Propylene Glycol Market Poised to Exceed USD 6.53 Billion by 2030, Fueled by Diverse Industrial Applications

The Propylene Glycol Market experiences significant growth due to the expanding use of propylene glycol in the construction industry and its versatile applications such as engine coolant and de-icing planes in transportation.

The SNS Insider report forecasts a CAGR of 4.7% for the Propylene Glycol Market, projecting a rise from USD 4.52 billion in 2022 to USD 6.53 billion by 2030.The propylene glycol market is experiencing steady growth, driven by its versatile applications across various industries such as automotive, food and beverage, pharmaceuticals, cosmetics, and personal care. Propylene glycol, a colorless and odorless liquid, is widely used as a solvent, humectant, emulsifier, and antifreeze agent due to its excellent solvency properties, low toxicity, and high chemical stability. One of the key factors propelling market growth is the increasing demand for propylene glycol as a key ingredient in the production of unsaturated polyester resins, which are extensively used in the manufacturing of fiberglass reinforced plastics (FRP) for automotive components, construction materials, and marine applications.

Moreover, the increasing awareness and adoption of environmentally friendly and bio-based alternatives are influencing market dynamics in the propylene glycol industry. Manufacturers are investing in research and development activities to develop bio-based propylene glycol derived from renewable feedstocks such as vegetable oils, biomass, and waste streams. Bio-based propylene glycol offers a sustainable and renewable alternative to petroleum-based counterparts, reducing carbon footprint and environmental impact. Additionally, stringent regulations and standards governing the use of propylene glycol in various applications are driving the demand for high-quality and compliant products, thereby shaping the competitive landscape of the market.

In conclusion, the propylene glycol market is poised for significant growth driven by its diverse applications, technological advancements, and the shift towards sustainable and eco-friendly alternatives. By leveraging innovation, expanding product portfolios, and addressing regulatory requirements, companies can capitalize on emerging opportunities and sustain growth in the dynamic propylene glycol market. Furthermore, strategic collaborations, partnerships, and investments in research and development are crucial for driving product innovation and maintaining a competitive edge in the evolving market landscape.

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Some of the Key Players Included are:

The key market players profiled in the report include as 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., and Ineos Oxide.

Market Report Scope:

Propylene glycol, produced in industrial/technical and pharmaceutical grades, serves diverse purposes. The industrial grade finds applications in manufacturing non-ionic detergents, sugar refining, papermaking, and petroleum industries. It's used as an additive in latex paints and coatings for improved freeze-thaw capability. The pharmaceutical grade is mainly used in drugs, cosmetics, and food products.

In the food industry, propylene glycol enhances the texture, appearance, taste, and shelf life of processed foods. The construction and transportation industries drive demand for industrial chemicals like cutting fluids, automotive coolants, hydraulics, and brake fluids. Manufacturers are increasingly focusing on bio-based chemicals for propylene glycol production, addressing environmental concerns. The COVID-19 pandemic has further heightened the demand for propylene glycol in the production of hand sanitizers and surface disinfectants.

Market Analysis:

The increasing use of propylene glycol in processed foods and beverages is expected to hold the largest market share, driven by its unique properties. However, fluctuations in raw material prices and high R&D investment pose challenges. On the flip side, the rising demand for bio-based propylene glycol offers new opportunities, aligning with the growing emphasis on sustainability. Moreover, propylene glycol ether's varied applications across industries, including electronics, present opportunities for product differentiation. The need for customized products with specific properties and improved quality in electronics creates new development avenues in the propylene glycol market.

The low toxicity of propylene glycol, posing minimal health risks, enhances its appeal. However, allergies in some individuals may result in dermatitis and skin reactions, acting as a restraining factor.

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Segment Analysis:

By Source: The petroleum-based segment dominates with over 70% revenue share in 2022. Its lower cost compared to bio-based alternatives attributed to its dominance, despite being derived from a nonrenewable source. The production requires over 1 million tons of petroleum annually to meet global demand.

By Grade: Industrial grade leads with over 65% revenue share in 2022. Its increasing demand in the construction sector for manufacturing building materials, resins, plastics, paints, coatings, industrial coolants, and detergents contributes to its dominance. With a purity specification of around 99.5%, it remains a high-purity material.

By End-use Industry: The Building & Construction segment dominates with over 35% revenue share in 2022. The increasing demand in this sector for manufacturing building materials, resins, plastics, paints, coatings, industrial coolants, and detergents propels its dominance.

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

Key Regional Development:

Asia Pacific emerges as a dominant market, accounting for over 45% of the revenue share in 2022. The region's strong growth in the construction sector in countries like China, India, and Japan, along with rapid industrialization, urbanization, rising disposable income, changing lifestyles, and growing health awareness, fuels propylene glycol demand.

North America is the second-largest market in 2022, driven by high demand from various industries, including building & construction, chemicals, food & beverages, pharmaceuticals, cosmetics & personal care, and aerospace. Europe is anticipated to show steady demand, mainly driven by the robust automotive industry, food & beverages, cosmetics & personal care, and chemical industry. The Middle East & Africa are expected to demonstrate moderate demand, primarily from the construction industry due to ongoing infrastructural projects.

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Key Takeaways:

The Propylene Glycol Market is poised to surpass USD 6.53 billion by 2030.
Industrial-grade propylene glycol dominates, fueled by construction sector demands.
Asia Pacific leads growth, driven by construction, industrialization, and changing lifestyles.
Recent Developments:

In Nov 2023, Dow and Evonik inaugurated a pilot plant in Hanau, Germany, for the conversion of hydrogen peroxide to propylene glycol, essential in personal care products for increased moisture retention.
In May 2023, BASF's ORLEN Poludnie completed the inaugural year of its BioPG facility's operation in Poland, transforming glycerol into eco-friendly propylene glycol.
In Nov 2022, LyondellBasell considered expanding propylene production capacity in Houston, TX, using existing technology for polypropylene and propylene oxide production.
 

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