Propylene Glycol Market Size Worth $5.89 Billion By 2028 | CAGR: 4.8%: Polaris Market Research
NEW YORK, May 11, 2021 /PRNewswire/ -- The global propylene glycol market size is expected to reach USD 5.89 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 4.8% from 2021 – 2028. Increasing demand for propylene glycol in pharmaceutical and food processing industries are key factors fostering market growth. In addition, its increased use during the production of unsaturated polyester resins, which are primarily consumed in marine and transportation sectors will augment the development of the market. The growing presence of global brands and the advent of e-commerce platforms in major developing countries are propelling the market growth. Increasing investment in the pharmaceutical sector due to the growing rate of chronic diseases resulted in its increasing application as an excipient in medicines is expected to positively influence the market.
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Key Trends Observed in Propylene Glycol Market
- Based on the source, the segment of petroleum-based propylene glycol is predicted to take a lead in terms of revenue generation, owing to its increasing use in the construction industry and transportation sector.
- In terms of grade, the pharmaceutical segment is anticipated to account for the major market share on account of the rise in the application of propylene glycol as a key solvent in antiseptics, medicines, and vaccines.
- By end-use, the personal care & cosmetics segment is projected to emerge as the most lucrative segments and contribute the largest revenue share in the propylene glycol market as a result of growing consumer awareness and increasing disposable incomes.
- Several strategic moves taken by governments from different parts of the globe to boost research programs will escalate the propylene glycol market development during the forecast period.
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Regional Developments
A strongly growing automotive industry in major Asian countries such as China & Japan is anticipated to drive significant demand for propylene glycol, which in turn is projected to foster market growth. In addition to this, rapidly growing industrialization in the region as a result of continuously growing population is contributing to the regional market growth. In North America, the market is estimated to witness substantial market growth owing to increasing investments in research projects and the availability of necessary resources.
Competitive Outlook
Industry players giving more emphasis to developing bio-based propylene glycol for meeting environmental standards and regulation. The prominent players operating in the propylene glycol market include BASF SE, Global Bio-Chem Technology Group Co., LTD., DowDuPont, Temix Oleo S.R.L., Asahi Glass Co., LTD., Sinopec, INEOS Oxide Ltd., Arrow Chemical Group, Chaoyang Chemicals, Inc., SKC Co., LTD., Tongling Jintai Chemical Industrial Co., LTD., Royal Dutch Shell PLC., Helm AG, LyondellBasell Industries N.V., Adeka Corporation, Huntsman Corporation, and Archer Daniels Midland Company.
Target Audience
- Supply Side: Chemical Company
- Demand Side: Automotive Sector, Food & Beverage Industry
- Regulatory Side: Food & Drug Administration, Environmental Protection Agency
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Polaris Market research has segmented the Propylene Glycol market report on the basis of grade, source, end-use, and region:
Propylene Glycol Grade Outlook (Revenue, USD Million, 2016 – 2028)
- Pharmaceutical
- Industrial
Propylene Glycol Source Outlook (Revenue, USD Million, 2016 – 2028)
- Bio-Based
- Petroleum-Based
Propylene Glycol End-Use Outlook (Revenue, USD Million, 2016 – 2028)
- Food and Beverage
- Automotive
- Personal Care and Cosmetics
- Chemical
- Pharmaceutical
- Construction
- Others
Propylene Glycol Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- RoE
- Asia Pacific
- China
- India
- Japan
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Colombia
- RoLATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Israel
- UAE
- RoMEA
List of Key Players of Propylene Glycol Market
- BASF SE
- Global Bio-Chem Technology Group Co., LTD.
- DowDuPont
- Temix Oleo S.R.L.
- Asahi Glass Co., LTD.
- Sinopec
- INEOS Oxide Ltd.
- Arrow Chemical Group
- Chaoyang Chemicals, Inc.
- SKC Co., LTD.
- Tongling Jintai Chemical Industrial Co., LTD.
- Royal Dutch Shell PLC.
- Helm AG
- LyondellBasell Industries N.V.
- Huntsman Corporation
- Archer Daniels Midland Company
- Adeka Corporation
*Note: Additional companies can be included on request
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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