol in the automotive industry as engine coolant, making aircraft wings, pleasure boats, and ships coupled with rapid increment in manufacturing automotive vehicles. Application of propylene as food additives & food industry coolant will drive food & beverage market.
Asia accounts for lion’s share of the global Propylene Glycol Market during the anticipated period.
On the basis of region, the Propylene Glycol market has been segmental into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific dominates the world Propylene Glycol Market over the forecast period owing to rapid urbanization, rising disposable income, improvement in lifestyle and growing awareness about health. Moreover, due to rapid urbanization led to the growth of unsaturated polyester resins coupled with construction industry expansion. North America market is influenced by the demand of propylene glycol in the food industry & automotive industry.
Global Propylene Glycol Market Competitive Landscape
Companies, such as LyondellBasell, SABIC, Exxon Mobil Corporation, DuPont, INEOS, Total S.A., Formosa Plastics Group, China Petrochemical Corporation, LG Chem, and Sumitomo Chemicals are the key players in manufacturing of propylene glycol
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Global Propylene Glycol Market size & forecast. The report promises to provide state-of-the-art technology of Propylene Glycol production and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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