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Bio-Based Propylene Glycol Market Report 2024 - Bio-Based Propylene Glycol Market Growth And Share
Bio-Based Propylene Glycol Market
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According to The Business Research Company's, The bio-based propylene glycol market size has grown steadily in recent years. It will grow from $4.34 billion in 2023 to $4.53 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to increased environmental awareness, growth in bio-based industry investments, increased crude oil prices, increased focus on carbon footprint reduction, and growth in the global economy.
The bio-based propylene glycol market size is expected to see steady growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to increasing awareness and demand for sustainable and eco-friendly ingredients, increasing disposable income, increasing its use in the automotive and general industry, demand for green buildings has grown, growing need for reducing fuel emissions. Major trends in the forecast period include technological advancements, improved bio-refineries, a growing focus on sustainable products, rising demand for renewable goods, and advancements in cosmetics.
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Market Drivers and Trends:
The rising investment in renewable energy is expected to propel the growth of the bio-based propylene glycol market going forward. Investment in renewable energy refers to the financial allocation towards sustainable energy sources such as wind, solar, hydro, and biomass. Rising investment in renewable energy signifies a global shift towards sustainable and environmentally friendly power generation. Investment in renewable energy has enhanced the production of bio-based propylene glycol by enabling the development of sustainable processes utilizing bio-based feedstocks. For instance, in May 2023, according to the International Energy Agency, a France-based intergovernmental organization, global clean energy investment increased from $1,617 billion in 2022 to $1,740 billion in 2023, reflecting a modest shift in financial allocation towards sustainable energy solutions. Therefore, the rising investment in renewable energy is driving the growth of the bio-based propylene glycol market.
Major companies operating in the bio-based propylene glycol market are focusing their efforts on developing propylene glycol REN featuring ecolibrium bio-circular technology to enhance sustainability and reduce carbon footprints. Propylene Glycol REN, featuring Ecolibrium bio-circular technology, refers to a sustainable form of propylene glycol produced using renewable, bio-based feedstocks through an environmentally friendly process. For instance, in March 2024, Dow Inc., a US-based materials science company, launched bio-circular and circular feedstocks, two new sustainable varieties of propylene glycol (PG) solutions, in North America. These innovative solutions aim to reduce the environmental impact of the company's operations and products by leveraging renewable resources and minimizing waste. The bio-circular feedstocks are designed to replace traditional fossil-based feedstocks, promoting a more sustainable and environmentally friendly approach to manufacturing.
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Major Key Players of the Market:
Shell Chemicals, Cargill Incorporated, Archer Daniels Midland Company, Repsol SA, ORLEN Południe SA, BASF SE, Dow Inc, LyondellBasell Industries N.V., Braskem SA, Huntsman Corporation, Clariant AG, Ashland Global Holdings Inc, Tate & Lyle Bio PLC, Global Bio-chem Technology Group Company Limited, Oleon NV, Houghton Chemical Corporation, Ayas Renewables Inc, Rennovia Inc., Vertec Biosolvents Inc., NexantECA
Bio-Based Propylene Glycol Market 2024 Key Insights:
• The bio-based propylene glycol market size is expected to see steady growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• Renewable Energy Investment Boosts Growth Of Bio-Based Propylene Glycol Market
• Sustainable Innovations In Bio-Based Propylene Glycol Manufacturing
• Asia-Pacific was the largest region in the bio-based propylene glycol market in 2023
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