Propylene Glycol Market Size, Share, Industry Analysis, Segments And Forecast To 2033

The propylene glycol market size has grown strongly in recent years. It will grow from $4.45 billion in 2023 to $4.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to versatile applications, humectant and solvent properties, industrial manufacturing, food and beverage industry, pharmaceuticals and personal care.

The propylene glycol market size is expected to see strong growth in the next few years. It will grow to $6.15 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to bio-based propylene glycol, health and hygiene focus, food preservation and packaging, antifreeze and coolants in automotive, industrial applications. Major trends in the forecast period include supply chain optimization, market expansion strategies, sustainability and regulations, research and development, industrial utilization.

Market Overview -
Propylene glycol is a water-absorbing synthetic liquid. Propylene glycol is typically used in the production of polyester compounds and as a base in deicing solutions. It works as an antifreeze in various sectors to avoid leakage that may result in propylene glycol getting in contact with food.

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Rising Demand For Processed Foods Ignites Propylene Glycol Market Growth
An increase in the consumption of processed foods is expected to propel the growth of the propylene glycol market going forward. Processed food is defined as any food that has been altered during the preparation process. Propylene glycol is used in processed foods as it is used as a preservative, flavor enhancer, and processing aid to enhance the appearance of foods. For instance, in April 2021, according to a report published by the Ministry of Commerce & Industry, India's exports of processed food products increased by 26.51 % during April-February (2020-21) compared to the same period in the previous year. Furthermore, in the first 11 months of the fiscal year (2020-21), exports of miscellaneous processed items such as Indian snacks, sauces, starch products, and vegetable flours increased by 36%. The total value of processed product exports was INR 437,980 million ($5.5 billion). Therefore, an increase in the consumption of processed foods is driving the growth of the propylene glycol market.

Competitive Landscape -
Major companies operating in the propylene glycol market report are Archer-Daniels-Midland Company, BASF SE, The DOW Chemical Company, Bio-Chem Technology Group Co. Ltd., LyondellBasell Industries N.V., Huntsman Corporation, SKC CO. Ltd., INEOS Group Holdings Limited, Manali Petrochemicals Limited, DowDuPont Inc., Royal Dutch Shell PLC, ADEKA Corporation, Chaoyang Chemicals Inc., Temix International SRL, Helm AG, Repsol S.A., Arch Chemicals Inc., HaiKe Chemical Group, Global Bio-chem Technology Group Co. Ltd., DuPont Tate & Lyle Bio Products LLC, Flint Group Holdings Limited, Hubergroup Deutschland GmbH, Wikoff Color Corporation, Zeller+Gmelin GmbH & Co. KG, Marabu GmbH & Co. KG, Nutec Digital Ink Ltd., Chemicoat Co. Ltd., Oleon NV, Penta Manufacturing Company, Kraft Chemical Company

Innovation Product Evolution Embraces Propylene Glycol Market
Product innovation is a key trend gaining popularity in the propylene glycol market. Major companies operating in the propylene glycol market are developing innovative products to strengthen their position in the market. Bio-based propylene becomes increasingly important as health concerns increase. For instance, in March 2022, Evonik, a Germany-based chemical manufacturing company, launched its first renewable isophorone-based products by using renewable acetone for the CO2 footprint. The new isophorone products are chemically equivalent to their fossil-based predecessors and share the same processing, formulation, and performance traits. These products can assist the industry in drastically reducing its global warming potential and CO2 footprint compared to conventional isophorone products.

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Key Segments -
The propylene glycol market covered in this report is segmented -
1) By Source: Petroleum-Based, Bio-Based
2) By Grade: Industrial Grade, Pharmaceutical Grade
3) By Application: Animal Feed, Inks, Lacquers, Tobacco Humectants, Varnishes
4) By End User: Building And Construction, Consumer Goods, Cosmetics and Personal Care, Electronics, Food And Beverages, Paint And Coatings, Pharmaceuticals, Textile Industries, Tobacco, Transportation

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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