Propylene Glycol Market Overview
Propylene Glycol is a synthetic liquid substance that absorbs water. It is a type of synthetic organic compound with the chemical formula C₃H₈O₂ and can be used to make polyester compounds, and as a base for de-icing solution. Propylene Glycol is classified into two sub products, namely monopropylene Glycol and Dipropylene Glycol. The Propylene Glycol Market is estimated to grow at a CAGR of 3.95% during the forecast period 2018–2023. APAC is forecast to be the fastest growing market with a CAGR of 4.43% owing to the adoption of innovative solutions across applications such as unsaturated polyester resins and food, pharma, and cosmetics.
Propylene Glycol Market Outlook
Propylene Glycol is a clear, colorless liquid with the consistency of syrup, which is basically odorless and tasteless. It is hygroscopic which can attract water with low toxicity, and has outstanding stability, high flash and boiling point, as well as low vapor pressure and broad solvency. Propylene Glycol is employed in various functional areas such as transportation, building and construction, pharmaceuticals and others. The market for propylene glycol in building and construction is estimated to reach $1,586.14m by 2023, growing at a CAGR of 3.91% during the forecast period 2018–2023. The volume is projected to grow at a CAGR of 4.02% during the forecast period. The growth of the market value can be majorly attributed to the increasing commercial and residential construction.
Propylene Glycol Market Growth Drivers
The increased usage of propylene glycol in processed food and drinks, as well as in pharmaceuticals and industrial products is driving the Propylene Glycol market. Expansion of aftermarket and growing consumer awareness about the use of propylene glycol as a food additive are set to drive the market growth.
Propylene Glycol Market Challenges
Health Problems pertaining to propylene glycol is the major challenge faced by propylene glycol manufacturers. There are several health concerns associated with propylene glycol that can restrain the market growth. The Federal Drug Administration (FDA) classifies propylene glycol as an additive that is generally recognized as safe for use in food. Similarly, World Health Organization (WHO) has specified that the acceptable daily intake of propylene glycol as a food additive should be not more than 25 mg/ Kilogram of weight per 24 hours.
Propylene Glycol Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the propylene glycol market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the source of propylene glycol and their specific applications in various end user industries.
Propylene Glycol Market Report: Industry Coverage
Source in Propylene Glycol Market: Bio-based and Petroleum-based.
Applications in Propylene Glycol Market: Unsaturated polyester resins, Anti-freeze and functional fluids, Food, pharma and cosmetics, Liquid detergents and others.
The Propylene Glycol market report also analyzes the global region for the market. The regions and countries covered in the study include:
- North America: U.S, Canada, Mexico
- South America: Brazil, Argentina, Colombia
- Europe: U.K, Germany, Italy, France, Poland, Belgium, Spain, Russia
- APAC: China, Australia, South Korea, India, Japan
- Rest of the World: Middle East, Africa
Propylene Glycol Market Key Players Perspective
BASF SE is a major manufacturer of Propylene Glycols. The company has its headquarters in the Germany and operates in North America, South America, EMEA and Asia-Pacific regions. BASF SE, due to its broad range of products, constant product launches, and innovation has been successfully catering to a variety of customers.
Huntsman International LLC is the next leading player in the Propylene Glycol market. The company has its headquarters in the U.S and operates in China, Germany and Mexico.
Propylene Glycol Market Trends
- Among the biobased feedstock for the production of propylene glycol, glycerol is the most used feedstock. Glycerin is commonly extracted from soybeans, palm, or tallow. However, glycerol is also an abundant byproduct of biodiesel production. Currently, research and development activities are geared towards integrating refinery with petrochemicals, oil with chemicals, and gas with chemicals, which in turn leadsto increased production of petroleum-based propylene glycol.