DUBLIN, Dec. 13, 2023 /PRNewswire/ — The “Global Market for Propylene Glycol – Forecast and Analysis 2023” report has been added to ResearchAndMarkets.com’s offering.
The market is projected to experience a compound annual growth rate (CAGR) of around 5.2% from 2023 to 2027.
In recent years, the global market for propylene glycol has witnessed significant expansion, driven by its versatile applications across various industries. Propylene glycol, a colorless and odorless liquid, finds extensive use in sectors ranging from food and beverage, pharmaceuticals, cosmetics, to industrial applications like antifreeze and de-icing solutions. This remarkable versatility has propelled the demand for propylene glycol, leading to a surge in its market value.
The propylene glycol market is experiencing robust growth, driven by several key factors. Firstly, the food and beverage industry plays a pivotal role, accounting for a significant portion of propylene glycol consumption. In 2020, this sector constituted approximately 35% of the global market, with propylene glycol serving as a crucial additive for its solvent, humectant, and stabilizing properties. Moreover, its approval by the U.S. Food and Drug Administration (FDA) for use in food products has further propelled its demand.
Secondly, the pharmaceutical and healthcare sector is a major growth driver, with propylene glycol finding extensive application in various formulations and oral medications. This industry segment accounted for around 25% of the global market in 2020, and its continued expansion is anticipated to fuel the demand for propylene glycol.
Furthermore, propylene glycol is a crucial ingredient in the cosmetics and personal care industry, representing approximately 20% of the market in 2020. Its moisturizing and emollient properties make it a sought-after component in skincare, haircare, and personal care products.
While the propylene glycol market exhibits significant growth potential, challenges related to stringent regulations and environmental concerns associated with its production and disposal persist. However, the exploration of bio-based propylene glycol and technological advancements in production processes present avenues for sustainable growth.
The propylene glycol market’s buoyant growth is underpinned by its diverse applications across various industries. The pivotal role it plays in sectors like food and beverage, pharmaceuticals, cosmetics, and industrial applications positions it as a vital component in modern manufacturing and consumer products.
The report presents a meticulously researched and comprehensive assessment of the propylene glycol market. The report unfolds in distinct sections crafted to furnish a comprehensive comprehension of this market.
Commencing with an enlightening introduction that delineates the report’s objectives and scope, it seamlessly transitions into an elaborate market overview encompassing historical data, current market size, and growth projections up until the latest available data in 2021. The subsequent segment, the market dynamics section, provides an in-depth analysis of the propylene glycol market’s driving forces, impediments, opportunities, and challenges.
The report stands as an indispensable resource for industry professionals, market analysts, and stakeholders, offering a profound understanding of the propylene glycol market, encompassing data from 2012 to 2027, thus also illuminating future trajectories beyond.
Some market statistics of this industry are as follows:
- North America and Europe are prominent regions in propylene glycol consumption, owing to their robust industrial sectors and extensive application across various end-user industries.
- Asia-Pacific is anticipated to witness substantial growth due to burgeoning demand from emerging economies like China and India.
Major Industry Players
- AGC Inc.
- BASF SE
- China Petroleum & Chemical Corporation (Sinopec)
- Dow Chemical Company
- Huntsman Corporation
- INEOS Group
- LyondellBasell Industries N.V.
- Olin Corporation
- Repsol S.A.
- Shell Plc
- SKC Chemicals Group
- Sumitomo Chemical Company
Key Topics Covered:
A. Executive Summary
B. Introduction to Propylene Glycol
C. Global Propylene Glycol Market: Brief Profile
D. Propylene Glycol Market
D.1 Industry Size
D.2 Propylene Glycol Production & Demand
D.3 Total Industry Capacity
D.4 Propylene Glycol Plants
D.5 Major Industry Production Process & Technology
D.6 Analysis of Application Sectors
D.7 Cost of Propylene Glycol
D.8 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/evv3xy
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SOURCE Research and Markets
