Propylene Glycol is a synthetic organic compound having the chemical formula C3H8O2. It is a clear, colourless, and odourless chemical with varied properties such as hygroscopic, low toxicity and broad solvency. Propylene glycol is either obtained from petroleum or it is bio-based. Petroleum-based Propylene Glycol has been dominating the global market since the historical period. However, in the upcoming years, higher demand for bio-based Propylene Glycol is expected owing to the eco-friendly production process, reduced dependence on petroleum feedstock and reduced GHG emission. The manufacturing process of Propylene Glycol proceeds either by hydration of propylene oxide or by hydrogenolysis of glycerine.
The total installed capacity of Propylene Glycol in 2021 stood at around 2.5 million tonnes and with the addition of new capacities around the globe on the back of surging demand from numerous end-user industries, it is expected to reach around 2.7 million tonnes by 2035. On the other hand, global demand for Propylene Glycol is anticipated to propel at a healthy CAGR of 5.23%.
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Propylene Glycol Market is segmented on the basis of end-use, grade, sales channel, and region. Based on end-uses, the Propylene Glycol market is segmented into Food & Beverage, Pharmaceuticals, Cosmetics, Automotives, and others. The demand from the Automotive sector is likely to rise over the forecast period on the back of increasing sales of automotive. Based on the end-use, Propylene Glycol finds its application in the food & beverage industry owing to its extensive properties to enhance texture, flavour, and prolongation of shelf life of numerous processed food products.
On a regional level, the market is segmented into North America, Asia-Pacific, Europe, South America, Middle East and Africa. North America is the significant consumer market accounting for around 35% of the market share. This region is one of the key exporters to Asia-Pacific catering to the fueling demand for unsaturated polyester resin.
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Some of the major players operating in the Propylene Glycol market are Dow Chemical Company, LyondellBasell Industries N.V., Archer-Daniels-Midland Company (ADM), Indorama Ventures, INEOS Group Ltd, Repsol S.A., BASF SE, SK Chemicals, Manali Petrochemicals, Sadara Chemical Company, and others.
“The surging demand from the automotive industry is expected to boost the Propylene Glycol market in the forecast period until 2035. Steadily growing demand for Propylene Glycol in pharmaceutical and food industry coupled with a significant increase in the intake of processed foods on the back of busy lifestyle, shifting dietary patterns and rising working population, is likely to augment market growth in the next few years. “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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