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Propylene Glycol Market Overview 2024-2033: Key Drivers and Insights
Propylene Glycol Market Overview
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The expansion of the cosmetic and personal care industries is expected to propel the growth of the propylene glycol market going forward. The cosmetic and personal care industry refers to businesses that manufacture skincare, hair care, makeup, fragrances, toiletries, and personal hygiene products with the intention of improving appearance and preserving human health. Propylene glycol is used as a humectant and solvent in various cosmetic and personal care products, including skin care, hair care, and body care products due to its ability to retain moisture, improve texture, and enhance the stability of formulations. For instance, in August 2023, according to Circana, Inc., a US-based media company, sales of prestige beauty products in the US reached $14 billion in the first half of 2023, a 15% rise over the same period in 2022. On the other hand, the mass beauty market generated $28 billion and saw 9% growth. Therefore, the expansion of the cosmetic and personal care industries is driving the growth of the 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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Major Key Players of the Market:
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
Propylene Glycol Market 2024 Key Insights:
• 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%.
• Rising Demand For Processed Foods Ignites Propylene Glycol Market Growth
• Innovation Product Evolution Embraces Propylene Glycol Market
• Asia-Pacific was the largest region in the propylene glycol market in 2023 and is expected to be the fastest-growing region in the forecast period
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