Propylene Glycol global demand is expected to achieve a healthy CAGR of 5.36% during the forecast period. Propylene glycol is a colorless and odorless liquid chemical with IUPAC name Propane -1,2 diol. Commercially, Propylene Glycol is manufactured by the hydration of Propylene Oxide. Di and tri-propylene glycol as well as small quantities of higher glycols are also produced in the reaction.
Increasing demand for Unsaturated Polyester Resins (UPR) to manufacture surface coatings and fiberglass reinforced plastics (FRP) due to their outstanding corrosion resistance in the chemical tanks and construction industry will drive the demand for Propylene Glycol in the forecast period. Moreover, increased utilization in food, pharmaceuticals, paints and coatings combined with use in Aircraft deicing fluid will create a surge in demand for propylene glycol for the forecasting period.
Based on grade, Propylene Glycol is segmented into Food grade and Industrial grade. Food grade majorly finds applications in preserving moisture and flavor in food. It is also used in pharmaceutical, cosmetics application. Industrial grade Propylene Glycol is used in wide variety of applications such as polyester resin, coolants, antifreeze applications, etc.
Region-wise, North America is likely to dominate the Propylene Glycol market followed by Asia Pacific and Western Europe. US is the largest producer of PG followed by China. Sudden outbreak of COVID-19 has rendered an unparalleled slump in manufacturing activities across several parts of globe. Expanse of the pandemic across several economies, has brought down the demand of Propylene Glycol. North America and Asia Pacific are anticipated to get adversely affected due to pandemic effect as several manufacturers in US, China and India announced temporary shutdowns to contain virus spread. Disruptions in trade flows and logistic constraints due to lockdown measures taken across have negatively impacted the Propylene Glycol industry. Directly facing headwinds due to demand downturn, Propylene Glycol manufacturers had no other option but to either shut their plants or run them at truncated rates to manage the overflowing inventories.
However, with ease in lockdown restrictions and urge to regain the incurred losses, all relative downstream sectors will try to rebound showing a trampoline effect with probably a U pattern in demand. Food grade PG market with surge in demand from pharmaceutical applications is expected to support Propylene Glycol industry to recover from impact. In addition, demand from other sectors such as air transportation and runway deicing agent will further support the market growth in the forecast period.
Years Considered for this Report:
Historical Years: 2015 – 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022 – 2030
Objective of the Study:
• The primary objective of the study was to evaluate and forecast Propylene Glycol capacity, production, demand, inventory, and demand–supply gap globally.
• To categorize Propylene Glycol demand based on type, end use, region and distribution channel.
• To identify major customers of Propylene Glycol globally.
• To evaluate and forecast Propylene Glycol pricing globally.
• To identify and profile major companies operating globally Propylene Glycol market.
• To identify major news, deals and expansion plans globally Propylene Glycol market.
Some of the major players operating globally in Propylene Glycol market are The Dow Chemical Company, LyondellBasell Industries, Ineos Oxide, Repsol, BASF, Huntsman Corporation, Shell Chemicals, Arch Chemicals, SKC Chemicals Group, Global Bio-chem Technology Group Co. Ltd., etc. Dow Chemical Company and LyondellBasell Industries lead the market for over 40% share in the global PG market.
Prices of Propylene Glycol are highly susceptible to prices of its key feedstock Propylene. Hence, prices for Propylene Glycol are dependent on major producing countries of Propylene such as China, USA, etc. Propylene prices fluctuate with the prices of crude oil. Outbreak of coronavirus has put an indelible impact on the crude oil sector, which starting from the oil price war remained hardly hit for almost the entire Q4. However, with gradual recovery in the economy and pickup from demand side, Propylene Glycol prices are likely to regain the uptrend in FY21.
To extract data for Global Propylene Glycol market, primary research surveys were conducted with Propylene Glycol manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global Propylene Glycol market over the coming years.
ChemAnalyst calculated Propylene Glycol demand globally by analyzing the historical data and demand forecast which was carried out considering imported styrene prices, a monomer used for production of Propylene Glycol. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience
• Propylene Glycol manufacturers and other stakeholders
• Organizations, forums and alliances related to Propylene Glycol distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as Propylene Glycol manufacturers, distributors and policymakers. The report also provides useful insights about which market segments should be targeted over the coming years to strategize investments and capitalize on growth opportunities.
Report Scope:
In this report, the Global Propylene Glycol market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Market, by Grades
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Food Grade, Industrial Grade
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Market, by End Use
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Unsaturated Polyester Resin (UPR) Manufacturing, Food and Pharmaceuticals, Paints and coatings, Coolants/ Deicing Fluids
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Market, by Distribution Channel
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Direct/Institutional Sales, Retail Sales, Other Channel Sales
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Market, by Region
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North America, APAC, Europe, MEA, South America
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Market, by Region
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North America
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United States, Mexico, Canada
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APAC
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China, India, Japan, South Korea, Singapore, Indonesia, Thailand
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Europe
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Germany, Russia, France, United Kingdom, Spain, Italy
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MEA
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Saudi Arabia, UAE, South Africa
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South America
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Brazil, Argentina, Chile
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Competitive Landscape
ChemAnalyst offers detailed analysis of major players including basic company details, Segmental/product information, financial matrices, growth strategies, expansion plans, collaborations, SWOT analysis etc.to give a comprehensive and meaningful insights on the respective product market.
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