As outlined in the ChemAnalyst report titled “Global Propylene Glycol Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Grade, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2035,” the global Propylene Glycol market is on a trajectory of robust growth, projected to reach 3,800 thousand tonnes by 2035, with a Compound Annual Growth Rate (CAGR) of 5.26% during the forecast period. This growth is underpinned by the increasing demand from end-use industries such as Food & Beverage, Pharmaceuticals, Cosmetics, and Automotive, which is expected to elevate the demand for Propylene Glycol.
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Propylene Glycol, chemically known as Propane-1,2 diol with the formula C3H8O2, is a colorless and odorless liquid chemical. It is primarily synthesized through the hydration of Propylene Oxide or by hydrogenolysis of glycerine. This versatile chemical exhibits properties such as hygroscopy, low toxicity, and broad solvency. Propylene Glycol is known for its water-absorbing capability.
Propylene Glycol is employed in the synthesis of polyester composites and serves as the base for de-icing solutions. Its applications span across the chemical, pharmaceutical, and food industries, particularly as an antifreeze when the potential for contact with food products exists. The Food and Drug Administration (FDA) has classified it as “generally recognized as safe” for use in the food industry. Propylene Glycol is used to absorb excess water and preserve moisture in various food, pharmaceutical, and cosmetic products. Additionally, it is utilized in the creation of artificial fog or smoke, commonly seen in theatrical productions and firefighter training.
The majority of globally produced Propylene Glycol is utilized as a food additive in the food and beverage sector. It is instrumental in retaining moisture and absorbing excess water in specific pharmaceutical, cosmetic, and food items. In the cosmetic industry, Propylene Glycol is harnessed for skincare products, hair care products, soaps, and color cosmetics, owing to its freezing point, humectant properties, and mold-inhibiting attributes. The automotive sector is poised to be the fastest-growing segment in the coming years, driven by the increasing use of Propylene Glycol as an engine coolant, deicing fluid in aircraft, hydraulic fluids, and more.
The global Propylene Glycol market is categorized based on grade, end-use, sales channel, and region. Grade-wise, it is divided into USP, Industrial, and Technical Grade, with the USP grade holding the largest market share in 2022, accounting for over 40%.
End-user industries in the Propylene Glycol market encompass Food & Beverage, Pharmaceuticals, Cosmetics, Automotive, and Others. In 2022, the Food & Beverage industry led with a market share of approximately 28% and is expected to maintain its dominance in the forecast period, driven by the growing demand for ready-to-eat food products that require higher quantities of Propylene Glycol.
From a regional perspective, North America is the dominant market for Propylene Glycol, followed by Europe and the Asia Pacific region. North America consumed around 36% of the total global demand for Propylene Glycol. The demand for Propylene Glycol is projected to rise significantly in the Asia Pacific region due to factors such as flourishing construction, packaging, and food & beverage sectors, urbanization, and a growing population.
Key players in the global Propylene Glycol market include LyondellBasell, Dow Chemical, SK Chemicals, ADM, Indorama Ventures, Monument Chemical, INEOS, BASF, Shell Eastern Petroleum, CNOOC & Shell Petrochemicals (CSPC), Dongying Hi Tech Spring Chemical Ltd, Manali Petrochemicals, and others.
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https://www.chemanalyst.com/industry-report/propylene-glycol-market-87
Mr. Karan Chechi, Research Director at TechSci Research, a research-based management consulting firm affiliated with ChemAnalyst, highlighted that the steadily growing demand for Propylene Glycol in the pharmaceutical and food industries, along with the increased consumption of processed foods due to evolving lifestyles and a growing working population, is expected to drive market growth in the coming years. The surge in construction and transportation activities in emerging and industrialized economies will further propel the demand for Propylene Glycol, contributing to market growth in the near future.
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