Bio-Based Propylene Glycol is derived using the catalytic process hydrogenolysis that converts pharmaceutical-grade glycerine. It is one of the most widely used ingredients in cosmetics, personal care products, and fragrances. Also, it is used in the production of numerous food items such as packaged baked goods, frozen dairy products, and others.
Bio-based propylene glycol meets Certified Biobased Product Label standards dictated by the US Pharmacopeia (USP) and the US Department of Agriculture. Hence, it is utilized as an inactive ingredient in the production of medicines. Also, it is an important raw material used for the production of antifreeze & coolant used in numerous end-use industries, including automotive and construction.
Due to such large application areas, bio-based propylene glycol witnesses a huge market demand. Resultantly, the global bio-based propylene glycol industry has emerged as a continually growing space. Besides, the rising demand for environmentally safe products alongside the rising usages of bio-based propylene glycol as chemical intermediates, unsaturated polyester resin, and solvent in the production of detergent & household cleaners, cosmetics, and pharmaceuticals fosters the market demand.
According to Market Research Future (MRFR), the global bio-based propylene glycol market is projected to witness significant growth by 2023. In its recently published study, MRFR also states that the market would post a substantial CAGR throughout the forecast period (2017 – 2023). The augmenting demand for bio-based polyester fiber and PET products acts as a major tailwind for the growth of the market.
Moreover, the ample production of glycerine obtained as a by-product of biodiesel substantiates the market growth, prompting manufacturers to focus on bio-based propylene production. Additional factors supporting the market include the rising demand for the product from industries such as packaging, automotive, and textiles led by improving economic conditions, worldwide.
The automotive production & sales increasing with the rapid urbanization & industrialization worldwide, support the growth of the bio-based propylene glycol market. The rising demand for non-ionic surfactant and propylene glycol-based adhesives, emulsifiers, and a lubricant is predicted to boost the market growth.
Bio-Based Propylene Glycol Market - Segments
To widen the scope of understanding the market is segmented into three dynamics;
By End-use Industry : Detergent & Household, Building & Construction, Cosmetics, Pharmaceutical, Automotive, and others.
By Application : Solvent, Unsaturated Polyester Resin, Chemical Intermediates, Antifreeze & Coolant, and others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World
Bio-Based Propylene Glycol Market – Regional Analysis
North America and Europe are the significant markets for bio-based propylene glycol, globally. The market is driven by major end-use industries such as pharmaceuticals and automotive in these regions. Stringent regulations imposed by the European Protection Agency (EPA) & the European Union (EU) on the manufacturing and uses of synthetic propylene glycol are favoring the market growth.
Furthermore, increasing numbers of space exploration programs alongside the demand for high-quality antifreeze & coolant would together propel huge market sales. Due to increasing R&D expenditures and rapidly growing cosmetics and food industries, countries such as Spain, the UK, Germany, the US, Canada, and Mexico have emerged as prominent markets. Besides, other major contributing countries, such as Colombia, Brazil, Peru, and Argentina, would witness significant growth over the forecast period led by the rapid industrialization.
The bio-based propylene glycol market share in the Asia Pacific and Middle East & African regions are expected to grow moderately over the assessment period. The APAC market, backed by the growing chemical industries in this region, would grow at a high CAGR during the forecast period. Besides, raw material advantage and the availability of cost-competitive workforce in the region propel the growth of the market. Rising development strategies to fulfill the demand for bio-based propylene glycol boost the regional market growth.
The demand for bio-based propylene glycol is anticipated to surge in developing countries such as China, Japan, India, and Vietnam due to growing commercial as well as the residential construction sector. The MEA region is expected to improve business opportunities, which is an essential factor driving the regional market growth. Besides, the booming industrial sectors in GCC countries foster the market growth in the region.
Bio-Based Propylene Glycol Market – Competitive Analysis
The bio-based propylene glycol market appears to be highly competitive, with many small and large-scale players operating in the market. To gain a substantially larger share in the market, these players incorporate strategic initiatives such as mergers & acquisitions, expansion, collaboration, and product or technology launch. Substantial investments are transpired in the R&D to develop an entirely different technology compared to their competition.
Major Players:
Players driving the global bio-based propylene glycol market include Archer Daniels Midland Company (US), The Dow Chemical Company (US), BASF SE (Germany), Huntsman International LLC. (US), DuPont Tate & Lyle Bio Products Company, LLC. (UK), Oleon (Belgium), and Ashland (US), among others.
Industry/Innovation/Related News:
October 30, 2019 --- Two leading specialty chemicals companies - Evonik Industries AG (Germany) and Dow Chemical Company (the US), announced their partnership to develop the industrial-scale direct synthesis of propylene glycol from propylene and hydrogen peroxide. This exclusive technology partnership would witness its pilot plant to be erected at Evonik’s Hanau site. The strategic partnership is expected to bring disruptive technology to market maturity.
Dow and Evonik, together, plan to process conserves resources and reduce investment costs by employing a unique method for directly synthesizing propylene glycol (PG), offering high yield and comparatively low energy consumption.
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