Unsaturated Polyester Resins (UPRs) to Stoke the Market for Propylene Glycol
The latest study by Fact.MR foretells the global propylene glycol market to record an expansion rate of over 5%. The increasing demand for propylene glycol in food processing and pharmaceutical industries are essential factors expected to foster development in the approaching era of the worldwide market for propylene glycol.
In addition, the use of propylene glycol, abbreviated (PG), in the production of unsaturated polyester resins (UPRs), which are heavily consumed in the building, transportation, and marine sectors, will also boost the development of the market for propylene glycol over the forecast period.
Propylene glycol is also used extensively in the manufacture of unsaturated polyester resins strengthened with fiberglass used in construction panels, bathroom parts, fittings, corrosion-resistant tanks, and recreational vehicles.
All the aforementioned factors are expected to drive the market during the forecast period of 2019 to 2027. In addition, the use of propylene glycol as the major component in engine coolants, deicing liquids, antifreeze and creation of base fluids for aircraft deicing formulations and food industry coolants will boost the worldwide market.
Bio-Based Propylene Glycol to Be the Newest Median for Attractive Growth Prospects
Due to its significant implementation in the transport and construction sectors, the petroleum-based segment dominates the worldwide propylene glycol market with over 80% market share in 2018.
Due to eco-friendly production techniques, decreased reliance on petrochemical feedstock, and decreased greenhouse gas emissions, the bio-based segment will be the fastest growing segment compared to petroleum based during the forecast period. In addition, higher demand for bio-based techniques and uses of renewable products in different industries will increase the market for bio-based propylene glycol over the forecast period.
Know More Details About the Report
Chemical Intermediaries Account for Around 2/3rd Market Share within the End-Use Distribution
On the basis of application, the propylene glycol market has been segmented into chemical intermediaries, cosmetics and personal care products, consumer goods, food, and pharmaceuticals.
The chemical intermediary and cosmetics & personal care segment is anticipated to remain most lucrative segments in global propylene glycol market attributed to increased consumer awareness and improved living norms combined with disposable incomes.
In addition, the millennial consumer’s preference for valuable cosmetic products and enriched demand for propylene glycol-based medicine in the forecast period will increase the demand for propylene glycol in the chemical intermediaries and cosmetic sectors.
The market for liquid detergents will drive the production of household liquid, dishwashing detergents, industrial soaps, and cleaning fluids due to which the expanded production of propylene glycol becomes crucial. Other anti-freeze & functional liquids will prosper through extensive use in the automotive sector as engine coolants.
Government Imposed Regulations to Dim Growth Prospects
Imposed regulations on the proper use of propylene glycol are expected to slow the market growth. These regulations are intended to safeguard natural resources against future adverse effects on the environment.
Propylene glycol is generally regarded as safe for use in drugs and food products, but many cases have been reported of toxicity by the absorption of products containing propylene glycol.
Cases of dermatitis, hyper-osmolality, central nervous system problems, lactic acidosis, and hemolysis have been reported after circulatory administration. Increasing health consciousness among the consumers might hamper the growth of the propylene glycol market. These factors might affect the global market of propylene glycol during the coming years.
Avail customized purchase options for your needs
Enhanced Production Capacity of U.S Gives It Leverage
The production of specialty chemicals will receive gains from end-use applications such as oilfield chemicals, coatings, electronic chemicals, adhesives, flavors, cosmetic chemicals, and fragrances.
The surge in the demand for specialty chemicals will also remain sustained, on account of the growth in industrial and construction activities in the future. Therefore, the U.S. remains a key country for the growth of leading manufacturers in the chemical industry, and it further benefits from the increasing production of bio-based propylene glycol in the country.
Demand and supply exchange within the global propylene glycol market is generally balanced for some raw materials except for bio-based, which requires more production capacity by 2020. The global propylene glycol market is moderately consolidated with a few chemical industry giants capturing a large part of the market share.
Dow Chemical Company and LyondellBasell Industries are the two major players within the global propylene glycol market accounting for over 40% of the market share. Other prominent producers include Archer Daniels Midland (U.S.), BASF SE (Germany) and Global BioChem (China). Some of the notable developments in the global propylene glycol industry are-
- In 2018, LyondellBasell inaugurated, which according to them, is the largest production section for propylene subsidiaries in Houston. The new plant is said to produce 470,000 metric tons of propylene materials annually.
- In 2019, South Korean SKC Cooperative and Kuwait’s Petrochemical Industries Company (PIC) have signed an agreement for the sale of 50% stake in SKC’s chemical business. This joint venture is aimed to achieve a production target of one million tons of propylene glycol and propylene oxide. Large scale production, expansion and timely acquisitions will continue to be the winning business imperatives for manufacturers in the propylene glycol market.
An Adaptive Approach to Modern-day Research Needs
Global Propylene Glycol Market: In-Depth Assessment on Key Segments
The global propylene glycol market is segmented on the basis of source, type, end-use application, primary function and region.
Country-specific assessment on demand for propylene glycol has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous propylene glycol manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
Global Propylene Glycol Market – Scope of the Report
The following report provides forecast and analysis of the global propylene glycol market along with the historical data of 2013, estimated data 2019 and forecast data up to 2027 in terms of revenue (US$ Mn) and volume (Thousand Tons), according to a Fact.MR study.
The research propounds critical trends that are currently influencing growth within the global propylene glycol market along with several macro-economic indicators. This newly published and insightful report on propylene glycol sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global propylene glycol market.
The report also comprises the study of current issues with end users and opportunities for propylene glycol. It also contains value chain analysis, including the key market participants.
To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews. The dashboard included in the report provides a detailed comparison of propylene glycol manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the propylene glycol market provided in the report adds to the credibility of this exhaustive research study.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries.
The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global market. Some of the major competitors operating in the propylene glycol market are BASF SE, LyondellBasell Industries Holdings, Archer Daniels Midland, Global Bio-chem Technology Group and ADEKA Corporation.
Global Propylene Glycol Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications.
Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research. The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the propylene glycol market.
For ascertaining the market size on the basis of volume and value, revenues generated by leading players, coupled with their production capacities are taken into consideration which is backed by a proven & tested research approach, the report offered necessary information on the propylene glycol market.
Qualitative aspects gained from industry experts and opinion leaders have also been adhered to by the analysts while developing this insightful report on the global propylene glycol market. Secondary research is leveraged for ascertaining the overall size of the propylene glycol market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the propylene glycol market, which includes global GDP growth rate, various industries growth rate, such as foaming, surface coating, and automotive paints.
This report serves as an authentic resource of intelligence on the propylene glycol market, enabling the readers to take fact-based decisions on the future direction of their businesses.
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.