The organic compound of propylene glycol with molecular formula C3H8O2 is known by the chemical name of propane-1,2-diol. It is hygroscopic with low toxicity and property of great solvency. Thus, the compound is used as a solvent for several reactions to form a solution. Additionally, it is a colorless, odorless, and clear compound with a faintly sweet taste.
Propylene Glycol Market is generally recognized as safe (GRAS) by the U.S. Food and Drug Administration (FDA) and approved for its usage as a food additive. The FDA explains that the compound is metabolized in the body as a normal carbohydrate source and is safe for prolonged consumption. Thus, the compound has extensive application in the food and beverages industry as anti-freeze agent, thickener, and flavor enhancer. Additionally, it is used as a stabilizer in products such as ice-cream, artificial sweeteners, icing, and candies. Growing demand for bakery products and confectioneries is fueling the growth of the global propylene glycol market.
Furthermore, the compound is approved to be used in the pharmaceutical preparations across the U.S. and Europe. As it possesses the properties of emulsifier and stabilizer, the applications across the pharmaceutical industries are widening across injectable and oral medicines. Rising demand from the pharmaceutical industry is propelling growth of the global propylene glycol market. Additionally, the excellent heat-transfer and corrosion resistance properties of compound lead to expanding its application across several chemical industries. This is one of the key factors bolstering growth of the global propylene glycol market.
However, the several regulations implicated on the petroleum-based Dipropylene glycol Skin Care by REACH and EPA are hampering its demand and in turn growth of the segment to some extent. Nonetheless, availability of bio-based compound is likely to offer robust growth opportunities in estimated time frame.
Competitive Analysis:
Some of the major players operating in the global propylene glycol market are BASF SE (Germany), LyondellBasell Industries Holdings B.V. (Netherlands), Archer Daniels Midland Company (U.S.), ADEKA CORPORATION (Japan), Global Bio-chem Technology Group Company Limited (China), Chaoyang Chemicals, Inc. (U.S.), DowDuPont Inc. (U.S.), Huntsman International LLC. (U.S.), HaiKe Chemical Group (China), and Manali Petrochemicals Limited (India).
Segmentation:
The propylene glycol market is segmented based on source, end-use industry, grade, and region.
In terms of source, the global propylene glycol market is categorized into petroleum-based and bio-based.
Based on the end-use industry, the market is segmented into food & beverage, automotive, pharmaceutical, cosmetics & personal care, building & construction, and others.
Based on the grade, the propylene glycol market is segmented into pharmaceutical grade and industrial grade. Of these, the pharmaceutical grade is further segmented into applications into processed foods & animal feedstock, cosmetics & personal care products, theater fogs & artificial smoke, pharmaceuticals, tobacco & electronic cigarettes. Industrial grade is further segmented into coolants and antifreeze, unsaturated polyester resins, hydraulic and brake fluid, heat transfer fluids, aircraft deicing fluid, paint and coatings, printing inks and liquid detergents.
Regional Analysis:
Based on region, the propylene glycol market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Regionally, the Asia Pacific region dominated the global propylene glycol market in 2017 and is estimated to be the fastest-growing region in the coming years. This growth is primarily attributed to the rapid industrialization coupled with rising disposable income. Additionally, robust development of the industries including automotive, building & construction, pharmaceutical, and food & beverages are bolstering demand for the propylene glycol and likely to fuel the market growth.
North America held the second-largest share in terms of revenue in the global propylene glycol market owing to the presence of developed pharmaceutical, building & construction, food & beverages, and aerospace industries in the region. Thanks to expanding chemical and cosmetics and personal care industries in the region, the market in the region is likely to witness considerable growth in the coming years.
Industry News:
Growing consumer inclination toward a bio-based product, the key players are focusing to manufacture the bio-based propylene glycol. However, the bio-based product and petroleum-based product have different properties due to purity of bio-based propylene glycol. thus, the key players are investing more on exploring newer techniques to overcome these challenges. For instance, Ayas Renewables, Inc. is looking to expand and start a large-scale domestic plant for converting glycerin, a low-value waste biodiesel crude to pure propylene glycol without increasing cost.
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