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Propylene Glycol Market Estimated to Cross US$ 4.7 Billion by 2024, at a CAGR of 4.4%, Reveals a MarketsandMarkets™ Research Report

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Propylene Glycol Market Estimated to Cross US$ 4.7 Billion by 2024, at a CAGR of 4.4%, Reveals a MarketsandMarkets™ Research Report

August 23
04:28 2022
Propylene Glycol Market Estimated to Cross US$ 4.7 Billion by 2024, at a CAGR of 4.4%, Reveals a MarketsandMarkets™ Research Report
Browse 130 market data Tables and 58 Figures spread through 176 Pages and in-depth TOC on “Propylene Glycol Market
Propylene Glycol Market by Source (Petroleum-based, Bio-based), Grade (Industrial, Pharmaceutical), End-use Industry (Transportation, Building & Construction, Food & Beverage, Pharmaceuticals, Cosmetics & Personal Care), Region

The global propylene glycol market was valued at USD 3.32 billion in 2015, and is projected to reach USD 4.60 billion by 2021, at a CAGR of 5.8% from 2016 to 2021. Contracts & agreements and expansions are the strategies adopted by the key players to strengthen their positions in the global propylene glycol market. The maximum number of strategic developments undertaken between 2012 and 2016 took place in North America, followed by Europe and South America.

Based on source, bio-based propylene glycol is expected to be the fastest-growing segment during the forecast period. Bio-based propylene glycol is used in various application areas, such as pharmaceuticals & cosmetics, antifreeze & functional fluids, unsaturated polyester resin, and others.   

By application, the food, pharmaceuticals & cosmetics segment is expected to witness high growth from 2016 to 2021. Increased health consciousness and improving lifestyle of people are fueling the growth of this segment. In addition, consumer’s preference for expensive cosmetic products is driving the growth of food, pharmaceuticals & cosmetics application.  

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The key players operating in the global propylene glycol market are The Dow Chemical Company (U.S.), LyondellBasell Industries N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Global Bio-chem Technology Group Co., Ltd. (China), DuPont Tate & Lyle Bio Products Company, LLC (U.S.), Huntsman Corporation (U.S.), SKC Co., Ltd. (South Korea), Temix International S.R.L. (Italy), and Ineos Oxide (Switzerland).

DuPont Tate & Lyle Bio Products LLC (U.S.) is a key player in the global propylene glycol market. The company has been focusing on expansions and contracts & agreements as a part of its strategic development activities. In January 2017, the company expanded its distribution of Zemea propanediol product in the South American market. In March 2014, the company entered into a supply contract with Cheryl Lee MD, Sensitive Skin Care (U.S.). As per the agreement, the company provided Zemea propanediol to manufacture a line of personal care products such as body cream, face lotion, and anti-itch cream.

Global Bio-chem Technology Group Co., Ltd. (China) is another major manufacturer of propylene glycol, globally. The company has been focusing on contracts & agreements to strengthen its market. For instance, in June 2013, the company entered into an agreement to develop a catalyst for improving the production of glycerin from carbohydrates. The agreement helped the company to produce cost-saving and efficient renewable propylene glycol.

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This report provides a detailed analysis of the global propylene glycol market and segments the same based on source, application, end-use industry, and region. Based on source, the propylene glycol market has been segmented into petroleum-based propylene glycol and bio-based propylene glycol. Based on application, the market has been segmented into unsaturated polyester resin, antifreeze & functional fluids, food, pharmaceuticals & cosmetics, liquid detergents, plasticizers, and others. Based on end-use industry, the market has been segmented into transportation, building & construction, pharmaceuticals & cosmetics, food & beverage, and others. Based on region, the market has been segmented into the Asia-Pacific region, Europe, North America, South America, and the Middle East & Africa.

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