Propylene Glycol Market Overview
Propylene glycol is a chemical that is produced by the hydration of propylene oxide. It appears as a colorless, odorless, and viscous liquid that has a faintly sweet taste. Propylene glycol is miscible with water, chloroform, and acetone and is hygroscopic in nature. Propylene glycol is used as an anti-freeze agent, solvent, flavor enhancer, emulsifier, stabilizer, thickener, humectant, wetting agent, and clarifier in food & beverages, pharmaceutical, and cosmetics & personal care products. It is classified as “Generally recognized as safe” (GRAS) by the U.S. Food and Drug Administration (FDA) and approved its use as an indirect food additive. Furthermore, industrial grade propylene glycol is found to have vast applications in end-use industries such as, building & construction, automotive, chemical, packaging, and household.
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Market Segmentation
The global propylene glycol market is segmented by source, grade, end-use industry, and region.
On the basis of the source, the global propylene glycol market is segmented into petroleum-based and bio-based. The bio-based propylene glycol market is gaining immense popularity these days and expected to grow at the exponential CAGR during the forecast period. Stringent regulations by regulatory bodies like REACH and E.P.A. against the use of petroleum-based products having high VOC content and wide applications in industries such as, food & beverages, pharmaceutical, and cosmetics & personal care industry among other are the factors contributing to the growth of the bio-based propylene glycol market.
On the basis of the grade, the global propylene glycol market is segmented into industrial grade and pharmaceutical grade. Industrial grade is sub-segmented on the basis of applications into unsaturated polyester resins, coolants and antifreeze, hydraulic and brake fluid, aircraft deicing fluid, heat transfer fluids, paint and coatings, printing inks and liquid detergents. Pharmaceutical grade is sub-segmented on the basis of applications into processed foods & animal feedstock, pharmaceuticals, cosmetics & personal care products, tobacco & electronic cigarettes, theater fogs & artificial smoke. Pharmaceutical grade propylene glycol is expected to have the largest market share in 2017 and expected to grow at exponential CAGR due to growing food & beverage, pharmaceutical, and cosmetic & personal care industry on account of growing preference for convenience food, rising health awareness, rising disposable income, and changing lifestyle.
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Competitive Analysis
Key players in the Global Propylene Glycol Market are
- LyondellBasell Industries Holdings B.V. (Netherlands)
• BASF SE (Germany)
• Archer Daniels Midland Company (U.S.)
• Global Bio-chem Technology Group Company Limited (China)
• ADEKA CORPORATION (Japan)
• Chaoyang Chemicals Inc. (U.S.)
• Huntsman International LLC. (the U.S.)
• DowDuPont Inc. (U.S.)
• Manali Petrochemicals Limited (India)
• HaiKe Chemical Group (China)
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Regional Analysis
The global propylene glycol market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific is expected to have the largest market share of the global propylene glycol market, followed by North America, which is further trailed by Europe. The Middle East & Africa is expected to show moderate demand over the forecast period. Latin America is also expected to show moderate growth due to slow overall development during the forecast.
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