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What's driving the Tripropylene Glycol Market Growth? Key Company Profiled in Dow Chemical Company, BASF, Oleon, Prime Laboratories, Golden Dyechem, India Glycols Limited, Paari Chem Resources, Muby Chemicals,
Tripropylene Glycol Market
In Asia Pacific region, tripropylene glycol market 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.
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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 market growth in the upcoming days.
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.
The product is combustible in nature and needs to be stores and used in certain prescribed manner. The product is also harmful when inhaled and may result in heavy breathing and respiratory infections. These factors may hinder the global tripropylene glycol market growth.
Due to low toxicity of the product, ethanol and ethylene glycol are being replaced with tripropylene glycol in the cosmetic, food and other industries making it a huge opportunity for the product to gain a substantial industry share in near future.
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.
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According to end-user industries, global tripropylene glycol market has been classified into seven major categories mainly, food & beverages, personal care, plastic, automobile, pharmaceutical, paints & varnish, and cosmetics. In the plastic industry, the product finds its use for alkyd resins and polyester fibers manufacturing.
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.
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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