The global propylene glycol market size was worth around USD 4.61 Billion in 2023 and is predicted to grow to around USD 6.90 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.57% between 2024 and 2032.
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Overview of the Propylene Glycol Market
The study also encompasses the market share of the primary players in the global propylene glycol market. The report examines the strategic development, regional growth, agreements, partnerships, collaborations, and joint ventures of the main players in the market on a regional basis, as well as acquisitions and mergers.
Propylene glycol is a chemical molecule that is employed in a diverse array of applications due to its antifreeze properties, minimal toxicity, and high boiling point. Propylene glycol is a blend of water and propylene oxide. It is typically a colorless, odorless, and viscous substance. Furthermore, it is highly soluble in a diverse array of liquids, such as water, acetone, and chloroform. Propylene glycol is employed in a diverse array of industries, such as the pharmaceutical industry, the construction industry, the food and beverage industry, and the automotive industry. Propylene glycol is frequently categorized into two categories: industrial and medicinal, based on its intended applications.
Growth Factors in the Propylene Glycol Market
Rapidly expanding industries, including the automotive and food and beverage sectors, are anticipated to drive the global market for propylene glycol in the future. The market for propylene glycol is expected to expand during the estimated period due to the increasing use of propylene glycol in processed food and beverages worldwide.
Propylene glycol is utilized in a wide range of industries, such as the food industry, the personal care industry, and the automobile industry, due to its distinctive properties. This market may be impeded during the anticipated timeframe as a result of the substantial expenditure necessary for research and development and the fluctuating prices of basic materials. Conversely, it is anticipated that the market for propylene glycol will continue to experience new opportunities in the coming years as a consequence of the growing demand for bio-based propylene glycol materials.
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The Global Propylene Glycol Market is segmented based on product, application and region
Global Propylene Glycol Market: Product Segment Analysis
● Industrial Grade
● Pharmaceutical Grade
Global Propylene Glycol Market: Application Segment Analysis
● Cosmetics and Personal Care
● Food and Beverage
● Pharmaceutical
● Automotive
● Building and Construction
● Others
The Global Propylene Glycol market profiles key players such as:
● The Dow Chemical Company
● BASF SE
● Archer Daniels Midland Company
● LyondellBasell Industries N.V.
● DuPont Tate & Lyle Bio Products Company
● LLC
● Global Bio-chem Technology Group Co., Ltd.
● Huntsman Corporation
● SKC Co. Ltd.
● Temix International S.R.L.,
● Ineos Oxide
Regional Analysis of the Propylene Glycol Market
In 2024, the Asia Pacific region dominated the propylene glycol market, and it is expected that this region will continue to exhibit the highest CAGR in the years ahead. This is most likely due to the prosperous end-user industries that are dispersed throughout the region. It is anticipated that North America will become the second main regional market for propylene glycol in the future due to the thriving pharmaceutical and food and beverage sectors. Furthermore, it is anticipated that the propylene glycol market in Europe and Latin America will be propelled by the expanding automotive sector in these regions for the duration of the forecast period.
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