Bio-Based Propylene Glycol Market – Overview
Increased demand owing to the considerably high petroleum usage has been an important factor in the growth of the market in the past few years. Market focused reports related to the chemicals & materials sector among others recently have been made available by Market Research Future which publishes reports on this sector. The Bio Based Propylene Glycol is anticipated to demonstrate a high CAGR percent in the forecast period.
The various industrial applications of Bio Based Propylene Glycol have been instrumental in the development of the market in the past few years. Non Ionic Surfactants are among one of the key causes that are shaping the growth trajectory of the market. Its usage in emulsifiers, adhesives, and lubricants has increased the demand for the market at a gradual pace. The automotive sector has contributed in a major way to the market. The growing demand for products resulting from renewable sources is expected to boost the growth of the market over the forecast period.
The Bio Based Propylene Glycol Market globally is segmented on the basis of end use industries, application, and regions. The application based segment of the market is segmented into solvent, unsaturated polyester resin, chemical intermediates, antifreeze & coolant and others. The end use industries segmentation includes building & construction, pharmaceutical, Cosmetics, automotive, detergent & household and others. The regional segmentation of the market comprises of Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa.
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Detailed Regional Analysis
The Bio Based Propylene Glycol Market is segmented into regions such as Europe, Latin America, Asia Pacific, North America, Middle East and Africa. The Asia Pacific region is projected to develop at a high CAGR during the forecast period due to the incidence of a huge number of fibers manufacturers and unsaturated polyester resins as well as growing demand from the construction sector. The demand for Bio Based Propylene Glycol is expected to develop in emerging countries such as India, China, Japan, and Vietnam owing to the developing commercial as well as institutional construction sector. Additionally, the emerging chemical industries in this region is estimated to increase business opportunities. Moreover, comparatively cheap labor cost, the stable supply of raw material, and increasing development strategies to fulfil the demand for Bio-Based Propylene Glycol in the increasing applications are the significant factors for the growth in the regional market.
The North American and European regions are anticipated to be the important markets followed by the Middle East & Africa and the Asia Pacific regions. The North American region is estimated to observe adequate growth in Bio Based Propylene Glycol Market owing to the healthy progress in various end use industries such as the automotive and pharmaceutical industries. Moreover, growing number of space exploration programs together with the demand for high quality coolant and antifreeze is likely to raise the demand for the market. In the European region nations such as the UK, Spain and Germany have appeared as the prominent markets owing to the developed food and cosmetics industries. The North American countries such as Canada, U.S., and Mexico are among the major suppliers owing to growing R& D expenditure and is expected to see significant regional market growth in the upcoming years. The Latin American nations are also expected to have strong development prospects over the forecast period owing to rapid industrialization. The Middle East & African regions are expected to observe a considerable development in the approaching years. Heavy investment in commercial, as well as residential construction sector in the United Arab Emirates (UAE), is expected to affect market growth during the forecast period positively.
Global Competitive Analysis
The firms in this market are trying to increase and preserve financial fluidity that can be crucial to capitalize on the growth prospects as and when they arise. The events have created the prospect of enhancements in the portfolio along with changes in the sector, which has improved the scenario for market competitors hugely in this market. The rising interest for diversification in the industry has indirectly allowed the companies to utilize many scenarios available in the industry. The opportunity for development in the market seems to be promising through the forecast period. The proficiency to fuel their competitive edge is one of the main causes driving their efforts in this period. Contenders in the market who are continually providing customer value have developed their corporate strategy outline in a way that can bring about the top consequences for expansion in the current scenario, while also concurrently enhancing their product’s value.
The prominent competitors that are a part of the industry include BASF SE (Germany), Archer Daniels Midland Company (U.S.), The Dow Chemical Company (U.S.), Huntsman International LLC. (U.S.), DuPont Tate & Lyle Bio Products Company, LLC (UK), Oleon (Belgium), Ashland. (U.S.), and others.
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