The global propylene glycol market size is expected to reach USD 5.89 billion by 2028 according to a new study by Polaris Market Research. The report “Propylene Glycol Market Share, Size, Trends, Industry Analysis Report, By Grade (Pharmaceutical, Industrial); By Source (Bio-Based, Petroleum-Based); By End-Use (Food & Beverage, Automotive, Personal Care & Cosmetics, Chemical, Pharmaceutical, Construction); By Regions; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Propylene glycol is increasingly being used across diverse industries such as pharmaceutical, medicine, automotive, and industrial. There has been an increasing demand for propylene glycol for industrial applications such as paints and coatings, aircraft de-icing, solvent, anti-freeze, and liquid detergents among others. It can provide a heat-transfer medium offering a barrier against pressure burst and corrosion.
The different sources of propylene glycol include bio-based propylene glycol and petroleum-based propylene glycol. The petroleum-based propylene glycol segment dominated the global market in 2019. However, the demand for bio-based propylene glycol is expected to increase significantly during the forecast period. Increasing environmental concerns and a growing shift towards the use of organic personal care products drive the growth of this segment.
Bio-based propylene glycol is used in diverse food, pharmaceutical, and personal care products owing to its extremely low toxicity and high-water solubility. Currently, in the global propylene glycol market, companies, manufacturers, private organizations are collaborating to expand and cater to wider applications and develop advanced solutions.
The demand for industrial-grade propylene glycol is expected to increase during the forecast period owing to its increasing use in diverse applications requiring low toxicity and low vapor pressure. Industrial grade propylene glycol is used as a solvent, chemical intermediary, and heat transfer medium in applications such as lubricants, deicing fluid, engine coolants, polyester resins, commercial paints, varnishes, and laundry detergents, among others.
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Propylene glycol is used in diverse industries such as food & beverage, automotive, personal care & cosmetics, chemical, pharmaceutical, and construction. The personal care and cosmetics segment is expected to grow during the forecast period. Propylene glycol is increasingly being used in skincare products, hair care products, color cosmetics, and soaps owing to its superior freezing point depressing, humectant, and mold inhibiting properties.
It is also used as a solvent, fragrance ingredient, skin-conditioning agent, and viscosity-decreasing agent. Increasing disposable income, changing lifestyle, rising health concerns, and growing adoption of beauty trends are some factors expected to boost market growth during the forecast period.
Asia Pacific dominated the global propylene glycol market in 2020 owing to rising industrial growth, urbanization, and growth in the automotive sector. Increasing applications in construction, food, and beverage, and personal care industries further increase the demand for propylene glycol in Asia Pacific. Increasing the sale of convenience food products owing to changing consumer lifestyle fuels growth in this region.
Some of the major market participants 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.
Polaris Market research has segmented the Propylene Glycol market report on the basis of grade, source, end-use, and region:
Propylene Glycol Grade Outlook (Revenue, USD Million, 2016 - 2028)
Propylene Glycol Source Outlook (Revenue, USD Million, 2016 - 2028)
Propylene Glycol End-Use Outlook (Revenue, USD Million, 2016 - 2028)
Propylene Glycol Regional Outlook (Revenue, USD Million, 2016 - 2028)