Market Insight
The global Propylene glycol market assures to grow as the most dominant market as it has been playing a crucial role in impressing positive impacts on the economy across the world. Market Research Future has published a new report stating that global Propylene Glycol Market Size is proliferating remarkably and will continue with the same pace of growth during the forecast period.
Propylene glycol (PG) is considered as a synthetic organic compound, which is also known by the molecular formula C3H8O2. It is a clear, colorless, odorless, viscous, and possess a sweet taste.
Market Drivers & Trends
Global Propylene glycol market is witnessing a superior growth graph due to the ability to make various products such as unsaturated polyester resin, coolants and antifreeze, hydraulic and brake fluid, aircraft deicing fluid, heat transfer fluids, paint and coatings, printing inks and liquid detergents. It also finds broad applications in various end-use industries such as building & construction, automotive, aerospace, chemical, household, and packaging. Propylene glycol also finds applications in end-use industries such as food & beverages, pharmaceutical, cosmetics & personal care, and defense.
Propylene glycol has also witnessed significant growth in the food and beverage industry as it vastly used as a solvent, anti-freeze agent, flavor enhancer, thickener, emulsifier, clarifier, and stabilizer. Also, it is used in food products of ice cream, artificial sweeteners, flavorings & essence, icing, and soft drinks, frostings, candies, and baked goods, and many more. Besides, it acts as a solvent, emulsifier, and stabilizer in pharmaceutical applications such as injectable, oral, and topical formulations.
On the other hand, the introduction of propylene glycol is also anticipated to majorly drive the global propylene glycol market as it ensures a steady revenue source during the estimated period. The growing consumer preference for convenience foods across the globe due to lifestyle changes is to boost the food & beverage industry and is probable to stimulate global propylene glycol market.
Moreover, cosmetics & personal care industry has also observed a significant growth in the last few years owing to the changing lifestyle in both developed & developing regions, which is anticipated to drive high demand for propylene glycol during the review period.
However, on the flip side, factors such as growing consumer preference for propylene glycol due to strict regulations by regulatory bodies like REACH and E.P.A, petroleum-based propylene glycol market is projected to impede mostly in the developed regions.
Key Players
The chief players working in the global propylene glycol manufacturers are listed as LyondellBasell Industries Holdings B.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Global Bio-chem Technology Group Company Limited (China), ADEKA CORPORATION (Japan), Chaoyang Chemicals, Inc. (U.S.), Huntsman International LLC. (U.S.), DowDuPont Inc. (U.S.), Manali Petrochemicals Limited (India), and HaiKe Chemical Group (China).
Market Segmentation
The global propylene glycol market is segmented on the basis of source, grade, and end-use industry.
Based on the source, the global propylene glycol market is segmented into petroleum-based and bio-based.
Based on the grade, the global propylene glycol market is segmented as industrial grade and pharmaceutical grade. Next, the industrial-grade is sub-segmented as applications, which is described among unsaturated polyester resins, coolants and antifreeze, hydraulic and brake fluid, aircraft deicing fluid, heat transfer fluids, paint and coatings, printing inks and liquid detergents. Further, pharmaceutical grade is sub-segmented based on applications as frozen foods & animal feedstock, pharmaceuticals, cosmetics & personal care products, tobacco & electronic cigarettes, theater fogs & artificial smoke.
Based on end-use industry, the global propylene glycol market is categorized into food & beverage, cosmetics & personal care, pharmaceutical, building & construction, automotive, and others.
Regional Outlook
Regionally, the global propylene glycol has covered the main regions of Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific was the most extensive and fastest-growing market for propylene glycol in 2017 due to factors such as rapid industrialization & urbanization, rising disposable income, changing lifestyle, rising health awareness, and relaxed investment norms. The end-use industries of building & construction, automotive, pharmaceutical, food & beverages, cosmetics & personal care, and chemical are expected to drive the regional propylene glycol and expected to show bolstering demand during the forecast period.
North America was also counted as the second-largest market for propylene glycol after the Asia Pacific in 2017 and expected to show significant growth during the forecast period. Factors such as high demand from building & construction, pharmaceutical, food & beverages, cosmetics & personal care, chemical, aerospace are expected to thrive the propylene glycol market.
Europe is anticipated to portray a steady demand of propylene glycol over the forecast period and is likely to come from the automotive industry, food & beverages, cosmetics & personal care, and chemical industry among others.
Whereas, the Middle East & Africa is predictable to illustrate a moderate demand of propylene glycol over the estimated period and the demand is likely to come mainly from the construction industry owing to constant infrastructural projects in Qatar, U.A.E., Kuwait, and Oman. In the last, Latin America is also probable to prove a moderate growth due to the sluggish development and the demand is anticipated to come mainly from the evolving construction industry in Brazil, Mexico, Chile, and Venezuela.
About Market Research Future -
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles.
MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with the technology and work process of the industry, MRFR often plans to conduct meet with the industry experts and industrial visits for its research analyst members.
Contact:
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone: +1 628 258 0071(US) +44 2035 002 764(UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
