Press release
Latin America propylene glycol market to witness robust growth through 2026 | By key players Huntsman Corporation, Temix International, Archer Daniels Midland, and Royal Dutch Shell
o Propylene glycol market size, historical from 2015 to 2019 and annual forecast from 2020 to 2026
o Major propylene glycol industry trends, technology evolution, economic indicators and business challenges
o Regulatory and geopolitical trends impacting the propylene glycol market
o Business drivers and pitfalls impacting key regional markets
o Competitive landscape of the industry and detailed profiles on the major companies
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Propylene glycol is an organic compound which is widely used as a key ingredient in pharmaceutical, cosmetic, personal care and hygiene products. The U.S. and several European countries have declared it as generally safe for use as a food additive. Propylene glycol is generally obtained from petroleum based or bio-based sources.
Propylene glycol obtained from bio-based sources is likely to experience a stronger demand due to growing environmental concerns. As of 2018, nearly 900,000 metric tons of petroleum was required annually to produce food-grade and industrial-grade propylene glycol. The Department of Energy reports that the use of renewable propylene glycol obtained from biomass could curb the emission of greenhouse gasses by up to 61%, compared to petroleum-based propylene glycol.
Propylene glycol is prominently used in antifreeze & functional fluids, unsaturated polymer resins, excipients, plasticizers, and many other applications. The demand for propylene glycol in plasticizer application is slated to grow significantly in the near future. Polyvinyl chloride (PVC), one of the most widely used plastic polymers, needs to be soft and flexible enough to take on different shapes and durable enough to withstand physical stress without breaking. In Europe, more than 90% of plasticizers manufactured are used in PVC applications. Widespread use of PVC in construction and automotive applications will propel the demand for plasticizers, augmenting propylene glycol market trends.
In terms of the regional outlook, Latin America propylene glycol market share is poised to experience notable growth during the forecast period. This can be attributed to a robust demand for high-quality cosmetic and personal care products. With a significant rise in the per capita income, people are increasingly spending on beauty products. Propylene glycol is used as a preservative, a humectant, an emollient, and a solvent in personal care formulations like bath soaps, shampoos, conditioners, facial cleansers, and deodorants.
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The growing occurrence of numerous chronic and infectious diseases and the presence of a large geriatric population will drive LATAM pharmaceutical industry. In 2017, the number of people aged 60 or more in Brazil had reached 30.2 million. As older people are more vulnerable to developing the risk of numerous health problems, the region will witness significant consumption of pharmaceuticals in the future. Increasing hospitalization rates due to the ongoing COVID-19 pandemic has also propelled the demand for numerous medications significantly. Strong product demand in pharmaceuticals will undeniably bolster LATAM propylene glycol market outlook.
A few notable providers of propylene glycol mentioned in the report include BASF, Lyondellbasell, Dow Chemical Company, Haike Chemical, Qingdao Shida Chemical Co., Oleon, Helm AG, Huntsman Corporation, Temix International, Archer Daniels Midland, and Royal Dutch Shell.
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