The propylene glycol market size is projected to reach USD 4.7 billion by 2024 from USD 3.8 billion in 2019, at a CAGR of 4.4%. The growing demand for propylene glycol in countries such as China, India, Japan, and South Korea from the transportation, building & construction, food & beverage, pharmaceuticals, and cosmetics & personal care industries is expected to fuel the growth of the market. The market is evolving, with major players playing a crucial role in the development of new and advanced products.

Browse 130 market data Tables and 58 Figures spread through 176 Pages and in-depth TOC on "Propylene Glycol Market by Source (Petroleum-based, Bio-based), Grade (Industrial, Pharmaceutical), End-use Industry (Transportation, Building & Construction, Food & Beverage, Pharmaceuticals, Cosmetics & Personal Care), Region - Global Forecast to 2024

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Market trend in propylene glycol (PG) has been characterized by steady growth, driven by its diverse applications across various industries. Some key trends observed in the propylene glycol market include:

• Growing Demand in Food and Beverage Industry: Propylene glycol is widely used as a food additive and solvent in food and beverage applications. The increasing consumption of processed foods and beverages, coupled with rising demand for convenience foods, has led to a steady growth in the demand for propylene glycol as a food-grade additive.

• Rising Demand in Pharmaceutical and Personal Care Products: Propylene glycol is a common ingredient in pharmaceuticals, cosmetics, and personal care products due to its humectant, solvent, and stabilizing properties. The expanding pharmaceutical and personal care industries, driven by factors such as population growth, aging demographics, and increasing consumer awareness of personal hygiene, contribute to the growing demand for propylene glycol in these sectors.

• Expansion of Industrial Applications: Propylene glycol finds extensive use in industrial applications such as antifreeze and coolant formulations, de-icing fluids, and as a solvent in chemical processes. With industrial activities expanding globally, particularly in sectors such as automotive, construction, and manufacturing, the demand for propylene glycol for industrial applications is expected to continue growing.

• Shift towards Bio-based Propylene Glycol: There is a growing trend towards the use of bio-based propylene glycol derived from renewable feedstocks such as corn, soybeans, and sugarcane. This shift is driven by increasing environmental concerns, regulatory pressures, and the desire for more sustainable alternatives to petroleum-based chemicals. Bio-based propylene glycol offers similar performance characteristics to petroleum-based PG while providing environmental benefits, contributing to its increasing adoption in various applications.

• Focus on Product Innovation and Sustainability: Manufacturers in the propylene glycol market are focusing on product innovation and sustainability to meet evolving consumer preferences and regulatory requirements. This includes the development of new formulations, improved production processes, and the adoption of sustainable sourcing practices to enhance the environmental profile of propylene glycol products.

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Propylene Glycol Market Trending Key Players

• The Dow Chemical Company (US)
• LyondellBasell Industries N.V. (Netherlands)
• Archer Daniels Midland Co. (US)

The Dow Chemical Company (US) is focused on partnerships to meet the growing demand in the market. In October 2019, the Dow and Evonik entered into an exclusive technology partnership. They are plan to bring a unique method (HYPROSYN) for directly synthesizing propylene glycol from propylene and hydrogen peroxide. Over 100 Evonik employees worked for years to develop this method. The key element is a novel catalytic system developed by Evonik researchers, which allows direct synthesis of propylene glycol from propylene and hydrogen peroxide in a process offering high yield and comparatively low energy consumption.

Archer Daniels Midland Co. (US) is focused on partnerships to meet the growing demand for propylene glycol. In January 2018, the company and Pacific Northwest National Laboratory (PNNL) entered into a partnership to produce bio-based propylene glycol. As a result of the collaborative research between PNNL and ADM, the company now has a full-scale production facility at its manufacturing plant in Decatur, Illinois. The facility employs 140 people and can produce 100,000 metric tons of propylene glycol from renewable sources per year. ADM uses or sells this bio-based product for use in deicers, cosmetics, pet food, and pharmaceuticals, among others.

