The latest report by IMARC Group, titled “Propylene Glycol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global propylene glycol market is expected to grow at a CAGR of 4.4% during 2022-2027.Propylene glycol (C3H8O2) is a viscous, colorless, hygroscopic liquid with low toxicity and a faintly sweet taste. It is the end product of the chemical reaction between propylene oxide and water. The synthetic organic compound can also be obtained from petroleum and bio-based sources. Propylene glycol is miscible with acetone, water, and chloroform and is used as a solvent, emulsifier, and excipient to hold and dissolve active ingredients. Consequently, it finds a wide variety of applications in cosmetics and personal care products, unsaturated polyester resins, liquid detergents, functional fluids, and antifreeze. It is also utilized as a humectant, preservative in food products, solvents, and as a major constituent of e-liquid in electric cigarettes with vegetable glycerin.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Propylene Glycol Market Trends:
The market is primarily driven by theincreasing product applications in diverse industries. For instance, propylene glycol is utilized across food and beverage industry for improved texture, flavor, appearance, and shelf life of various produced foods. Therapid urbanization and fast-paced lifestyle ofindividuals are also increasing the consumption of processed food and ready-to-eat food products, which isfueling the market growth. Besides this, the significant growth of the automotive industry is facilitating the need for petroleum-based propylene glycol,which is used in industrial chemicals such as deicing fluids, automotive coolants, and hydraulic and brake fluids. Nowadays, it is also used as a drug solubilizer in the pharmaceutical industry. Furthermore, with the growing environmental consciousness, key manufacturers are investing in research and development (R&D) activities to introduce effective propylene glycol variants, such as bio-based chemicals for producing propylene glycol, which is expected to create a positive outlook for the market in the upcoming years.
- Based on the source, the market has been segmented into petroleum- and bio-based.
- On the basis oftheapplication, the market has been classified into unsaturated polyester resins, antifreeze and functional fluids, food, drug, and cosmetics, liquid detergent, paints and coatings, and others.
- The market has been categorized based on the end use industry into transportation, building and construction, food and beverage, pharmaceuticals, cosmetics and personal care, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players beingArcher-Daniels-Midland Company, BASF SE, Dupont Tate & Lyle Bio Products Company LLC, Global Bio-chem Technology Group Company Limited, Huntsman Corporation, INEOS Capital Limited, LyondellBasell Industries N.V., SHELL Petroleum N.V. (Royal Dutch Shell), SK Chemicals Corporation Limited, Sumitomo Chemical Corporation Limited, and The Dow Chemical Company (Dow Inc.)
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