Propylene Glycol demand stood at around 1.88 million tonnes as of 2021 and is expected to reach around 3.81 million tonnes by 2035, registering a healthy CAGR of 5.23%.
It is a colourless and odourless 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 in the forecast period.
Based on grade, Propylene Glycol is segmented into USP (Food grade), Industrial grade and technical grade. Food grade majorly finds applications in preserving moisture and flavour in food. Further, it is also used in pharmaceutical and cosmetic applications. Industrial grade Propylene Glycol is used in a wide variety of applications such as polyester resin, coolants, latex paints, antifreeze applications, etc. and technical grade is used in unsaturated polyester resin, aircraft deicing fluid, paints & coatings, liquid detergent etc.
Region-wise, North America is likely to dominate the Propylene Glycol market with the largest production facility in the US followed by Europe and North America. The sudden outbreak of COVID-19 has rendered an unparalleled slump in manufacturing activities across several parts of the globe. The expanse of the pandemic across several economies has brought down the demand for Propylene Glycol. North America and the Asia Pacific are anticipated to get adversely affected due to pandemic effects as several manufacturers in the 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. The food grade PG market with a surge in demand from pharmaceutical applications is expected to support the Propylene Glycol industry to recover from the impact. In addition, demand from other sectors such as air transportation and runway deicing agents will further support the market growth in the forecast period.
On the basis of end-use, the market is segmented into Food & Beverage, Pharmaceutical, Cosmetics, Automotive, and others. Food & Beverage and Cosmetic industry is leading the market growth owing to the growing application of Propylene Glycol as food additive and rising awareness of health among consumers. In Cosmetic Industry, it is used for skincare products, hair care products, soaps as well as colour cosmetics due to its super freezing point, humectant, and mould inhibiting properties. Rising disposable income coupled with changing lifestyles and increasing adoption of beauty trends is anticipated to fuel the market growth in the forecast period. In the coming years, the automotive sector is expected to be the fastest-growing sector owing to the increasing application of Propylene Glycol as engine coolant, deicing fluid in aircraft, hydraulic fluids, etc.
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.
Years considered for this report:
Historical Period: 2015-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2035
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Objective of the Study:
• To assess the demand-supply scenario of Propylene Glycol which covers production, demand and supply of Propylene Glycol market globally.
• To analyse and forecast the market size of Propylene Glycol.
• To classify and forecast Propylene Glycol market based on end-use, grade and regional distribution.
• To identify drivers and challenges for Propylene Glycol market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Propylene Glycol market.
• To identify and analyse the profile of leading players involved in the manufacturing of Propylene Glycol.
To extract data for 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 growth of end use industries coupled with raw material prices used for the 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, customers, and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Propylene Glycol market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size volume in 2021
1.88 million tonnes
Market size volume by 2035
3.81 million tonnes
Growth Rate
CAGR of 5.23% from 2022 to 2035
Base year
2021
Historic Data
2015-2020
Forecast period
2023 – 2035
Quantitative units
Demand in Million tonnes and CAGR from 2022 to 2035
End-Use (Food & Beverages, Pharmaceutical, Cosmetics, Automotive, and others)
Grade (USP (Food Grade), Industrial Grade and Technical Grade)
Sales Channel (Direct Sale, and indirect sale)
Regional scope
North America; Europe; Asia Pacific; South America; Middle East & Africa
Country scope
United States; Mexico; Canada; China; India; Indonesia; South Korea; Thailand; Singapore; Germany; Belgium; France; United Kingdom; Spain; Poland; Russia; Netherlands; Saudi Arabia; UAE; South Africa; Brazil; Argentina
Key companies profiled
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.
Customization scope
Free report customization with purchase. Addition or alteration to country, regional & segment scope.
12.7.4.Argentina Propylene Glycol Demand-Supply Scenario, 2015-2035, By Volume and Value
12.7.4.1.Demand
12.7.4.2.Supply
12.7.4.3.Gap
12.7.5.Argentina Propylene Glycol Demand Outlook, 2015-2035, By Volume and Value
12.7.5.1.By Grade
12.7.5.2.By End-Use
12.7.5.3.By Sales Channel
12.7.5.4.By Company Share (At least top 3 companies’ market share
12.7.5.5.By Region
13.Country-wise Import
14.Country-wise Export
15.News and Deals
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What is the expected market growth for Propylene Glycol?
Ans:
Global Propylene Glycol market is anticipated to grow at a healthy CAGR of 5.23%, with demand likely to reach around 3.81 million tonnes by 2035.
Q2.
What is the market share of propylene glycol across the global market?
Ans:
North America Region accounts for the major share in the global market followed by Europe and Asia-Pacific Region.
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