The global 1,3 Propanediol market size is expected to reach USD 1143.4 million by 2030, according to a new study by Polaris Market Research. The report “1,3 Propanediol Market Share, Size, Trends, Industry Analysis Report, By Application (Polytrimethylene Terephthalate, Polyurethane, Personal Care & Detergents, Pharmaceutical, Food & Beverages, Heat Transfer Fluid, Inks and Coatings, and Others); By Source; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The major factor which is boosting the industry growth is rising collaborations, mergers, product launches, and expansion of production facility, among others. For instance, in December 2019, a strategic contract was reached by METabolic EXplorer's subsidiaries METEX NVISTA and DSM, a significant player in the personal care sector, to industry PDO to the beauty market and ensure METEX NVISTA's profitability.
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Further, in March 2018, a collaboration between DuPont De Numerous and Tate & Lyle has announced strategies to increase the manufacturing of bio-based 1,3 propanediol by 35 million pounds. The names Susterra and Zemea are used to distribute bio-based 1,3 propanediol in several areas. Additionally, its Bio-PDO is a crucial component of the high-performance polymers DuPont Sorona. Thus, these factors are bolstering the growth of the industry.
Additionally, the industry is positively impacted by the growth in resin applications, the rise in PTT demand, and new uses for the industry. The industry will expand as a result of the expanding usage of PDO as feedstock in numerous possible applications. It will result in a rise in PDO consumption and production.
Increased global interest in sustainable development and the green economy is anticipated to be a major factor in the expansion of the 1,3-propanediol industry during the forecast period. The need for 1,3-propanediol for various applications, including personal care and cosmetics, is being driven by the rising demand for bio-based goods and the focus on R&D activities. The demand for 1,3-propanediol for uses such as solvent, preservation booster, and emollients is projected to increase as a result of the worldwide trend toward the adoption of organic & green cosmetics goods.
1,3 Propanediol Market Report Highlights
Polaris Market Research has segmented the 1,3 propanediol market report based on application, sources, and region:
1,3 Propanediol, Application Outlook (Revenue - USD Million, 2018 - 2030)
1,3 Propanediol, Source Outlook (Revenue - USD Million, 2018 - 2030)
1,3 Propanediol, Regional Outlook (Revenue - USD Million, 2018 - 2030)