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Renewable Energy Investment Boosts Growth Of Bio-Based Propylene Glycol Market Emerges as a Core Driver of the Bio-Based Propylene Glycol Market in 2025
Bio-Based Propylene Glycol
What Is the Expected CAGR for the Bio-Based Propylene Glycol Market Through 2025?
The market size of bio-based propylene glycol has seen a consistent growth over the recent years. The market is projected to expand from a value of $4.53 billion in 2024 to $4.73 billion in 2025, representing a compound annual growth rate (CAGR) of 4.5%. The historical growth pattern of this market is traced back to heightened environmental consciousness, rise in investments into the bio-based industries, surge in the prices of crude oil, and an increased emphasis on reducing carbon footprints, along with a thriving global economy.
What's the Projected Size of the Global Bio-Based Propylene Glycol Market by 2029?
Anticipated stable expansion is on the horizon for the bio-based propylene glycol market in the coming years, with its value expected to reach $5.58 billion by 2029, representing a compound annual growth rate (CAGR) of 4.2%. This growth during the forecast period can be ascribed to a rise in awareness and a demand for ingredients that are sustainable and environmentally friendly, an increase in disposable income, an uptick in its application in the automotive and general industry, a surge in the requirement for green buildings, and the escalating need to decrease fuel emissions. Key trends set to shape the forecast period involve technological evolutions, enhancements in bio-refineries, heightened attention on sustainable goods, burgeoning demand for goods derived from renewable sources, and advancements in the cosmetics domain.
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Top Growth Drivers in the Bio-Based Propylene Glycol Industry: What's Accelerating the Market?
The upward trends in renewable energy investment are predicted to fuel the expansion of the bio-based propylene glycol market. The term refers to the monetary commitment to sustainable power sources such as wind, solar, hydro, and biomass. This swelling investment in renewable energy evidences a global pivot towards sustainable and green energy production. This investment has boosted the bio-based propylene glycol output by facilitating the creation of sustainable processes that use bio-based materials. An example of this is in May 2023 when, according to the International Energy Agency, a French intergovernmental organization, there was an increase in global clean energy investment from $1,617 billion in 2022 to $1,740 billion in 2023. This shows a modest shift in monetary commitment towards renewable energy solutions. Consequently, this surge in renewable energy investment is propelling the expansion of the bio-based propylene glycol market.
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What Trends Will Shape the Bio-Based Propylene Glycol Market Through 2029 and Beyond?
Leading businesses in the bio-based propylene glycol market are redirecting their efforts towards the creation of propylene glycol REN infused with Ecolibrium bio-circular technology, as a means to augment sustainability and curtail carbon emissions. The aforementioned propylene glycol REN is a sustainable variant of propylene glycol, devised using renewable, bio-based raw materials via a process that has minimal environmental impact. For example, Dow Inc., an American materials science company, in March 2024, inaugurated two sustainable propylene glycol (PG) solution varieties - bio-circular and circular feedstocks - in North America. These inventive solutions are targeted towards mitigating the ecological impact of the firm's operations and goods, by capitalizing on renewable resources and reducing waste generation. The bio-circular feedstock aims to serve as a substitute for the conventional fossil-derived feedstocks, thus encouraging a more ecological and environmentally benign manufacturing process.
What Are the Main Segments in the Bio-Based Propylene Glycol Market?
The bio-based propylene glycol market covered in this report is segmented -
1) By Type: Bio-Based 1, 2- Propylene Glycol, Bio-Based 1,3- Propylene Glycol
2) By Application: Solvent, Chemical Intermediates, Unsaturated Polyester Adhesives, Antifreeze And Coolant, Other Applications
3) By End-User Industry: Food Processing, Building And Construction, Cosmetics, Automotive, Pharmaceuticals, Transportation, Detergent And Household, Marine, Other End-User Industries
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Which Top Companies are Driving Growth in the Bio-Based Propylene Glycol Market?
Major companies operating in the bio-based propylene glycol market are 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
Which Regions Will Dominate the Bio-Based Propylene Glycol Market Through 2029?
Asia-Pacific was the largest region in the bio-based propylene glycol market in 2023. The regions covered in the bio-based propylene glycol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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