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Propylene Glycol Market worth $4.7 billion by 2024 | Key Players include The Dow Chemical Company, LyondellBasell Industries N.V., BASF SE, Archer Daniels Midland Company

02-21-2020 08:37 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: MarketsandMarkets

Propylene Glycol Market, Propane-1 2-Diol Market

Propylene Glycol Market, Propane-1 2-Diol Market

According to recent market research "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 - Global Forecast to 2024", is projected to reach USD 4.7 billion by 2024, at a CAGR of 4.4% from USD 3.8 billion in 2019. The eco-friendly production process of bio-based propylene glycol has led to the growth of the global propylene glycol market. The growing automotive industry in APAC is also driving the market as propylene glycols are widely used in engine coolants and sheet molding compounds, among others.

Browse 128 market data Tables and 54 Figures spread through 176 Pages and in-depth TOC on "Propylene Glycol Market - Global Forecast to 2024"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/propylene-glycol-market-264488864.html

On the basis of source, the propylene glycol market is segmented into petroleum-based and bio-based. The bio-based segment is expected to witness the highest growth between 2019 and 2024. Glycerin is an unconventional feedstock used for the production of bio-based propylene glycol. Soybean or canola seeds are processed through conditioning, crushing, and flaking to extract crude vegetable oil. Environmental regulations regarding the use of bio-based propylene glycol are driving the demand for bio-based propylene glycol.

On the basis of grade, the propylene glycol market is segmented into industrial grade and pharmaceutical grade. Industrial grade is segmented into unsaturated polyester resin, antifreeze & functional fluids, liquid detergents, plasticizers, and pains & coatings. Pharmaceutical grade is segmented into food & beverage, pharmaceuticals, and cosmetics. Pharmaceutical grade is expected to be the fastest-growing segment in terms of both volume and value, from 2019 to 2024. These fluids are crucial to the iron and steel industries along with various metal-bound industries. Propylene glycol is used in therapeutic drugs and medicines, local anaesthetics, antiseptics, biological elixirs, antiseptics, salves, and ointments. It is used as a solvent for many organic chemicals used for medicinal purposes and for some water-soluble vitamins where they act as an antioxidant and stabilizer. The growing population is expected to drive the demand for vehicles, which is expected to fuel the growth of the propylene glycol market.

For more Details Speak to Our Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=264488864

The propylene glycol market size is projected to reach USD 4.7 billion by 2024 from USD 3.8 billion in 2019, at a CAGR of 4.4%. The growing demand for propylene glycol in countries such as China, India, Japan, and South Korea from the transportation, building & construction, food & beverage, pharmaceuticals, and cosmetics & personal care industries is expected to fuel the growth of the market. The market is evolving, with major players playing a crucial role in the development of new and advanced products.

The Dow Chemical Company (US), LyondellBasell Industries N.V. (Netherlands), and Archer Daniels Midland Co. (US) are the major players in this market.

The Dow Chemical Company (US) is focused on partnerships to meet the growing demand in the market. In October 2019, the Dow and Evonik entered into an exclusive technology partnership. They are plan to bring a unique method (HYPROSYN) for directly synthesizing propylene glycol from propylene and hydrogen peroxide. Over 100 Evonik employees worked for years to develop this method. The key element is a novel catalytic system developed by Evonik researchers, which allows direct synthesis of propylene glycol from propylene and hydrogen peroxide in a process offering high yield and comparatively low energy consumption.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=264488864

LyondellBasell Industries N.V. (Netherlands) focuses on expansion to strengthen its market position in the propylene glycol market. In August 2018, the company announced to build the world's largest propylene oxide (PO) and tertiary butyl alcohol (TBA) plant. The $2.4-B project represents the single-largest capital investment in the company's history. The plant will start in 2021; the facility will be able to produce 470,000 tpy of PO and 1 MMtpy of TBA per anum.

Archer Daniels Midland Co. (US) is focused on partnerships to meet the growing demand for propylene glycol. In January 2018, the company and Pacific Northwest National Laboratory (PNNL) entered into a partnership to produce bio-based propylene glycol. As a result of the collaborative research between PNNL and ADM, the company now has a full-scale production facility at its manufacturing plant in Decatur, Illinois. The facility employs 140 people and can produce 100,000 metric tons of propylene glycol from renewable sources per year. ADM uses or sells this bio-based product for use in deicers, cosmetics, pet food, and pharmaceuticals, among others.

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