Propylene Glycol Market Analysis: $6.49 Billion by 2029 With a CAGR of 7.1%

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Propylene Glycol Market Value Projection: How Much Will the Market Size by 2025?
The size of the propylene glycol market has seen a consistent increase over the past few years. It is projected to expand from a value of $4.71 billion in 2024 to a substantial $4.94 billion in 2025, showcasing a compound annual growth rate (CAGR) of 4.9%. The expansion in the previous period is credited to its diverse applications, its role as a humectant and solvent, industrial production, its usage in the food and beverage sector, pharmaceuticals, and personal care.

What Will Be the Market Growth Forecat for Propylene Glycol in 2029?
Expectations are high for the propylene glycol market as it is forecasted to demonstrate robust growth in the forthcoming years. The projected market value is set to reach $6.49 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.1%. This significant growth within the forecast period is largely due to factors such as the use of bio-based propylene glycol, increased focus on health and hygiene, food preservation and packaging, use of antifreeze and coolants in the automotive industry, and industrial applications. Key trends to watch for within this forecast period include the optimization of supply chains, strategies for market expansion, sustainability and regulatory considerations, research and development initiatives, and increased industrial utilization.

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What Are the Core Competitive Drivers in the Propylene Glycol Industry?
The rise in processed food consumption is anticipated to fuel the expansion of the propylene glycol market in the future. Processed foods are those that have been modified during their preparation. Propylene glycol plays a significant role in these types of foods, acting as a preservative, flavor enhancer, and processing aid to improve the visual appeal of the food. As per the Food Export Association of the Midwest USA, a not-for-profit organization based in the US, it is projected that by 2026, packaged food retail sales in Japan will hit $235.9 billion, marking a 9.1% or $19.6 billion rise from 2022. Consequently, the augmented consumption of processed foods is serving as a major driving force for the expansion of the propylene glycol market.

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Which Propylene Glycol Market Segment Is Projected to See the Fastest Growth?
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

Subsegments:
1) By Petroleum-Based: Conventional Propylene Glycol, High Purity Propylene Glycol
2) By Bio-Based: Glycerol-Based Propylene Glycol, Fermentation-Based Propylene Glycol

Which Trends Are Opening New Opportunities in the Propylene Glycol Market?
The trend of product innovation is becoming increasingly prevalent in the propylene glycol market. Major companies in the market are innovating their product lines in order to solidify their market position. With rising health concerns, the focus is shifting towards bio-based propylene. For instance, in March 2022, Evonik, a chemical manufacturing company based in Germany, introduced its first renewable isophorone-based products, utilizing renewable acetone to reduce the CO2 footprint. These new products are similar in chemical composition, processing, formulation, and performance characteristics to their fossil-based equivalents. The benefit of these products is that they can help the industry significantly lower its global warming potential and CO2 footprint compared to traditional isophorone products.

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Who Are the Leaders in the Propylene Glycol Market?
Major companies operating in the propylene glycol market 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, 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

Which Regional Propylene Glycol Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the propylene glycol market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the propylene glycol report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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