Global Propylene Glycol Market By Source (Petroleum-Based, Bio-Based), Application (Antifreeze & Functional Fluids, Unsaturated Polyester Resin, Food, Pharmaceuticals & Cosmetics, Plasticizers, Liquid Detergents) End-User (Building & Construction, pharmaceuticals & cosmetics, transportation and food & beverage), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Propylene Glycol Market
Global propylene glycol market is expected to rise to an estimated value of USD 2,382.59 million by 2026, registering a substantial CAGR in the forecast period of 2019-2026. The rise in the market value can be attributed to the growing demand from Asia-Pacific region and eco-friendly production process.
Market Definition: Global Propylene Glycol Market
Propylene glycol is a tasteless, colorless and an odorless liquid, which is also referred as PG with a chemical formula C₃H₈O₂. It is highly soluble, has a high boiling point, less toxic and stable. It is mostly used in plasticizer, hydraulic fluids, electronic cigarettes, medication, processed foods, cosmetic products and many more applications.
- Eco-friendly production process; this factor can act as a driver for the market in the forecast period
- Growing demand from Asia-Pacific region will propel the growth of market in near future
- Huge demand of propylene glycol in varied applications; this factor will also drive the market in the forecast period
- Demand in switching to petroleum based; this factor will act as a restrain for the market
- High investment in research and development activities will also act as a restrain for the market
Global Propylene Glycol Market Segmentation:
- Propylene Oxide
- Antifreeze & Functional Fluids
- Hydraulic & Brake Fluid
- Aircraft Deicing Fluid
- Automotive Coolants
- Heat Transfer Fluid
- Unsaturated Polyester Resin
- Reinforced Thermoset
- Sheet Molding Compounds
- Reinforced Plastic Laminates
- Electrical Components
- Non-Reinforced Thermoset
- Synthetic Marble Casting
- Gel Coats
- Reinforced Thermoset
- Food, Pharmaceuticals & Cosmetics
- Skin Care
- Dental Care
- Therapeutic Drugs and Medicines
- Phenolic Resin
- Cellophane Film
- Liquid Detergents
- Household & Dishwashing
- Industrial Soaps & Cleaning Fluids
- Building & Construction
- Pharmaceuticals & Cosmetics
- Food & Beverage
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In June 2019, Lyondell Chemical Company announced that they are planning to increase the prices of some of their propylene glycol products, in South and North America. The list of the products include propylene glycol USP/EP Grade (PG USP/EP), Di-Propylene Glycol Industrial Grade (DPGI), Tri-Propylene Glycol (TPG), Propylene Glycol Industrial Grade (PGI), Di-Propylene Glycol Fragrance Grade (DPGF) and Tri-Propylene Glycol Acrylate Grade (TPGA). This shows that the demand for propylene glycol is increasing, creating new avenues for the market to grow in near future.
- In December 2015, The Dow Chemical Company announced that they have started commercial operations at their new propylene production facility. The unit is a major production centre of propylene, which is located at Dow’s Oyster Creek site in Freeport. Such new initiatives will help the company to grow in this market.
Global propylene glycol market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of propylene glycol market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the propylene glycol market are BASF SE, The DOW Chemical Company, LyondellBasell Industries Holdings B.V., Archer Daniels Midland Company, Huntsman Corporation, Global Bio-Chem Technology Group Company Limited, Dupont Tate & Lyle Bio Products, LLC, SKC Co., Ltd., Asahi Glass Limited, HELM AG, Chaoyang Chemicals, Inc., Temix International S.R.L., Qingdao Shida Chemical Co., Ltd., ADEKA CORPORATION, Royal Dutch Shell PLC., Golden Dyechem, TRInternational, Inc., Oleon NV, Shandong Depu Chemical Industry Science and Technology Co., Ltd and INEOS Oxide among others.
Research Methodology: Global Propylene Glycol Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved