Propylene Glycol Market Size ,Growth Research Report 2024-2032 | 250 Pages

The global Propylene glycol market size was USD 5,985.94 Million in 2022 and is expected to register a rapid revenue CAGR of 4.90% during the forecast period. Rising demand for propylene glycol in industries, such as F&B, pharmaceutical, and Cosmetics industries and increasing applications in the production of polyester resins and antifreeze agents and automotive production are key factors driving market revenue growth.

Market Overview and Trends

Propylene glycol (PG) is a versatile colorless liquid with a slightly sweet odor. It is widely used in various applications due to its properties like miscibility, low toxicity, and hygroscopic nature (ability to absorb moisture). Key applications of PG include:

Food and Beverage: As a solvent, antifreeze, and humectant in food processing and production.

Pharmaceuticals: As a carrier for drugs and delivery systems in medications.
Cosmetics and Personal Care: As a humectant, solvent, and antifreeze in cosmetics and personal care products.

Industrial Applications: As a solvent, antifreeze, and heat transfer fluid in various industrial processes.
Automotive: As an antifreeze component and de-icing agent.

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Trends and Drivers

The propylene glycol market is driven by several key trends:

Rising Demand in Food and Beverage: The growing demand for processed and convenience foods is expected to propel the use of PG as a food additive.
Expanding Pharmaceutical Industry: The burgeoning pharmaceutical sector, particularly in developing nations, will likely increase PG demand for drug formulations and delivery systems.

Growth of the Cosmetics Industry: The increasing focus on personal care and the burgeoning cosmetics industry are expected to drive PG consumption in this sector.

Environmentally-Friendly Alternative: Bio-based PG is gaining traction as a sustainable alternative to petroleum-derived PG, appealing to environmentally conscious consumers and manufacturers.
Restraints and Challenges

Despite the positive outlook, the market faces certain challenges:

Fluctuations in Propylene Feedstock Prices: The price volatility of propylene, the primary raw material for PG production, can impact production costs and market stability.

Stringent Regulations: Stringent regulations regarding the safety and usage of PG in food and pharmaceutical applications can pose challenges for manufacturers.

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Growth Opportunities

The market presents lucrative growth opportunities in several areas:

Expanding Applications in E-Liquids: The growing popularity of e-cigarettes is expected to create a new avenue for PG consumption, although regulations in this area are still evolving.

Bio-Based Propylene Glycol: The development and adoption of bio-based PG production processes can offer a sustainable and eco-friendly solution.

Emerging Markets: The increasing disposable income and growing population in developing regions like Asia Pacific present significant market potential.

Market Insights and SWOT Analysis

A SWOT analysis provides a comprehensive view of the propylene glycol market:

Strengths: Versatility, low toxicity, and growing demand across diverse industries.
Weaknesses: Dependence on propylene feedstock prices and potential regulatory hurdles.

Opportunities: Bio-based PG production, expanding applications in e-liquids, and growth in emerging markets.

Threats: Fluctuations in raw material prices and competition from alternative products.

Latest Strategic Developments

On 1 July, 2021, Dow unveiled a strategic plan to undertake a series of capacity expansions for silicones, propylene glycol, and other specialty materials. These expansions aim to meet rising demand in key end-markets that prioritize sustainable solutions and are experiencing faster growth rates than the overall Gross Domestic Product (GDP).

On 23 September, 2020, Manali Petrochemical Limited revealed its intention to triple the annual production capacity of propylene glycol from 22,000 MT to 70,000 MT. This expansion will take place in two phases and require an investment of approximately USD 18.1 million. The initial phase aims to increase capacity to 46,000 MT within 18-21 months, followed by an additional expansion of 24,000 MT.

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Key Market Insights :

Based on source, the global propylene glycol market has been segmented into bio-based and petroleum-based. The petroleum-based segment accounted for largest revenue share in the global market in the global propylene glycol market in 2022. This is due to increasing use of products obtained from sources that are primarily derived from fossil fuels such as petroleum or natural gas. It represents the most prevalent variant accessible in the market and has found extensive application across various industries for several decades.

Based on end use, the global market is segmented into building and construction, automotive and transportation, pharmaceuticals, F&B, personal care, and others. The building and construction segment is expected to account for significantly large revenue share in the global propylene glycol market during the forecast period. In the building and construction sector, propylene glycol is a versatile compound with distinctive attributes, which finds numerous applications. Features of this chemical, including low toxicity, high boiling point, and exceptional solvent capabilities, make it suitable for diverse applications in building materials, construction processes, and systems. In addition, this chemical is also employed in the manufacturing of thermal insulation materials, such as foam insulation, to enhance their insulation properties.

Some of the major companies operating in the global Propylene Glycol market include:

Shell plc, BASF SE, Archer Daniels Midland Company, Repsol S.A., The Dow Chemical Company, SABIC, LoyndellBasell Industries holdings B.V., INEOS Group, AGC Inc., Indorama Ventures, ADEKA Corporation, SKC Co Ltd, PCC SE, Manali Petrochemical Ltd., and Vizag Chemical.

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