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Propylene Glycol Market Segments

On the basis of Source

• Petroleum-based PG
• Bio-based PG

On the basis of Grade

• Industrial Grade
  • Unsaturated Polyester Resin
  • Antifreeze & Functional Fluids
  • Liquid Detergents
  • Plasticizers
  • Paints & Coatings
• Pharmaceutical Grade
  • Food & Beverage
  • Pharmaceuticals
  • Cosmetics
• Other Applications
  • Animal Feed
  • Tobacco humectants
  • Inks
  • Lacquers
  • Varnishes

On the basis of End-Use Industry

• Transportation
• Building & Construction
• Food & Beverage
• Pharmaceuticals
• Cosmetics & Personal Care
• Others
  • Paints & Coatings
  • Consumer Goods
  • Electronics
  • Tobacco
  • Textile industry

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On the basis of Region

• APAC
• North America
• Europe
• Middle East & Arica
• South America

TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 18)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
    1.3 SCOPE OF THE STUDY
           1.3.1 PROPYLENE GLYCOL: MARKET SEGMENTATION
           1.3.2 REGIONS COVERED
           1.3.3 YEARS CONSIDERED FOR THE STUDY
    1.4 CURRENCY
    1.5 UNIT CONSIDERED
    1.6 LIMITATIONS
    1.7 STAKEHOLDERS

2 RESEARCH METHODOLOGY (Page No. - 22)
    2.1 BASE NUMBER CALCULATION
           2.1.1 PRIMARY AND SECONDARY RESEARCH
           2.1.2 MARKET SIZE CALCULATION BY END-USE INDUSTRY
           2.1.3 MARKET SIZE CALCULATION BY SOURCE
    2.2 FORECAST NUMBER CALCULATION
    2.3 MARKET ENGINEERING PROCESS
           2.3.1 BOTTOM-UP APPROACH
                 FIGURE 1 PROPYLENE GLYCOL MARKET: BOTTOM-UP APPROACH
           2.3.2 TOP-DOWN APPROACH
                 FIGURE 2 PROPYLENE GLYCOL MARKET: TOP-DOWN APPROACH
    2.4 ASSUMPTIONS
    2.5 SECONDARY DATA
    2.6 PRIMARY DATA
           2.6.1 BREAKDOWN OF PRIMARY INTERVIEWS
           2.6.2 KEY INDUSTRY INSIGHTS

3 EXECUTIVE SUMMARY (Page No. - 28)
  FIGURE 3 PETROLEUM-BASED PROPYLENE GLYCOL TO DOMINATE THE PROPYLENE GLYCOL MARKET BETWEEN 2019 AND 2024
  FIGURE 4 UNSATURATED POLYESTER RESIN TO REMAIN THE LARGEST APPLICATION SEGMENT DURING THE FORECAST PERIOD
  FIGURE 5 TRANSPORTATION SEGMENT TO LEAD THE PROPYLENE GLYCOL MARKET BETWEEN 2019 AND 2024
  FIGURE 6 APAC TO REGISTER THE HIGHEST CAGR IN THE PROPYLENE GLYCOL MARKET

4 PREMIUM INSIGHTS (Page No. - 32)
    4.1 ATTRACTIVE OPPORTUNITIES IN THE PROPYLENE GLYCOL MARKET
        FIGURE 7 THE GLOBAL PROPYLENE GLYCOL MARKET TO WITNESS MODERATE GROWTH BETWEEN 2019 AND 2024
    4.2 APAC PROPYLENE GLYCOL MARKET, BY SOURCE AND COUNTRY, 2018
        FIGURE 8 CHINA ACCOUNTED FOR THE LARGEST MARKET SHARE
    4.3 PROPYLENE GLYCOL MARKET, BY REGION
        FIGURE 9 APAC TO BE THE KEY MARKET FOR PROPYLENE GLYCOL BETWEEN 2019 AND 2024
    4.4 PROPYLENE GLYCOL MARKET ATTRACTIVENESS
        FIGURE 10 CHINA TO BE THE FASTEST-GROWING MARKET, GLOBALLY

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