|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
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The propylene glycol market is expected to register a CAGR greater than 5% during the forecast period (2022-2027).
- Petroleum-based propylene glycol is expected to lead the global market during the forecast period due to its increasing use in the transportation, building, and construction industries.
- Health hazards due to exposure to propylene glycol may slow down the market growth.
- The development of an industrial-scale direct synthesis method for propylene glycol production is the major factor that will drive the market in the future.
- The Asia-Pacific region is expected to dominate the market, and it is also expected to witness the highest CAGR during the forecast period.
Scope of the Report
Propylene glycol is a viscous, colorless liquid that is odorless but possesses a faintly sweet taste. Polypropylene glycol is a major component in the production of polymers. The propylene glycol market is segmented by Grade (Industrial, Food and Beverages, and Pharmaceutical), Application (Flavoring Agent, Antifreeze and Deicer Agent, Unsaturated Polyester Resins, Chemical Intermediates, and Other Applications), End-user Industry (Transportation, Building and Construction, Food and Beverage, Personal Care, Pharmaceuticals, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa). The report also covers the market sizes and forecasts for the Propylene Glycol Market in 15 countries across the major region. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
|Food and Beverage|
|Antifreeze and Deicer Agent|
|Unsaturated Polyester Resins|
|Other Applications (Antioxidants, Household Care, etc.)|
|Building and Construction|
|Food and Beverages|
|Other End-user Industries (Electronics, Paints and Coatings, etc.)|
Key Market Trends
Increasing Usage in the Transportation Industry
- Propylene glycol is used in fire-resistant brake and hydraulic fluids, as a coolant in the transportation industry for applications like engine cooling, as a raw material for de-icing planes, and as a heat transfer fluid for high-temperature applications.
- The unsaturated polyester resins can also be reinforced with fiberglass in order to produce products like corrosion-resistant tanks, pipe ducts, and others, which are widely used in the production of vehicles and ships.
- The growing developments in vehicles, specifically related to safety and comfort, and the rebound in consumer demand, are expected to support the demand for materials like propylene glycol in the coming years.
- According to ACEA, in 2021, hybrid electric vehicles accounted for 19.6% of all new passenger cars registered across the EU, compared to 11.9% in 2020. Electrically chargeable vehicles also saw a strong increase in sales, making up 18.0% of total car registrations, up from a 10.5% share in 2020.
- According to OICA, global automobile production rose from 52,146,292 in the first nine months of 2020 to 57,262,777 during the same period in 2021.
- Owing to all these factors, the market for propylene glycol is expected to grow across the world during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The increasing population in the region is leading to a rise in construction activities in the countries like China and India. This is projected to increase the demand in this region.
- It is used to prepare unsaturated polymer resins that have a wide range of applications. These resins are used to make construction products like duct pipes and floor sheets, among others. In the paint industry, propylene glycol is used as a solvent in paints.
- China is expected to spend nearly USD 13 trillion on buildings by 2030. According to the National Bureau of Statistics of China, the construction output value in the country increased from CNY 9.6 trillion in 2010 to CNY 26.59 trillion in 2020.
- According to the Ministry of Statistics and Programme Implementation, the construction sector in India is estimated to rise in double digits in 2022, rebounding from an 8.6% contraction in 2020. Furthermore, according to India Brand Equity Foundation (IBEF), in 2021, the Indian Finance Ministry announced an outlay of USD 26,578.3 million that will be utilized over five years for the pharmaceutical PLI scheme.
- Propylene glycol is also used in various edible items such as coffee-based drinks, liquid sweeteners, ice cream, whipped dairy products, and sodas, which have a huge demand in this region.
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The propylene glycol market is partially fragmented in nature. Some of the major players in the market include (not in any particular order) LyondellBasell Industries Holdings BV, INEOS, BASF SE, Repsol, and Dow.
The recent developments pertaining to the major players in the market are being covered in the complete study.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Demand for Petroleum-based Propylene Glycol
4.1.2 Increasing Demand in the Automotive Industry
4.2.1 Health Hazards on Exposure
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1.2 Food and Beverage
5.2.1 Flavoring Agent
5.2.2 Antifreeze and Deicer Agent
5.2.3 Unsaturated Polyester Resins
5.2.4 Chemical Intermediates
5.2.5 Other Applications (Antioxidants, Household Care, etc.)
5.3 End-user Industry
5.3.2 Building and Construction
5.3.3 Food and Beverages
5.3.4 Personal Care
5.3.6 Other End-user Industries (Electronics, Paints and Coatings, etc.)
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.4.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.4.4 South America
184.108.40.206 Rest of South America
5.4.5 Middle East & Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 ADEKA CORPORATION
6.4.2 AGC Chemicals
6.4.3 BASF SE
6.4.4 Chaoyang Chemicals Inc.
6.4.6 Golden Dyechem
6.4.7 Grupo Idesa SA de CV
6.4.10 LyondellBasell Industries Holdings BV
6.4.11 Manali Petrochemicals Limited
6.4.12 Polioles S.A. de CV
6.4.14 Shell PLC
6.4.15 SKC Chemie Pvt. Ltd
6.4.16 Sumitomo Chemical Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of Industrial-scale Direct Synthesis Method for Propylene Glycol Production
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Frequently Asked Questions
What is the study period of this market?
The Propylene Glycol Market market is studied from 2017 - 2027.
What is the growth rate of Propylene Glycol Market?
The Propylene Glycol Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Propylene Glycol Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Propylene Glycol Market?
North America holds highest share in 2021.
Who are the key players in Propylene Glycol Market?
LyondellBasell Industries Holdings B.V., INEOS, BASF SE, Repsol, Dow are the major companies operating in Propylene Glycol Market.