Bio-Based Propylene Glycol Market Size, Share, Global Industry Report 2023 - Archer Daniels Midland Company (U.S.), BASF SE, The Dow Chemical Company, DuPont Tate & Lyle Bio Products Company, LLC (UK), Huntsman International LLC., Oleon, Ashland

Overview:

Bio-Based Propylene Glycol Market is experiencing a surge owing to the component’s percolation in several industries such as detergent & household, cosmetics, automotive, pharmaceutical, and construction. Its properties such as antifreeze & coolant, chemical intermediates, unsaturated polyester resin, and solvent have made it a market favorite. The Global Bio-Based Propylene Glycol Market can expect a steady growth during the forecast period (2016-2023), confirms Market Research Future (MRFR) in an extensively studied report. The report encompasses drivers such as growing automotive, pharmaceutical, cosmetics, and other industries which boost the sale of Bio-Based Propylene Glycol. However, its use as detergent and in the household industry can ensure huge market growth. Moreover, glycerin is widely available which prompts companies to opt for such component. At the same time, a growing demand for bio-based products to counter the threats of the environment is on the rise, which can account for sure spur the global sale.

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Segmentation:

The Global Bio-Based Propylene Glycol Market can be segmented by Application and End-Use Industries.

Based on Application, the Bio-Based Propylene Glycol Market is segmented into the unsaturated polyester resin, solvent, antifreeze & coolant, chemical intermediates, and others.

Based on End-Use Industries, the Bio-Based Propylene Glycol Market includes cosmetics, building & construction, automotive, pharmaceutical, detergent & household and others.

Regional Analysis:

Region-specific analysis of the Bio-Based Propylene Glycol Market includes Asia Pacific (APAC), Europe, Latin America (LATAM), North America, and the Middle East & Africa (MEA).

The APAC region is expected to witness the fastest growth during the forecast period. Several emerging economies, with their refurbished industrial sector, is anticipated to drive the market forward. Among the major ones, China, Japan, and India are contributing to the regional market growth in large scale. At the same time, the chemical industry is witnessing an uptick which is a sign of progress for the regional market. The Bio-Based Propylene Glycol Market can witness further growth as various factors such as ample raw material supply, and cheap labor are providing a tailwind to the market.

North America is leading the Global Bio-Based Propylene Glycol Market with Europe following the lead. In North America, steady growth in pharmaceutical and automotive can be seen as effective market boosters which is getting amply buttressed by growing space exploration programs. In Europe, countries such as Spain, the U.K., and Germany are investing heavily in research and development which is giving traction to the regional market.

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Market Insight:

The market is getting intensely competitive with several major players actively strategizing for individual growth. These tactics often include merger, acquisition, collaboration, product launch and other ways through which companies’ profit. For instance, Ashland Inc. and Cargill have recently announced about their partnership to develop Bio-Based Chemicals as these products are the future. The new company will be a standalone one, and if everything goes as per their plans, this new company will soon become one of the leading suppliers of chemicals from a renewable source. As their first product, they wish to Produce Propylene Glycol. The plant will have a capacity to generate 65,000 metric-ton-per-year, and it will be in Europe. Arthur Daniels Midland is also taking the same route by joining hands with PNNL to produce cost affordable plant-based propylene glycol.

Some of the prominent players operating in the Bio-Based Propylene Glycol Market are Ashland. (U.S.), Archer Daniels Midland Company (U.S.), The Dow Chemical Company (U.S.), BASF SE (Germany), DuPont Tate & Lyle Bio Products Company, LLC (UK), Oleon (Belgium), Huntsman International LLC. (U.S.), and others.

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