Propylene Glycol Market Share, Size, Trends, Industry Analysis Report, By Grade (Pharmaceutical and Industrial); By Source; By End-Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM1841
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global propylene glycol market was valued at USD 4,294.68 million in 2023 and is expected to grow at a CAGR of 4.3% during the forecast period.
Propylene glycol is used in various automotive, food and beverage, construction, and pharmaceutical applications. Propylene glycol is widely used as a solvent and emulsifier for stabilizing insoluble fluids and dissolving ingredients in a medium.
To Understand More About this Research: Request a Free Sample Report
Propylene glycol can also hold moisture, increase boiling point, reduce freezing point, and bind other substances. The growth in disposable income of consumers, increasing demand for personal care and cosmetics, and growing urbanization are expected to fuel the demand for propylene glycol during the forecast period.
The application of propylene glycol has significantly increased in the food and beverage sector. It is widely used in packaged foods such as bread and dairy, cakes, soft drinks, dressings, and cake mixes. Propylene glycol acts as an anti-caking agent, texturizer, stabilizer, and thickener in food products. It thickens food components, preventing them from sticking together during and after processing.
The COVID-19 pandemic has had a significant impact on the market. The market experienced a decline in demand due to disruptions in various industries, including automotive, construction, and aviation, major consumers of propylene glycol-based products. The lockdown measures and travel restrictions implemented to contain the spread of the virus led to reduced production and consumption. However, as the situation improves with vaccination efforts and economic recovery, the market is expected to rebound gradually, driven by increased demand from various end-use industries.
For Specific Research Requirements, Request for a Customized Report
Industry Dynamics
Growth Drivers
Propylene glycol is also used as an antioxidant to extend the shelf life of packaged food products. It can dissolve food additives or nutrients and strengthen baking dough by altering starches and gluten for enhanced stability. The demand for propylene glycol has increased as an emulsifier, moisture preserver, and processing aid to improve the use or appeal of food products.
Growth in industrialization globally and increasing application in the pharmaceutical sector are factors expected to fuel market growth during the forecast period. Propylene glycol is widely used in intravenous, oral, and topical medicines. The rise in demand for propylene glycol as a solvent and drug stabilizer and regulations supporting propylene glycol boosts the market growth.
Increasing use of propylene glycol in industrial applications such as liquid detergents, paints and coatings, plastic resin, and heat transfer fluids is expected to provide numerous growth opportunities during the forecast period.
The global market is fueled by the economic growth in countries such as China, Japan, and India, rising industrialization, and growing penetration of automobiles in Asia-Pacific. Global players are expanding into these countries to tap the market potential offered by the food and beverage industry, further boosting propylene glycol market growth.
New product launches and acquisitions by leading players in the market, coupled with technological advancements, have increased the demand for propylene glycol globally. Growing disposable income, changing lifestyles, and growth in the personal care and pharmaceutical industries would support the market's growth.
Report Segmentation
The market is primarily segmented based on grade, source, end-use, and region.
By Grade |
By Source |
By End-Use |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
The petroleum-based segment dominated the market in 2022
In 2022, the petroleum-based propylene glycol segment emerged as the dominant force in the global market. This type of propylene glycol finds applications in various industries, including automotive, construction, and aerospace. The growth of this segment is anticipated to be driven by increasing investments in the construction sector, the development of public infrastructure, and government initiatives focused on building smart cities. These factors are expected to create a surge in demand for petroleum-based propylene glycol, contributing to its market dominance in 2022.
The automotive segment held the largest market share in 2022
In 2022, the automotive segment played a crucial role in the global market, capturing a substantial share. The market growth was propelled by several factors, including the increasing penetration of automobiles, rising disposable income levels, and the modernization of vehicles. Propylene glycol is widely used in automotive applications such as engine coolants, brake fluids, deicing fluids, and antifreeze, ensuring optimal vehicle performance.
Furthermore, governments worldwide are making substantial investments in the development of electric vehicles and implementing incentives and schemes to encourage their adoption. These initiatives provide additional support to the market by fostering the growth of the automotive segment.
Asia Pacific dominated the global market in 2022
Asia Pacific dominated the global market in 2022. The increasing use of propylene glycol in industries such as food and beverage, pharmaceuticals, and transportation has fueled market growth in the region. Increasing urbanization, industrial market growth in countries such as China, India, and Japan, rising automotive penetration, and growing construction and development activities drive growth in this region. Increasing research & development activities, expansion of international players in this region, and technological advancements are additional factors attributed to the market growth.
Competitive Insight
Some of the major players operating in the global market include BASF SE, Global Bio-Chem Technology Group Co., LTD., DowDuPont, Temix Oleo S.R.L., Asahi Glass Co., LTD., Sinopec, INEOS Oxide Ltd., Arrow Chemical Group, Chaoyang Chemicals, Inc., SKC Co., LTD., Tongling Jintai Chemical Industrial Co., LTD., Royal Dutch Shell PLC., Helm AG, LyondellBasell Industries N.V., Adeka Corporation, Huntsman Corporation, and Archer Daniels Midland Company.
Recent Developments
- In May 2023, ORLEN Po?udnie's plant, in collaboration with BASF and Air Liquide Engineering & Construction, utilizes state-of-the-art technology to convert glycerol into renewable propylene glycol, supporting their goal of achieving CO2 neutrality.
- In February 2023, ADM invested over $30 million in a new production facility in Valencia, Spain, to meet the growing global demand for probiotics and postbiotics, supporting its expansion in the health and well-being sector.
Propylene Glycol Market Report Scope
Report Attributes |
Details |
Market size value in 2024 |
USD 4,421.8 million |
Revenue forecast in 2032 |
USD 6,276.56 million |
CAGR |
4.3% from 2024 – 2032 |
Base year |
2023 |
Historical data |
2019 – 2022 |
Forecast period |
2024 – 2032 |
Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
Segments Covered |
By Grade, By Source, By End-Use, By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
Key Companies |
BASF SE, Global Bio-Chem Technology Group Co., LTD., DowDuPont, Temix Oleo S.R.L., Asahi Glass Co., LTD., Sinopec, INEOS Oxide Ltd., Arrow Chemical Group, Chaoyang Chemicals, Inc., SKC Co., LTD., Tongling Jintai Chemical Industrial Co., LTD., Royal Dutch Shell PLC., Helm AG, LyondellBasell Industries N.V., Adeka Corporation, Huntsman Corporation, and Archer Daniels Midland Company. |
FAQ's
The global Propylene Glycol market size is expected to reach USD 6,276.56 million by 2032
Key players in the market BASF SE, Global Bio-Chem Technology Group Co., LTD., DowDuPont, Temix Oleo S.R.L., Asahi Glass Co., LTD., Sinopec, INEOS Oxide Ltd., Arrow Chemical Group, Chaoyang Chemicals, Inc., SKC Co., LTD.
Asia Pacific region contribute notably towards the global propylene glycol market.
The global propylene glycol market is expected to grow at a CAGR of 4.3% during the forecast period
The Propylene Glycol Market report covering key segments are grade, source, end-use, and region.