Propylene Glycol Market worth $4.7 billion by 2024 | Key players The Dow Chemical Company, LyondellBasell Industries N.V., BASF SE, Huntsman Corporation, SKC Co., Ltd.

According to recent market research the "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 ", The global propylene glycol market size is projected to grow from USD 3.8 billion in 2019 to USD 4.7 billion by 2024, at a CAGR of 4.4% from 2019 to 2024. 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 moulding compounds, among others.

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The global propylene glycol market is segmented by source, into petroleum-based and bio-based propylene glycol. The market for bio-based propylene glycol is expected to grow at the highest CAGR from 2019 to 2024. This is because the production of propylene glycol from the bio-based source has less impact on the environment. In addition, increasing demand from the pharmaceuticals, food & beverage, and cosmetics applications is also driving the growth of the bio-based propylene glycol market.

Pharmaceuticals application is projected to be the fastest growing segment in the global propylene glycol market during the forecast period. This is due to the increased health consciousness of people and high consumption of medications.

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Transportation is projected to be the fastest-growing end-use industry in the global propylene glycol market during the forecast, period mainly due to the rising demand for propylene glycols in automotive coolants, aircraft wings, pleasure boats, and ships application. The transportation industry is estimated to witness the highest CAGR in the APAC region. Improving standards of living and increasing disposable income in emerging countries such as India, China, and South Korea are also driving the growth of the transportation industry. China, Korea, Japan, and India are witnessing high demand for new ships for both military and commercial purposes.

The propylene glycol market in APAC is expected to witness the highest CAGR between 2019 and 2024. Stable economic growth in the region, coupled with rising disposable income, is driving the market. In addition, increased demand for propylene glycol, in key countries such as China and India, is contributing to the growth of the propylene glycol market in the region.

The key market players profiled in the report include as The Dow Chemical Company (US), LyondellBasell Industries N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (US), Global Bio-chem Technology Group Co., Ltd. (China), DuPont Tate & Lyle Bio Products Company, LLC (US), Huntsman Corporation (US), SKC Co., Ltd. (South Korea), Temix Oleo S.R.L. (Italy), and Ineos Oxide (Switzerland).

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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.

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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