Press release
1,3-Propanediol Market is estimated to grow over 8.3% CAGR between 2021 and 2027 | By key players Dupont, Tate & Lyle Bio Products Company, Haihang Industry Co., Ltd, METabolic Explorer, Zouping Mingxing Chemical Co., Ltd
Regionally speaking, 1,3-propanediol market across North America was valued at over USD 205.10 million. The regional industry is expected to witness massive growth on the back of rising demand for personal care and detergent products. Increasing prevalence of stringent environmental regulations along with mounting biodiesel production in the U.S. is expected to influence product demand. Furthermore, Growing preference towards the use of biobased products could boost the 1,3-propanediol demand in the region.
Top Key Players in The Market are:
Dupont, Tate & Lyle Bio Products Company, Haihang Industry Co., Ltd, METabolic Explorer, Zouping Mingxing Chemical Co., Ltd, Zhangjiagang Huamei Biomaterial Co., Ltd, Hunan Rivers Bioengineering Co., Ltd, and Shangdong Mingxing
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Companies dealing in 1,3-propanediol market are investing in increasing their production capacity to meet surging demand for the product in personal care and detergent products. Some of these players include Shangdong Mingxing, Metabolic Explorer, Zhangjiagang Huamei Biomaterial Co., Ltd and others. These companies are focusing on investing in R&D activities for novel product development and launches for new applications like cosmetics and personal care.
Companies are strategizing to increase their global production capacity for fulfilling rising demand globally. For instance, in July 2018, METabolic Explore inked an agreement with Bpifrance for investing around $57 million to operate 20 KT of 1,3-propanediol in France.
The market specific to the pharmaceutical application is likely to see a sizeable growth in the estimated timeframe owing to rising use of 1,3-propanediol in diverse products. The compound is used as a solvent, carrier and humectant in pharmaceutical formulations as well as a substitute to petroleum-based glycerin and glycols. Pharmaceutical application was valued over USD 61.50 million and is projected to grow with a CAGR of 9.3% by the end of 2027.
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While the industry in personal care & detergent application is anticipated to thrive owing to soaring demand for organic cosmetic production. Companies in the cosmetic and personal care landscape are launching new organic products on account of their rising demand worldwide. Highlighting one such instance, in 2020, Royal DSM announced the commercialization of bio-sourced 1,3 propanediol market developed in tandem with French biochemical firm Metex. The firm also announced receiving a microbiome-friendly certification for the newly commercialized ingredient.
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