The global propylene glycol market was valued at USD 3.47 Billion in 2016, and is projected to grow at a CAGR of 5.8% from 2016 to 2021, to reach USD 4.60 Billion by 2021.
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Eco-friendly production process of bio-based propylene glycol has led to the growth of the global propylene glycol market. Also, the growing automotive industry in Asia-Pacific is driving the market as propylene glycol is widely used in engine coolants and sheet molding compounds among others.
The bio-based propylene glycol segment is expected to grow at a higher CAGR in the global propylene glycol market, between 2016 and 2021
By source, the global propylene glycol market is segmented into petroleum-based and bio-based propylene glycol. This segment is expected to grow at the highest CAGR in the global propylene glycol market from 2016 to 2021. This is because production of propylene glycol from the bio-based source have less impact on the environment. In addition, increasing demand from the pharmaceuticals & cosmetics application is also driving the growth of this segment.
Food, pharmaceuticals & cosmetics is projected to be the fastest-growing application segment of the global propylene glycol market during the forecast period
Food, pharmaceuticals & cosmetics is projected to be the fastest-growing application segment of the global propylene glycol market during the forecast period. This is due to the increased health consciousness and improving lifestyle of people. In addition, consumer’s preference for expensive cosmetic products globally and increased consumption of medications are driving this segment.
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Transportation is expected to be the fastest-growing end-use industry of the global propylene glycol market during the forecast period
Transportation is projected to be the fastest-growing end-use industry of the global propylene glycol market during the forecast period, mainly due the rising demand for propylene glycol in the automotive coolants, aircraft wings, pleasure boats, and ships. This industry in the Asia-Pacific region is anticipated to grow at the highest CAGR during the forecast year. The growth is attributed to increasing sales of automobiles in the region. In addition, improving standards of living and increasing disposable income in emerging countries such as India, China, and South Korea are driving the growth of the transportation industry. Also, China, Korea, Japan, and India are witnessing high demand for new ships for both military and commercial purposes.
Asia-Pacific is anticipated to be the fastest-growing market for propylene glycol during the forecast period
The propylene glycol market in Asia-Pacific is expected to witness the highest CAGR between 2016 and 2021. The economic growth in the Asia-Pacific region is driving the market for propylene glycol. In addition, increased demand for propylene glycol in key countries such as China and India, are contributing to the growth of the propylene glycol market in the region.
Currently, the global propylene glycol market is led by various market players such as The Dow Chemical Company (U.S.), LyondellBasell Industries N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Global Bio-chem Technology Group Co., Ltd. (China), DuPont Tate & Lyle Bio Products Company, LLC (U.S.), Huntsman Corporation (U.S.), SKC Co., Ltd. (South Korea), Temix International S.R.L. (Italy), and Ineos Oxide (Switzerland) among others.