Propylene Glycol Market to Show Major Growth on Account of Demand for Eco-Friendly Antifreeze Solutions and Favorable Regulatory Environment

Market Scope & Overview 2023

The propylene glycol market is projected to experience a compound annual growth rate (CAGR) of 4.7% during the period from 2022, where it was valued at USD 4.52 billion, to 2030, when it is estimated to reach USD 6.53 billion, as per the SNS Insider report.

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The Major Key Company Profiles included in Propylene Glycol market study are:

The Dow Chemical Company
LyondellBasell Industries N.V.
BASF SE
Archer Daniels Midland Company
Global Bio-chem Technology Group Co., Ltd.
DuPont Tate & Lyle Bio Products, LLC
Huntsman Corporation
SKC Co., Ltd.
Temix International S.R.L.
Ineos Oxide.

Propylene glycol is a valuable and versatile compound with wide-ranging applications in personal care, food, pharmaceutical, and automotive industries. Its humectant properties, coupled with its ability to lower freezing points, make it a useful and dependable component in numerous products we encounter in our daily lives.

Market Analysis

The pharmaceutical industry relies heavily on propylene glycol for its numerous applications. From serving as a solvent in oral medications to facilitating drug delivery through intravenous formulations, its importance in the medical sector cannot be overstated. The continuous advancements in pharmaceutical research and development are expected to drive the demand for propylene glycol further, creating favorable prospects for propylene glycol market growth.

Impact of Recession

The propylene glycol market, like many other industries, is not immune to the impact of recessions. Reduced consumer spending, industrial slowdowns, supply chain disruptions, and limited investments in innovation are some of the challenges that market participants may face. Nevertheless, with strategic planning, adaptability, and a focus on efficiency, businesses can weather the storm and position themselves for growth once the economy recovers.

Segmentation Analysis

The propylene glycol market's petroleum-based segment and transportation segment have emerged as dominant players, driven by factors such as cost-effectiveness, steady supply, and extensive applications in the automotive and aviation industries. While the market sees growing interest in bio-based alternatives, petroleum-based propylene glycol's entrenched position and continued regulatory support have sustained its dominance.

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The Propylene Glycol Market Segments and Sub-Segments are Listed Below:

By Source

Petroleum-based PG
Bio-based PG

By Grade

Industrial Grade
Unsaturated Polyester Resin
Antifreeze & Functional Fluids
Liquid Detergents
Plasticizers
Paints & Coatings
Pharmaceutical Grade
Food & Beverage
Pharmaceuticals
Cosmetics
Other

By End-Use Industry

Transportation
Building & Construction
Food & Beverage
Pharmaceuticals
Cosmetics & Personal Care
Others

Regional Status & Analysis

The Asia Pacific propylene glycol market is on a trajectory of steady growth, driven by the expanding industrial applications, booming personal care and cosmetics sector, and the increasing demand for eco-friendly alternatives. As the region continues to witness economic development and urbanization, the demand for propylene glycol is expected to surge further. Industry players need to focus on innovation, sustainability, and compliance with regulations to capitalize on the emerging opportunities in this dynamic market.

Conclusion

The market is poised for significant expansion in the coming years, owing to its versatile properties and wide-ranging applications. With a growing demand in industrial, pharmaceutical, and personal care sectors, as well as emerging prospects in eco-friendly applications, the future looks promising for the market. However, industry players must remain adaptive to changing market dynamics and focus on sustainability to capitalize on these opportunities fully.

Frequently Asked Questions/ Key Reasons to Purchase this Report

>What is the projected outlook for propylene glycol market growth?
Ans- The market is projected to surpass $6.53 billion by the year 2030.

>What are the major factors influencing the propylene glycol market?
Ans- As consumers become more conscious about their appearance and grooming, the demand for these products is on the rise. This trend is anticipated to boost the demand for propylene glycol in the cosmetics industry.

>Who are the leading players in the propylene glycol market?
Ans- The Dow Chemical Company, Temix International S.R.L., Archer Daniels Midland Company, LyondellBasell Industries N.V., BASF SE, Huntsman Corporation, SKC Co., Ltd., and Ineos Oxide.

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Table of Contents - Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Global Propylene Glycol Market, By Source
9 Global Propylene Glycol Market, By Grade
10 Global Propylene Glycol Market, By End-Use Industry
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion

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