What is Propylene Glycol Market?
Propylene Glycol having a chemical formula CH3CCH2OH is colourless liquid with light sweet in taste. It is used in polymers, building materials and laser printers. This chemical is available in two types that are industrial and pharmaceutical. It is used as a solvent, flavour enhancer, thickener and stabilizer in food products like ice creams and soft drinks. Due to the change in life style there is rise in demand for consumer foods which is driving the market.
The market study is being classified by Type (Petroleum - based and Bio -based), by Application (Food & beverage, Cosmetics & personal care, Pharmaceutical, Building & construction, Automotive and Others.) and major geographies with country level break-up.
Dow (United States), Huntsman (United States), DuPont (United States), ADM (United States), BASF SE (Germany), Sumitomo Chemical (Japan), Polioles S.A. de C.V. (Mexico), Repsol S.A (Spain), Lyondell Basell Industries (Netherlands) and ADEKA (Japan) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are SKC (South Korea), Royal Dutch Shell (Netherlands) and Hi-tech Spring Chemical (China).
Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Propylene Glycol market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Propylene Glycol market by Type, Application and Region.
On the basis of geography, the market of Propylene Glycol has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising use of cosmetics and personal care product in developed and developing countries
- Usage of product as coolant and antifreeze in a rising automobile industry
Market Trend
- Innovation of bio based propylene glycol is increasing the revenue of the market
- Rising usage of propylene glycol in automobile, chemical, food and aerospace industry
Restraints
- High prices associated with raw materials and low availability
- Government regulations on the usage of propylene glycol in food and other industry
Opportunities
- Growth of industrialization and urbanization in developing countries
- Rising pharmaceutical industry owing to the use in food and beverage
Challenges
- High investments in Research and development
Market Leaders and some development strategies
In 2019, Huntsman Corporation announced that it has signed a definitive agreement with Sasol to acquire the 50% interest that Huntsman does not own in the Sasol-Huntsman maleic anhydride joint venture. and In 2019, Archer Daniels Midland Company announced that it has completed its acquisition of Florida Chemical Company, one of the world’s largest natural citrus oils and ingredients manufacturers.
Oleon launches the first European renewable propylene glycol production plant, providing a new renewable resource for a wide range of industries
Key Target Audience
Propylene glycol manufacturers, Traders and distributors of propylene glycol, Research and development institutes, Potential investors, Raw material suppliers and Nationalized laboratory