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
“Global propylene glycol market to record a CAGR of 4.4% during the forecast period”
The global propylene glycol market is expected to reach USD 4.7 billion by 2024 from USD 3.8 billion in 2019, at a CAGR of 4.4%. The growth is primarily due to the massive industrial growth in APAC and the Middle East & Africa, coupled with the rise in process automation in most of the industries. The factors restraining the growth of this market are the high cost of bio-based propylene glycol.
“Petroleum-based propylene glycol to be the larger segment by source in the global market”
The market for petroleum-based propylene glycol is projected to be the largest from 2019 to 2024. The rising demand from the construction and transportation industries is fueling the growth of the petroleum-based propylene glycol market.
“Transportation to be the largest end-use industry segment of the propylene glycol market during the forecast period”
Transportation is projected to be the largest end-use industry segment of the global propylene glycol market from 2019 to 2024. The growth is mainly due to the rising demand for propylene glycol in automotive coolants and aircraft wings & surface applications. Continuing economic development and increasing disposable income are also driving the global propylene glycol market in the transportation industry.
“APAC to be the fastest-growing market during the forecast period, in terms of both volume and value”
APAC is the largest propylene glycol market. The high growth of the emerging economies and the increasing disposable income in the region make APAC an attractive market for propylene glycol. The tremendous growth of industrial production and increased trade are primarily responsible for the high consumption of propylene glycols.
The breakup of primary interviews is given below:
By Company Type: Tier 1 - 35%, Tier 2 - 39%, and Tier 3 - 26%
By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%
By Region: North America - 32%, Europe - 21%, APAC - 28%, South America - 12%, Middle East & Africa - 7%
The key players profiled in the report include as The Dow Chemical Company (US), LyondellBasell Industries N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (US), Global Bio-chem Technology Group Co., Ltd. (China), DuPont Tate & Lyle Bio Products, LLC (U.S.), Huntsman Corporation (US), SKC Co., Ltd. (South Korea), Temix International S.R.L. (Italy), and Ineos Oxide (Switzerland.
This report segments the market for propylene glycol based on source, grade, end-use industry, and region and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, associated with the market for propylene glycols.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the propylene glycol market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on propylene glycol offered by top players in the global market
Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the market for propylene glycol across regions
Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global propylene glycol market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the propylene glycol market
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