The new report by Expert Market Research titled, ‘Global Propylene Glycol Market Growth, Size, Share, Analysis, Trends, Report and Forecast 2020-2025’, gives an in-depth analysis of the global propylene glycol market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2015-2025)
1. Historical Market Size (2019): 2.72 million metric tons
2. Forecast CAGR (2020-2025): 4.4%
3. Forecast Market Size (2025): 3.5 million metric tons
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The rapidly growing demand for unsaturated polyester resins in the transportation, construction, automobile, and marine industries is expected to support the growth of the propylene glycol market. During the winter, the demand for the product is largely driven by the food and cosmetics industries, as well as the airline industry, due to the application of ethylene glycol as a de-icing and anti-freezing agent. The growth in automobiles, construction, and pharmaceutical industries in the Asia Pacific region is expected to be a key factor in the expansion of the global propylene glycol market. Due to rising environmental standards, various industries are increasing the use of propylene glycol as it is less toxic and has fewer side-effects than its substitutes.
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Industry Definition and Major Segments
Propylene glycol is the common name for propane-1,2-diol (IUPAC) and has the formula, CH3CH(OH)CH2OH. It is an organic compound with viscous properties and appears as a colourless liquid. It is classified as a diol as it contains two alcohol (-OH) groups. It is commonly produced from propylene oxide industrially.
Propylene glycol finds extensive application in the following industries:
1. Unsaturated Polyester Resins
2. Functional Fluids
3. Food, Drug, and Cosmetics
4. Liquid Detergent
5. Paints and Coating
The major regions in the market are:
1. North America
2. Latin America
4. Middle East and Africa
5. Asia Pacific
Ineos, one of the global leaders of propylene glycol, marked a new high for propylene glycol prices in 2018, due to a very long and cold winter. As climate change exacerbates, it is predicted that propylene glycol may show increased demand especially in Europe and North America due to its use as a de-icing and anti-freezing agent. An increase in prices during winter has historically shown to keep prices up during summer as well. Sadara Chemical Co, a joint venture between Dow Inc. (NYSE: DOW) and Saudi Aramco (TADAWUL: 2222), started production at a new propylene glycol plant in 2017. This is in response to the rising demand for the chemical in the region.
Also Read@ Impact of COVID-19 on Global Polypropylene Market
Key Market Players
The major players in the market are Dow Chemical Company, LyondellBasell Industries N.V., INEOS Group, Shell Chemicals LP, BASF SE, SKC Chemicals Group, Sumimoto Chemical Co., Ltd, Archer Daniels Midland Company, and Repsol S.A. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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