IMARC Group's report titled "Propylene Glycol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global propylene glycol market share. The global market size reached US$ 4.3 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.1 Million by 2032, exhibiting a growth rate (CAGR) of 3.3% during 2024-2032
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Factors Affecting the Growth of the Propylene Glycol Industry:
- Increasing Demand from the Food and Beverage Industry:
Propylene glycol is extensively utilized as a food additive and preservative due to its ability to absorb excess water and maintain moisture in food products, thereby extending their shelf life. Its application spans various food products, including dairy items, dressings, and baked goods, facilitating texture and flavor enhancement. The rising spending habits and the evolving preferences for processed and convenience food products are catalyzing the demand for propylene glycol. Additionally, the shift towards healthier and safer food preservation methods is underscoring the importance of propylene glycol as a non-toxic alternative to traditional preservatives.
- Expansion in Pharmaceutical Applications:
The versatility of propylene glycol as a solvent for oral, injectable, and topical formulations enhances its value in drug delivery systems. It effectively dissolves both active ingredients and additives, improving medication stability and absorption. The increasing healthcare expenditure, rising prevalence of chronic diseases, and continuous research and development (R&D) activities necessitate the use of propylene glycol. Its application in producing essential medical supplies, including antiseptics, disinfectants, and vitamins, underlines its critical role. The ongoing global health initiatives and the demand for more accessible healthcare solutions further drive the demand for propylene glycol in pharmaceuticals.
- Growth in Personal Care and Cosmetics Sector:
Propylene glycol is neutralized as a humectant, emulsifier, and stabilizer in numerous skincare, hair care, and cosmetic products. It helps retain moisture content, enhances product texture, and stabilizes formulas, making it indispensable in the development of high-quality personal care products. The increasing user awareness about personal hygiene and the growing trend of using organic and natural beauty products are propelling the market growth. As individuals are becoming more conscious of product ingredients and their benefits, the demand for safe and effective compounds like propylene glycol in personal care products is rising.
Leading Companies Operating in the Propylene Glycol Industry:
- Archer-Daniels-Midland Company
- BASF SE
- DuPont de Nemours Inc.
- Global Bio-chem Technology Group Company Limited
- INEOS Group Limited
- LyondellBasell Industries N.V.
- Shell Plc
- SK Picglobal
- Dow Inc.
Propylene Glycol Market Report Segmentation:
By Source:
- Petroleum-based
- Bio-based
Petroleum-based represents the largest segment as it is highly versatile and compatible with a wide range of chemical compounds, making it an essential ingredient in numerous formulations.
By Application:
- Unsaturated Polyester Resins
- Antifreeze and Functional Fluids
- Food, Drug, and Cosmetics
- Liquid Detergent
- Paints and Coatings
- Others
Unsaturated polyester resins hold the biggest market share owing to their widespread usage in the composites industry for their versatility, durability, and cost-effectiveness.
By End Use Industry:
- Transportation
- Building and Construction
- Food and Beverage
- Pharmaceuticals
- Cosmetics and Personal Care
- Others
Transportation accounts for the majority of the market share driven by the increasing demand for propylene glycol as an anti-freeze agent in the sector.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific's dominance in the propylene glycol market is attributed to the rising investments in various drug research operations.
Global Propylene Glycol Market Trends:
The demand for propylene glycol in automotive and industrial applications is bolstering the market growth. In the automotive sector, propylene glycol is a primary component of engine coolants and antifreeze formulations, owing to its excellent thermal properties and non-corrosive nature. The industrial sector utilizes propylene glycol in hydraulic fluids, deicing fluids, and as a coolant in various processes. The rising focus on infrastructure development and increasing vehicle production and ownership is driving the demand for propylene glycol. Furthermore, the push towards more sustainable and efficient industrial processes encourages the adoption of bio-based propylene glycol.
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