Bio-Based Propylene Glycol Remains One of the Coveted Trends, Finds Fact.MR
Published : 07 Oct 2019 Industry: Chemical & Materials
The recently published research report by Fact.MR regarding the global propylene glycol market includes product classification and current synopsis along with product upgrades and innovations. The overall market of propylene glycol was pegged at more than 2,500 Thousand Tons in 2018, and the global market is likely to witness a strong growth rate during the forecast period on the backdrop of increasing building & construction activities along with expanding production capacities of key manufacturers across the globe.
To produce a range of petrochemical products, the worldwide chemical industry was strongly dependent on fossil fuels. However, increasing awareness of the advantages offered by renewable chemistry is now shifting the industry's focus on the development of bio-based chemicals such as propylene glycol. Due to the development of different end-user sectors, the propylene glycol industry is expected to experience powerful development during the forecast period. Owing to the active utilization of propylene glycol in the transportation, building & construction sectors, the petroleum-based propylene glycol segment retained an important market share. In terms of end-use segment, the segment of transportation is expected to grow rapidly due to rising automotive sales.
According to the report, the burgeoning construction & manufacturing industry, combined with growing investments for infrastructural growth in developing markets such as China, India, and Brazil is expected to be the major driver for the global propylene glycol market. In addition, this end-use sector is also driven by increased use of propylene glycols in applications such as automotive coolants, aircraft deicing fluid, and hydraulic & brake liquids.
Propylene Glycol Gathers Momentum in Industrial Applications, Says Fact.MR
About two-thirds of the propylene glycol supplied is utilized as chemical feed to manufacture unsaturated polyester resins. Propylene glycol's industrial applications include the manufacturing of paints and coatings, resins and plastics which are used as intermediates for the production of other chemical substances such as unsaturated polyester resins used in pipes or windmill blades, as well as bath and kitchenware. Propylene glycol presently is being utilized in a wide range of industrial applications including pharmaceutical and cosmetics which hold a considerable market share. Propylene glycol is also used in tobacco products as a preservative, solvent and a significant component of e-liquid used in vegetable glycerin. Moreover, propylene glycol is also widely used in cosmetics and personal care products which acts as the most prominent driver for the global propylene glycol market.
Propylene Glycol’s High Toxicity Could Hamper Market Growth
According to the study, the rapid utilization of propylene glycol is known to pose several occupational health hazards. Although Propylene glycol has been approved for use at certain levels in food and cosmetics according to the Food and Drug Administration (FDA), the widespread utilization of propylene glycol in industries is still regarded as harmful. This factor is expected to hinder the market growth during the forecast period.
East Asia to be the Epicenter for Lucrative Opportunities in Global Propylene Glycol Market
The global propylene glycol market is shifting to China and other Asian nations with continued high risk for consolidation and rationalization, which has affected numerous small and medium scale competitors. The global market for propylene glycol is anticipated to witness lucrative market opportunities from Asian regions, especially, East Asia due to growing industrialization and increasing production footprint of key manufacturers in the region. However, currently, US holds the leading market share in terms of volume sales among key countries with nearly around 1/3rd of the global demand. Also, overall demand for unsaturated polyester resins is likely to be affected by ongoing trends in the national building industry and local economies' general health. Moreover, legacy regions such as North America and Europe in global propylene glycol market are anticipated to witness similar growth trend during the forecast period due to rising demand for pharmaceutical grade of propylene glycol in these regions.
The Fact.MR report offers a forecast of the global propylene glycol market for the period 2019-2027. Advancements in end-use applications are urging market players to invest heavily in R&D activities. Propylene glycol as a chemical intermediary will be the most lucrative end-use application during the forecast period.