Bio-Based Propylene Glycol is produced by the process Hydrogenolysis in which glycerin is converted into propylene glycol. It is colorless, odorless, non-toxic, and slightly viscous liquid. They are hygroscopic substance and used as a humectant in cosmetics. Bio-Based Propylene Glycol is considered to be the prominent raw material for various industrial applications. It is used as an antifreeze & coolant, chemical intermediates, unsaturated polyester resin, and solvent in numerous end use industries such as detergent & household, cosmetics, automotive, pharmaceutical, and construction.
The Global Bio-Based Propylene Glycol Market is predicted to grow at a moderate CAGR over the forecast period. Rising demand for bio-based propylene glycol solvent from the growing detergent & household industry is expected to drive market growth in the upcoming years. Increasing usage of unsaturated polyester resin in various reinforced plastic application is predicted to fuel market growth. Bio-Based Propylene Glycol is widely used as coolant and antifreeze material owing to its low freezing point and high viscosity thus increased its importance in automotive and general industry. Increasing automotive production and sales in developed as well as developing countries is expected to raise Bio-Based Propylene Glycol demand over the next six years. The increasing demand for non-ionic surfactant and growing demand for Propylene Glycol Based adhesives, emulsifiers and lubricants is predicted to boost up the market growth. Moreover, the ample availability of glycerin (obtained as a byproduct of biodiesel) is also one of the important factor prompting companies to shift their focus towards Bio-Based Propylene production.
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Segmentation:
The Global Bio Based Propylene Glycol Market is segmented on the basis of application, end use industries, and regions. Based on application, the market is segmented into unsaturated polyester resin, solvent, antifreeze & coolant, chemical intermediates, and others. On the basis of end use industries, the market is segmented into Cosmetics, building & construction, automotive, pharmaceutical, detergent & household and others. On the basis of regions, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Regional Analysis:
The Global Bio-Based Propylene Glycol Market is fragmented into five regions namely – Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of large number of unsaturated polyester resins and fibers manufacturers as well as increasing demand from construction sector. The demand for Bio-Based Propylene Glycol is anticipated to surge in developing countries such as China, Japan, India, and Vietnam due to growing commercial as well as institutional construction sector. Furthermore, growing chemical industries in this region is expected to improve business opportunities. Additionally, stable supply of raw material, relatively cheap labor cost, and growing development strategies to fulfil the demand for Bio-Based Propylene Glycol in the developing applications are the important factors for the regional market growth.
North America and Europe are expected to be the leading markets followed by Asia Pacific and the Middle East & Africa. North America is anticipated to witness moderate growth in bio based propylene glycol market due to the healthy growth in numerous end use industries such as pharmaceutical and automotive. Moreover, increasing number of space exploration programs coupled with the demand for high quality antifreeze & coolant is expected to raise the demand for bio based propylene glycol. In Europe, countries such as Spain, UK, and Germany have emerged as the prominent markets due to developed cosmetics and food industries. While in North America, countries such as U.S., Canada, and Mexico are among the major contributors due to increasing R& D expenditure and is predicted to see a significant regional market growth in the upcoming years. Latin American countries such as Colombia, Brazil, Peru and Argentina are also expected to have strong growth prospects over the forecast period due to rapid industrialization. Middle East & Africa is predicted to witness a substantial growth in the upcoming years. Heavy investment in residential as well as commercial construction sector in United Arab Emirates (UAE) is predicted to positively influence industry growth during the review period.
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