Press release
What's driving the Tripropylene Glycol Market trends? Key Company Profiled in BASF, Dow Chemical Company, Prime Laboratories, Golden Dyechem, India Glycols Limited, Paari Chem Resources, Muby Chemicals, Oleon
Tripropylene Glycol Market
Food & beverage industry is one of the major driver for tripropylene glycol market. Increasing world population is demanding more food by the day making it one of the fastest growing industry. In 2016, the food & beverage industry globally recorded a revenue in excess of 3.5 trillion and is likely to grow with a potential rate in the coming years. Food is one of the most important part in our daily lives without which one cannot live for long. The industry is likely to foresee great shifts in the food trends and eating habits of people worldwide, according to their regions and working lifestyles. These factors are driving the food & beverage industry which in turn is fueling the tripropylene glycol industry demand.
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The global tripropylene glycol market is substantially driven by the personal care industry. Increasing awareness of grooming and hygiene coupled with purchasing power parity is driving the personal care industry to a great extent. The global beauty & personal care products market vas valued over USD 430 billion in 2017 and is likely to grow with a lucrative CAGR in the upcoming years. In the developing countries of Asia Pacific and Latin America, consumers are demanding more personal care products due to the changing lifestyle and rising disposable incomes. This will surge the personal care products demand in these regions and in turn, boost the tripropylene glycol industry growth in the upcoming days.
The global tripropylene glycol market is classified on the basis of geography, where, Europe and North America hold a significant share in the market. Industrial and commercial usage of the product in the United States is driving the global tripropylene glycol industry hugely. In Asia Pacific region, tripropylene glycol industry is said to witness tremendous demand in the coming years owing to vast expansions in the cosmetic, automobile, pharmaceutical, and food & beverages sectors. Latin America is also expected to be the next emerging market owing to industrialization in the automobile and food & beverages sector.
Tripropylene Glycol Market size will witness huge demand in the coming years owing to the its vast industrial applications as a solvent and additive. The product is a colorless, odorless, viscous liquid, completely soluble in water and features low toxicity.
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Based on applications, the global tripropylene glycol market can be segmented into additives, solvents, disinfectants, cleaning agents, and others. The product finds its wide use in industrial applications such as, the product is used as a homogenizing agent and solvent in inks and other colorants. Besides these, it also acts as a cooling media and disinfectant in cosmetics. Other industrial uses of the product include, cleaning formulations for hard surface, penetrating oils, manufacturing polyester plastics, varnish remover and as an additive ingredient in hydraulic fluids, emulsifiers and plasticizers. These wide industrial applications rigorously drive the global tripropylene glycol industry to a great extent.
Prominent players in the global tripropylene glycol market are BASF, Dow Chemical Company, Prime Laboratories, Golden Dyechem, India Glycols Limited, Paari Chem Resources, Muby Chemicals, Oleon, Archer Daniels Midland Company, HaiKe Chemical Group, LyondellBasell Industries Holdings, Flavor & Extract Manufacturers Association, Airedale Chemical Company Limited, INEOS, R. M. Chemicals, and Foodchem International Corporation to name some.
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