Worldwide Research on 1, 3-Propanediol Market: Challenges to Market Growth, Size, Share, Forecast 2023

1, 3-propanediol Market
1, 3-propanediol Market is estimated to reach average CAGR forecast period 2017-2023, 1, 3-propanediol Market Categorizes the Global Market By, Industry, Service, Application and Region | 1, 3-propanediol Industry| MRFR

Synopsis of 1, 3-Propanediol Market

1, 3-propanediol is a class of specialty compounds, a colorless liquid that is miscible in water. These compounds can be produced either by hydration of acrolein or by hydroformylation of ethylene oxide. 1, 3-propanediol is mainly used as a feedstock in the production of various chemicals and materials. These high specialty compounds find its applications in the production of polytrimethylene terephthalate (PTT), polyurethane, cosmetics & personal care, and household cleaners. The other niche applications include engine coolants, de-icing fluid, and heat transfer fluid among others.  The growing demand for polytrimethylene terephthalate (PTT) in various end-use industries is anticipated to be the major factor driving the global 1, 3-propanediol market during the assessed period. Glycerol is a byproduct of the biodiesel production process, which is a prominent raw material in the production of 1, 3-propanediol. Hence, the growing production of biodiesel is expected to positively affect the growth of the global 1, 3-propanediol market. The volatility in crude oil prices along with the growing environmental regulations has resulted in investment in the research and development activities for the production of bio-based 1, 3-propanediol. This is anticipated to be a major opportunity for the market growth. Biobased 1, 3-propanediol is a FDA certified biobased product, which can be used in many applications such as functional & deicing fluid, coatings, cosmetic & personal care, home care, polymers, and fibers among others.  The global 1, 3-propanediol market is anticipated to grow at a CAGR of over 9% during the given period.  Among the various application segments in 1, 3-propanediol market, the polytrimethylene terephthalate (PTT) followed by polyurethane is dominating the market and is anticipated to continue its dominance over the forecast period. Polytrimethylene terephthalate (PTT) is extensively used in the production of cosmetic & personal care products, home care products, engine coolants, and heat transfer fluids among others, whereas polyurethane is mainly used in the building & construction and automobile industries.

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Market Segmentation

The global 13 propanediol market is segmented into application and region. On the basis of application, the global market of 1, 3-propanediol can be further segmented into polytrimethylene terephthalate, polyurethane, cosmetic & personal care, household, engine coolants, heat transfer fluid, de-icing fluid and others. On the basis of region, the global 1, 3-propanediol market is bifurcated into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa.

Market Scenario

Among the various applications of the 1, 3-propanediol, the polytrimethylene terephthalate segment was anticipated to be the dominant segment in 2016 and is expected to show the same trend during the forecast years. The polyurethane segment is expected to witness the highest growth with a CAGR of over 4.5% during the assessed period.  The growing demand for polytrimethylene terephthalate across various applications such as cosmetic & personal care, engine coolants, and de-icing fluid among other is substantially contributing to the growth of the segment.

 

The global 1, 3-propanediolmarket is spanned across five key regions: Europe, Asia Pacific, North America Latin America, and the Middle East & Africa. Among these, Asia Pacific is the fastest  growing  market  during the forecast period. The growing population has increased the demand for cosmetics & personal care and household products, in turn, adding to the demand for 1,3 propanediol market. North America followed by Europe is anticipated to be the largest markets during the given period. The developed automobile, cosmetic & personal care industry along with the growing shift towards biodiesel is positively contributing to the growth of the market.

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Competitive Analysis

DuPont Tate & Lyle Bio Products Company, LLC (U.S.), Metabolic Explorer SA (France) Zhangjiagang Glory Biomaterial Co. Ltd (China) and Zouping Mingxing Chemical Co., Ltd (China),  Royal Dutch Shell (Netherland), Shanghai Jinjinle Industry Co., Ltd (China), Zouping Mingxing Chemical Co.,Ltd (China), Salicylates And Chemicals Pvt. Ltd (India), and Chongqing Kunlun Chemical Co., Ltd (China) among others.

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