Market Size of Propylene Glycol Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 4.09 Million tons |
| Market Volume (2029) | 5.75 Million tons |
| CAGR (2024 - 2029) | > 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Propylene Glycol Market Analysis
The Propylene Glycol Market size is estimated at 4.09 Million tons in 2024, and is expected to reach 5.75 Million tons by 2029, growing at a CAGR of greater than 7% during the forecast period (2024-2029).
The COVID-19 pandemic had negatively impacted the market due to nationwide lockdowns, strict social distancing measures, and disruption in supply chains, which negatively affected the transportation, building, and construction end-user industries, thereby affecting the market for propylene glycol. However, the market recovered well after the restrictions were lifted. The market recovered significantly, owing to the rise in consumption of propylene glycol transportation and pharmaceuticals end-user industries.
- The increasing demand from the food-processing and additives industry, the growing demand from the automotive industry, and the rising demand for solvents from various end-user industries are expected to drive the market for propylene glycol.
- The health issues created by the high consumption of propylene glycol are expected to hinder the market's growth.
- The development of industrial-scale direct synthesis methods for propylene glycol production is expected to create opportunities for the market during the forecast period.
- The Asia-Pacific region is expected to dominate the market due to rising demand for propylene glycol in transportation, building and construction, and pharmaceutical end-user industries.
