Global Propylene Glycol Market Revenue Growth Predicted by 2027
Posted by Arslan on October 9th, 2019
The latest study by Fact.MR foretells the global propylene glycol market to record an expansion rate of over 5%. The increasing demand for propylene glycol in food processing and pharmaceutical industries are essential factors expected to foster development in the approaching era of the worldwide market for propylene glycol. In addition, the use of propylene glycol, abbreviated (PG), in the production of unsaturated polyester resins (UPRs), which are heavily consumed in the building, transportation, and marine sectors, will also boost the development of the market for propylene glycol over the forecast period.
Propylene glycol is also used extensively in the manufacture of unsaturated polyester resins strengthened with fiberglass used in construction panels, bathroom parts, fittings, corrosion-resistant tanks, and recreational vehicles. All the aforementioned factors are expected to drive the market during the forecast period of 2019 to 2027. In addition, the use of propylene glycol as the major component in engine coolants, deicing liquids, antifreeze and creation of base fluids for aircraft deicing formulations and food industry coolants will boost the worldwide market.
Bio-Based Propylene Glycol to Be the Newest Median for Attractive Growth Prospects
Due to its significant implementation in the transport and construction sectors, the petroleum-based segment dominates the worldwide propylene glycol market with over 80% market share in 2018. Due to eco-friendly production techniques, decreased reliance on petrochemical feedstock, and decreased greenhouse gas emissions, the bio-based segment will be the fastest growing segment compared to petroleum based during the forecast period. In addition, higher demand for bio-based techniques and uses of renewable products in different industries will increase the market for bio-based propylene glycol over the forecast period.
Chemical Intermediaries Account for Around 2/3rd Market Share within the End-Use Distribution
On the basis of application, the propylene glycol market has been segmented into chemical intermediaries, cosmetics and personal care products, consumer goods, food, and pharmaceuticals. The chemical intermediary and cosmetics & personal care segment is anticipated to remain most lucrative segments in global propylene glycol market attributed to increased consumer awareness and improved living norms combined with disposable incomes. In addition, the millennial consumer’s preference for valuable cosmetic products and enriched demand for propylene glycol-based medicine in the forecast period will increase the demand for propylene glycol in the chemical intermediaries and cosmetic sectors. The market for liquid detergents will drive the production of household liquid, dishwashing detergents, industrial soaps, and cleaning fluids due to which the expanded production of propylene glycol becomes crucial. Other anti-freeze & functional liquids will prosper through extensive use in the automotive sector as engine coolants.
Government Imposed Regulations to Dim Growth Prospects
Imposed regulations on the proper use of propylene glycol are expected to slow the market growth. These regulations are intended to safeguard natural resources against future adverse effects on the environment. Propylene glycol is generally regarded as safe for use in drugs and food products, but many cases have been reported of toxicity by the absorption of products containing propylene glycol. Cases of dermatitis, hyper-osmolality, central nervous system problems, lactic acidosis, and hemolysis have been reported after circulatory administration. Increasing health consciousness among the consumers might hamper the growth of the propylene glycol market. These factors might affect the global market of propylene glycol during the coming years.
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Enhanced Production Capacity of U.S Gives It Leverage
The production of specialty chemicals will receive gains from end-use applications such as oilfield chemicals, coatings, electronic chemicals, adhesives, flavors, cosmetic chemicals, and fragrances. The surge in the demand for specialty chemicals will also remain sustained, on account of the growth in industrial and construction activities in the future. Therefore, the U.S. remains a key country for the growth of leading manufacturers in the chemical industry, and it further benefits from the increasing production of bio-based propylene glycol in the country. Demand and supply exchange within the global propylene glycol market is generally balanced for some raw materials except for bio-based, which requires more production capacity by 2020. The global propylene glycol market is moderately consolidated with a few chemical industry giants capturing a large part of the market share. Dow Chemical Company and LyondellBasell Industries are the two major players within the global propylene glycol market accounting for over 40% of the market share.Also See: Propylene Glycol, Glycol Market, Bio Based, Global Propylene, Propylene, Market, Glycol
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