Propylene Glycol Market Outline to 2023 | Potential Growth Rate (CAGR), COVID-19 Overview, Business Strategies, Industry Trend, Analysis, Opportunity Assessment

Market Analysis

The global propylene glycol market is anticipated to grow at an impressive CAGR between 2018-2023, states the new Market Research Future (MRFR) report. Propylene glycol or PG, simply put, is a synthetic organic compound. It is odorless, colorless, clear, viscous, and has a faint sweet taste. Propylene glycol is also popularly known by the propylene glycol formula C3H802. Propylene glycol has low toxicity, shows broad solvency, is hygroscopic, and propylene glycol is miscible with water, chloroform, and acetone. Propylene glycol may have certain skin reaction as well as propylene glycol may also have certain side effects. Propylene glycol has 1.036 g/cm3 density, and propylene glycol has 0.042 Pa·s viscosity. Propylene glycol alginate is used in plenty in the food industry as a thickener, stabilizer, and emulsifier, propylene glycol is used as a coolant, and propylene glycol is also widely used in skin products. It is best to compare the propylene glycol price before buying from propylene glycol suppliers, as this will make the propylene glycol buying process easy.

Numerous factors are pushing the growth of the propylene glycol market. Such factors, according to the new Market Research Future report, include the burgeoning demand for bio-based propylene glycol, rising environmental concerns, favorable government initiatives to enhance the infrastructure development, presence of global brands especially in developing countries, advent of e-commerce, increasing investment in the pharmaceutical sector, and extensive use in home & personal care and food & beverage industry.

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Market Segmentation

The Market Research Future report offers a complete segmental analysis of the global propylene glycol market based on end use industry, grade, and source.

By source, the propylene glycol market is segmented into bio-based and petroleum-based. Of these, the bio-based segment will dominate the market during the forecast period.

By grade, the propylene glycol market is segmented into pharmaceutical grade and industrial grade. The industrial grade segment is again segmented into liquid detergents, printing inks, paint and coatings, heat transfer fluids, aircraft deicing fluid, hydraulic & brake fluid, coolants and antifreeze, and unsaturated polyester resins. The pharmaceutical grade is again segmented into theater fogs and artificial smoke, tobacco, and electronic cigarettes, cosmetics, and personal care products, pharmaceuticals, animal feedstock, and processed foods. Of these, the pharmaceutical grade segment will lead the market during the forecast period.

By end use industry, the propylene glycol market is segmented into automotive, building and construction, pharmaceutical, cosmetics and personal care, food and beverage, and others. Among these, food and beverage will have the maximum share in the market during the forecast period.

Key Players

Notable players profiled in the propylene glycol market report include HaiKe Chemical Group (China), Manali Petrochemicals Limited (India), DowDuPont Inc. (US), Huntsman International LLC. (US), Chaoyang Chemicals, Inc. (US), ADEKA CORPORATION (Japan), Global Bio-chem Technology Group Company Limited (China), Archer Daniels Midland Company (US), BASF SE (Germany), and LyondellBasell Industries Holdings BV (Netherlands).

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Regional Analysis

By region, the propylene glycol market report covers the latest trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will dominate the market during the forecast period. Numerous factors are propelling the growth of the propylene glycol market in the region, such as relaxed investment norms, growing health awareness, changing lifestyles, rising disposable income, and rapid urbanization and industrialization. Besides, the increasing adoption of propylene glycol in various end-use industries such as chemical, cosmetics, and personal care, food and beverages, pharmaceutical, automotive, and building & construction are also adding to the market growth.

The propylene glycol market in North America will hold the second-largest share during the forecast period. Increasing propylene glycol uses such as uses of propylene glycol in food, propylene glycol in cosmetics, propylene glycol on skin products, pharmaceutical, aerospace, chemical, and building and construction is adding to the growth of the market in this region.

The propylene glycol market in Europe will have a steady growth during the forecast period for the burgeoning demand coming from the chemical industry, cosmetics and personal care, food and beverages, and the automotive industry.

The propylene glycol market in the MEA will have moderate growth during the forecast period for the growing demand from the construction industry due to the infrastructural projects that are going on in Oman, Kuwait, UAE, and Qatar.

The propylene glycol market in Latin America will have favorable growth during the forecast period for the slow overall development with the demand predicted to come chiefly from the expanding construction industry in Venezuela, Chile, Mexico, and Brazil.

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This release was published on openPR.