Propylene Glycol Market - Global Market Insights and Sales Trends 2024 to 2031
The "Propylene Glycol Market" is focused on controlling cost, and improving efficiency. Moreover, the reports offer both the demand and supply aspects of the market. The Propylene Glycol market is expected to grow annually by 8.9% (CAGR 2024 - 2031).
This entire report is of 165 pages.
Propylene Glycol Introduction and its Market Analysis
Propylene Glycol is a versatile chemical compound used in various industries such as food, pharmaceuticals, and cosmetics. The market is experiencing steady growth due to increasing demand for the product. Major factors driving revenue growth include expanding end-use industries, technological advancements, and increasing investments by key players like ADM, BASF, and DOW. Market analysis reveals key players such as Global Bio-Chem Technology, Lyondellbasell, and Huntsman dominating the market. The report recommends companies to focus on innovation, strategic collaborations, and product development to maintain a competitive edge in the Propylene Glycol market.
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Propylene Glycol is a key ingredient in various industries due to its versatile properties. The market is segmented by source into Petroleum Propylene Glycol and Bio-Based Propylene Glycol, and by grade into Industrial Grade, Pharmaceutical Grade, and Others. Its applications span across Transportation, Building & Construction, Food & Beverage, Pharmaceuticals, Cosmetics & Personal Care, and Others.
Regulatory and legal factors play a crucial role in the Propylene Glycol market. Strict regulations regarding safety standards and environmental impact govern the production and usage of this chemical. Compliance with these regulations is crucial for market players to ensure smooth operations and avoid legal complications.
The market for Propylene Glycol is expected to witness steady growth due to increasing demand across various industries. As companies strive to innovate and develop sustainable solutions, the Bio-Based Propylene Glycol segment is anticipated to gain traction. Overall, the market for Propylene Glycol is poised for growth in the coming years, driven by its diverse applications and increasing regulatory scrutiny.
Top Featured Companies Dominating the Global Propylene Glycol Market
The global propylene glycol market is competitive and concentrated, with key players including ADM, BASF, DOW, Global Bio-Chem Technology, Lyondellbasell, Huntsman, SKC, Shell, Temix International, Ineos Oxide, AGC, Adeka, Manali Petrochemicals, Qingdao Shida Chemical, and Tongling Jintai Chemical Industrial, among others.
These companies are involved in the production and distribution of propylene glycol, which is used in various applications such as food and beverages, pharmaceuticals, cosmetics, and antifreeze. They have a wide range of products and are constantly investing in research and development to expand their product offerings and cater to the increasing demand for propylene glycol.
These companies help to grow the propylene glycol market by expanding their production capacities, entering into strategic partnerships, and focusing on product innovation. They also focus on expanding their presence in emerging markets to tap into new growth opportunities.
Some of the listed companies have reported significant sales revenue in recent years. For example, BASF reported sales revenue of around $ billion in 2020, while DOW reported sales revenue of approximately $39.7 billion. Huntsman reported sales revenue of about $7 billion in 2020, and Manali Petrochemicals reported sales revenue of around $780 million.
Overall, these key players play a crucial role in driving growth in the propylene glycol market through their extensive product offerings, research and development activities, and strategic initiatives.
- ADM
- BASF
- DOW
- Global Bio-Chem Technology
- Lyondellbasell
- Huntsman
- SKC
- Shell
- Temix International
- Ineos Oxide
- AGC
- Adeka
- Manali Petrochemicals
- Qingdao Shida Chemical
- Tongling Jintai Chemical Industrial
- Dongying Hi-Tech Spring Chemical Industrial
- Shandong Depu Chemical Industry Science and Technology
- Chaoyang Chemicals
- Oleon
- Golden Dyechem
- Haike Chemical
- Helm
- Oxyde Belgium
- Arrow Chemical
- TRI Chemicals
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Propylene Glycol Market Analysis, by Type:
- By Source
- Petroleum Propylene Glycol
- Bio-Based Propylene Glycol
- By Grade
- Industrial Grade
- Pharmaceutical Grade
- Other
Propylene glycol can be classified based on its source into petroleum propylene glycol and bio-based propylene glycol. In terms of grade, it can be categorized into industrial grade, pharmaceutical grade, and others. Petroleum propylene glycol is widely used due to its cost-effectiveness, while bio-based propylene glycol is gaining popularity as a sustainable alternative. Pharmaceutical grade propylene glycol is in demand for its high purity and safety for medical applications. The diverse range of types and grades of propylene glycol cater to various industries, boosting its demand in the market.
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Propylene Glycol Market Analysis, by Application:
- Transportation
- Building & Construction
- Food & Beverage
- Pharmaceuticals
- Cosmetics & Personal Care
- Others
Propylene Glycol is used as a transportation antifreeze due to its non-toxic and non-corrosive nature. In building & construction, it is used in HVAC systems and as a construction material additive. In food & beverage, it is used as a humectant and solvent. In pharmaceuticals, it is used in various medications and as a carrier for active ingredients. In cosmetics & personal care products, it is used as a moisturizer and solvent. The fastest growing application segment in terms of revenue is pharmaceuticals, as the demand for new medications and medical treatments continues to rise globally.
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Propylene Glycol Industry Growth Analysis, by Geography:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The Propylene Glycol market is expected to exhibit significant growth across various regions. In North America, the United States and Canada are projected to witness steady growth. In Europe, countries like Germany, France, the ., Italy, and Russia are likely to contribute to market expansion. The Asia-Pacific region, particularly China, Japan, South Korea, India, Australia, Indonesia, Thailand, and Malaysia, is expected to dominate the market with the highest market share percentage valuation. Latin America, including Mexico, Brazil, Argentina, and Colombia, is also anticipated to witness substantial growth. In the Middle East & Africa, regions such as Turkey, Saudi Arabia, and the UAE are projected to show promising growth in the Propylene Glycol market.
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