Unsaturated Polyester Resins (UPRs) is Expected to Stoke the Market for Propylene Glycol - Fact.MR Survey
The report offers actionable and valuable market insights of Propylene Glycol. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Propylene Glycol Market across various industries and regions.
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The recently published research report by Fact.MR regarding the global propylene glycol market includes product classification and current synopsis along with product upgrades and innovations. The overall market of propylene glycol was pegged at more than 2,500 Thousand Tons in 2018, and the global market is likely to witness a strong growth rate during the forecast period on the backdrop of increasing building & construction activities along with expanding production capacities of key manufacturers across the globe.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Propylene Glycol market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Propylene Glycol
This newly published and insightful report sheds light on Market Insights of Propylene Glycol, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Propylene Glycol Market.
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Key Drivers Stimulating Propylene Glycol Industry Expansion
Unsaturated Polyester Resins (UPRs) to Stoke the Market for Propylene Glycol
The increasing demand for propylene glycol in food processing and pharmaceutical industries are essential factors expected to foster development in the approaching era of the worldwide market for propylene glycol.
In addition, the use of propylene glycol, abbreviated (PG), in the production of unsaturated polyester resins (UPRs), which are heavily consumed in the building, transportation, and marine sectors will also boost the development of the market for propylene glycol over the forecast period.
Propylene glycol is also used extensively in the manufacture of unsaturated polyester resins strengthened with fiberglass used in construction panels, bathroom parts, fittings, corrosion-resistant tanks, and recreational vehicles. In addition, the use of propylene glycol as the major component in engine coolants, deicing liquids, antifreeze, and creation of base fluids for aircraft deicing formulations and food industry coolants will boost the worldwide market.
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Enhanced Production Capacity of U.S Gives It Leverage
Demand and supply exchange within the global propylene glycol market is generally balanced for some raw materials except for bio-based, which requires more production capacity by 2020. The global propylene glycol market is moderately consolidated with a few chemical industry giants capturing a large part of the market share.
Dow Chemical Company and LyondellBasell Industries are the two major players within the global propylene glycol market accounting for over 40% of the market share. Other prominent producers include Archer Daniels Midland (U.S.), BASF SE (Germany) and Global BioChem (China). Some of the notable developments in the global propylene glycol industry are-
In 2018, LyondellBasell inaugurated, which according to them, is the largest production section for propylene subsidiaries in Houston. The new plant is said to produce 470,000 metric tons of propylene materials annually.
In 2019, South Korean SKC Cooperative and Kuwait's Petrochemical Industries Company (PIC) have signed an agreement for the sale of 50% stake in SKC's chemical business.
This joint venture is aimed to achieve a production target of one million tons of propylene glycol and propylene oxide. Large scale production, expansion and timely acquisitions will continue to be the winning business imperatives for manufacturers in the propylene glycol market.
East Asia to be the Epicenter for Lucrative Opportunities in Global Propylene Glycol Market.
The global propylene glycol market is shifting to China and other Asian nations with continued high risk for consolidation and rationalization, which has affected numerous small and medium scale competitors. The global market for propylene glycol is anticipated to witness lucrative market opportunities from Asian regions, especially, East Asia due to growing industrialization and increasing production footprint of key manufacturers in the region.
However, currently, US holds the leading market share in terms of volume sales among key countries with nearly around 1/3rd of the global demand. Also, overall demand for unsaturated polyester resins is likely to be affected by ongoing trends in the national building industry and local economies' general health.
Moreover, legacy regions such as North America and Europe in global propylene glycol market are anticipated to witness similar growth trend during the forecast period due to rising demand for pharmaceutical grade of propylene glycol in these regions.
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Fact.MR, in its new report, offers an unbiased Market Analysis of Propylene Glycol, Sales and Demand of Propylene Glycol, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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