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Major Industry Participants Reinforcing Their Presence in the Bio-Based Propylene Glycol Market
Bio-Based Propylene Glycol Market
Projected Market Size and Growth Path of the Bio-Based Propylene Glycol Market
The market for bio-based propylene glycol is forecasted to grow steadily, reaching a value of $5.54 billion by 2030. This represents a compound annual growth rate (CAGR) of 3.4% during the forecast period. Multiple factors contribute to this upward trajectory, such as tightening sustainability regulations, increased investments in bio-based chemicals, demand for solvents with lower toxicity, growth in green building initiatives, and innovations in automotive coolants. Key market trends include the rising acceptance of bio-based chemical alternatives, growing uses in food and cosmetic products, expansion of green antifreeze options, enhanced incorporation in sustainable construction materials, and a growing emphasis on the use of renewable feedstocks.
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Leading Companies Driving the Bio-Based Propylene Glycol Industry Forward
Several prominent corporations are actively shaping the bio-based propylene glycol landscape. These industry leaders include Shell Chemicals, Cargill Incorporated, Archer Daniels Midland Company, Repsol SA, ORLEN Po?udnie 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., and Vertec Biosolvents Inc.
An illustrative example of collaborative innovation took place in May 2023, when Polski Koncern Naftowy ORLEN S.A., a Poland-based integrated multi-utility company, partnered with BASF SE to produce bio-based propylene glycol derived from glycerol. This partnership targets more sustainable production by converting renewable glycerol into premium-quality glycol, thus lowering carbon dioxide emissions. BASF SE, headquartered in Germany, is a recognized supplier of bio-based propylene glycol.
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Key Market Trends Revolutionizing the Bio-Based Propylene Glycol Sector
Industry leaders are focusing on the development of Propylene Glycol REN, which integrates ecolibrium bio-circular technology. This innovation aims to boost sustainability while minimizing carbon footprints. Propylene Glycol REN is produced from renewable, bio-based feedstocks via environmentally friendly manufacturing processes, marking a shift towards greener chemical production.
In a notable development from March 2024, Dow Inc., a material sciences company based in the United States, introduced two new sustainable propylene glycol products in North America: bio-circular and circular feedstocks. These solutions are designed to reduce environmental impacts by replacing traditional fossil-based feedstocks with renewable alternatives, supporting a more sustainable and eco-conscious production approach.
Market Segmentation and Outlook for Bio-Based Propylene Glycol
The global bio-based propylene glycol market is categorized into several segments for detailed analysis. These include:
1) Type: Bio-Based 1,2-Propylene Glycol and Bio-Based 1,3-Propylene Glycol
2) Application: Solvents, Chemical Intermediates, Unsaturated Polyester Adhesives, Antifreeze and Coolants, and Other Applications
3) End-User Industry: Food Processing, Building and Construction, Cosmetics, Automotive, Pharmaceuticals, Transportation, Detergent and Household, Marine, and Other Industries
This segmentation helps in understanding the diverse uses and demand drivers across various sectors, providing insights into growth opportunities and market dynamics for bio-based propylene glycol.
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