Propylene Glycol Market - Forecast(2020 - 2025)
Global Propylene Glycol Market Overview:
Propylene glycol, also identified as propane 1, 2-diol according to International Union of Pure and Applied Chemistry nomenclature, is a synthetic organic compound. It is produced from petroleum products as well as it is bio-based and equipped with certain peculiar traits such as outstanding stability, high flash and boiling point, as well as low vapor pressure and broad solvency. Owing to such characteristics it has found tremendous scope of industrial application to craft products such as unsaturated polyester resin, coolants and antifreeze, hydraulic and brake fluid, aircraft deicing fluid, and paints and coatings. The analyst in this research report has stated the global propylene market size to be valued at around $3655 million as of 2018 and is estimated to be growing at a CAGR of around3.9% during the forecast period of 2019-2025.
Global Propylene Glycol Market Outlook:
Propylene Glycol is segmented into two grades mainly industrial and pharmaceuticals. Owing to such deliverance of variants it catches wide applications in countless end-use industries with construction and infrastructure, automotive, aerospace, chemical, household, packaging, food & beverages, pharmaceutical, cosmetics and personal care being the major arcades effecting the global propylene glycol market demand.
After an acute analysis of the regional market outlook, APAC region is reckoned to be dominating the global propylene glycol market size by encapsulating more than 32% of the global demand under its own territory. Such dominance can be attributed to the epidemic growth of the Indian and Chinese automotive, construction, F&B, and pharmaceutical sectors catering to nearly half of the global population hosted by these two economies. As per the Open Government Data Platform India latest data records, the total vehicle population in India 2015 was 210 million and the sector is rapidly expanding (5.83%, 2017, OICA), thus the automotive sector being a major employer of propylene glycol as coolants and antifreeze and hydraulic and brake fluid is all set to stroke the market with abundant demand[1].
Global construction market is forecast to grow by $8 trillion by 2030 driven by China, US and India[2]. Unsaturated polyester resins derived from propylene glycol are reinforced with fiber glass to form fiber glass reinforced plastics (FRPs), which has found tremendous employment in crafting building panels, bathroom components, fixtures and corrosion-resistant tanks, pipes, electrical components, paints and ducts in the building and construction sector. Due such extensive scope of application, building and construction sector is leading the application segment and is forecast to grow at a CAGR of around 3.9% going through 2025.
Global Propylene Glycol Market Growth Drivers and Trends:
- Deicing and anti-icing fluids performs a vital operation in providing safe, uninterrupted and timely air travel during extreme winter conditions. Federal Aviation Administration “Clean Aircraft Concept,” outlaws takeoff with ice contamination on critical surfaces of an airplane. Thus the replacement of ethylene glycol by propylene glycol as the base fluid for aircraft deicing formulations is driving the market towards abundant opportunities of application. Furthermore, cumulative amount of space exploration agendas amalgamated with the ultimatum for high quality antifreeze & coolant is estimated to raise the demand for bio based propylene glycol
- According to a 2017 report by Forbes, the top 25 companies in the F&B sector generated $741.2 billion in revenue in 2016 and $86 billion in profit[3]. Another considerable data from Committee for Economic Development states that the food sector accounts for about 5 percent of US GDP and 10 percent of US consumers disposable personal income (DPI)[4]. Now owing to the trend of convenience packaged food for longer shelf life, the employment of propylene glycol as food additives is driving the market and is all set to divert a hefty revenue from the flourishing F&B sector into its own returns pocket.
Global Propylene Glycol Market Challenges:
Health problems concerning to propylene glycol is the major challenge encountered by propylene glycol manufacturers. There are several health distresses accompanying propylene glycol that can adversely affect the market growth. However, FDA classifies propylene glycol as an additive that is generally recognized as safe for use in food. Similarly, WHO has specified that the acceptable daily intake of propylene glycol as a food additive should exceed more than 25 mg/ Kilogram of weight.
Global Propylene Glycol Market Players Perspective:
Some of the key players profiled in this business intelligence report are The Dow Chemical Company, LyondellBasell Industries N.V., BASF SE, Archer Daniels Midland Company, Global Bio-chem Technology Group Co., Ltd., DuPont Tate & Lyle Bio Products Company, LLC, Huntsman Corporation and SKC Co., Ltd.
The Dow Chemical Company is a significant producer of propylene glycols since 1948. It offers industrial PG grades for industrial applications and specialty PG grades for the employment in subtle and sensitive applications such as pharmaceuticals, F&B, personal care or animal fodder. This flexibility combined with quality control in manufacture, an extensive delivery network and committed client service make propylene glycols from Dow broadly acknowledged and favored by industries.
Global Propylene Glycol Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Global Propylene Glycol Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of grades in the Global Propylene Glycol Market, and their specific applications in different phases of operations.
Global Propylene Glycol Market Report: Industry Coverage
By Source: Bio based and Petroleum based
By End User: Transportation, Building and Construction, and Others
By Application: Unsaturated Polyester Resins, Food, Pharma, Cosmetics and Others
The Global Propylene Glycol Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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