The Propylene Glycol market is projected to register a growth of 3.92% between 2023 and 2030, owing to strong demand for bio-based propylene glycol in end-user industries. The report provides a comprehensive analysis of the Propylene Glycol Market size, key trends, growth opportunities, and outlook of both petroleum-based propylene glycol and bio-based propylene glycol. In addition, growth prospects of propylene glycol across Food and Beverages, Pharmaceuticals, Cosmetics, Personal Care, Building and Construction, Automotive and Transportation, and other uses are forecast from 2021 to 2030. Further, industrial-grade propylene glycol and USP/EP-grade propylene glycol are forecast across six regions. The leading 10 companies in the propylene glycol industry are also analyzed in detail in the industry analysis.
Introduction to Propylene Glycol Markets
Leading Propylene Glycol companies are significantly investing in capacity expansion in plants in fast-growing markets in the Asia Pacific. To cater to the burgeoning demand growth from high-value applications including flavor and fragrance, personal care, food, and pharmaceutical markets, companies are expanding their production capacities.
Bio-based propylene glycol market is witnessing rapid market growth driven by its use in food and pharmaceutical applications. Propylene Glycol helps preserve moisture as well as dissolve colors and flavors, supporting its widespread use in the food industry. Further, it is used as an excipient, drug solubilizer in topical, oral, and injectable medications, and solvent in various pharmaceutical and cosmetic applications.
Amidst increasing sales of propylene glycol products for industrial and personal care uses, companies are focusing on widening applications. Further, the robust market outlook for Propylene Glycol is also encouraging investments in R&D in production processes. For instance, Dow and Evonik partnered to make PG directly from propylene.
Dow Chemical Company, Lyondell Basell Industries, Huntsman Corp, Archer Daniels Midland Co, BASF SE, Bio-Chem Technology, Royal Dutch Shell Plc, Asahi Glass, Adeka Corp, INEOS Corp, and other leading companies continue to invest in a significant expansion in emerging markets.
Propylene Glycol Market Size Outlook to 2030
The chart below provides the Propylene Glycol market size outlook in USD and year-on-year Growth outlook (%) from 2023 to 2030.
The global Propylene Glycol market size stood at $3,991.9 Million in 2022. Further, strong end-user industry demand is driving the market outlook. From 2023 to 2030, the Propylene Glycol market is likely to register a steady revenue increase at a compounded annual growth rate of 3.92 percent to reach $5,422.3 million by 2030.
Propylene Glycol Market Dynamics
The global propylene glycol market is witnessing a shift in consumer preference towards bio-based products, increasing demand from diverse end-user applications, and increasing R&D investments. Further, emphasis on Eco-friendly production processes, pharmaceutical grade propylene glycol, and Biodiesel production growth prospects. In addition, the automobile and construction industry demand growth in emerging countries is widely observed. On the other hand, substitution by propanediol and fluctuations in raw material supply and prices act as market challenges.
Propylene Glycol Market Share Analysis- Transportation is the largest revenue generator for companies
Propylene glycol is used for the manufacture of unsaturated polyester resins, which are widely used across food and beverages, pharmaceuticals, cosmetics, personal care, building and construction, automotive and transportation, plasticizers, lacquers, and varnishes, inks, dyes, and other applications. Of these, the automotive and transportation industry held the dominant market share in value terms in 2022. The automotive and transportation sector including marine and aerospace industries accounted for 30.7% market share in the global markets.
The chart below provides the revenue shares of propylene glycol applications in 2022-
Propylene Glycol Market Trends- Bio-based propylene glycol gaining wide consumer acceptance
The global bio-based propylene glycol market is expected to grow rapidly during the forecast period. Industries are swiftly switching to bio-based propylene glycol, encouraging several small and large-scale companies to expand into the industry.
The petroleum-based propylene glycol segment dominated the market in 2022. On the other hand, the bio-based propylene glycol segment is projected to register a higher growth rate over the forecast period.
Propylene Glycol Market Drivers- Pharmaceutical Grade Propylene Glycol USP/EP (PG USP/EP) demand growth supports the overall industry outlook
The report analyzes the propylene glycol market size across industrial and pharmaceutical applications. Of these, bio-based Propylene Glycol USP/EP (PG USP/EP) continues to offer lucrative growth opportunities for companies.
Propylene Glycol Companies
From first being produced by Wurtz in 1859, several companies expanded into the Propylene Glycol industry space. Leading Propylene Glycol companies analyzed in the industry analysis include- Archer Daniels Midland Co, Dow Chemical Company, LyondellBasell Industries, BASF SE, Huntsman Corp, INEOS Group, SKC Co., Ltd, Adeka Corp, Royal Dutch Shell Plc, Temix International"
Propylene Glycol Market Segmentation
Type
Grade
Application
Companies
1. Executive Summary
1.1 Introduction to Propylene Glycol Markets
1.2 Propylene Glycol Market Size Outlook, 2021- 2030
1.3 Growth Opportunities in Propylene Glycol Industry
1.4 Winning Strategies for the post-pandemic future
2. Report Guide
2.1 Market Definition and Scope
2.2 Market Segmentation
2.3 Research Methodology
2.4 Forecast Methodology
2.5 List of Abbreviations
3. Growth Opportunity Analysis
3.1 Key Propylene Glycol Market Trends
3.1.1 Emphasis on Eco-friendly production process
3.1.2 Pharmaceutical-grade propylene glycol offers growth opportunities
3.1.3 Companies expanding rapidly in Asia Pacific countries
3.2 Key Propylene Glycol Market Growth Drivers
3.2.1 Biodiesel production growth prospects
3.2.2 Automobile and construction industry demand growth
3.3 Key Propylene Glycol Market Growth Restraints
3.3.1 Substitution by propanediol
3.3.2 Fluctuations in raw material supply and prices
4 Propylene Glycol Market Outlook – Scenario Analysis
4.1 Low Growth Case Scenario Forecasts: Propylene Glycol Market Size Outlook to 2030
4.2 Reference Growth Case Scenario Forecasts: Propylene Glycol Market Size Outlook to 2030
4.3 High Growth Case Scenario Forecasts: Propylene Glycol Market Size Outlook to 2030
5. Propylene Glycol Market Segmentation- Outlook by Type
5.1 Propylene Glycol Market Share Analysis by Type, 2023
5.2 Petroleum-based Propylene Glycol Market Outlook to 2030
5.3 Bio-based Propylene Glycol Market Outlook to 2030
6. Propylene Glycol Market Segmentation- Outlook by Grade
6.1 Propylene Glycol Market Share Analysis by Grade, 2023
6.2 Industrial Grade: Propylene Glycol Market Outlook to 2030
6.3 USP/EP Grade: Propylene Glycol Market Outlook to 2030
7. Propylene Glycol Market Segmentation- Outlook by Application
7.1 Propylene Glycol Market Share Analysis by Application, 2023
7.2 Food and Beverages: Propylene Glycol Market Outlook to 2030
7.3 Pharmaceuticals: Propylene Glycol Market Outlook to 2030
7.4 Cosmetics and Personal Care: Propylene Glycol Market Outlook to 2030
7.5 Building and Construction: Propylene Glycol Market Outlook to 2030
7.6 Automotive and Transportation: Propylene Glycol Market Outlook to 2030
7.7 Others
8. North America Propylene Glycol Market Outlook and Opportunities to 2030
8.1 Market Snapshot, 2023
8.2 North America Propylene Glycol Market Growth Opportunities
8.2.1 North America Propylene Glycol Market Outlook by Type, 2021 to 2030
8.2.2 North America Propylene Glycol Market Outlook by Application, 2021 to 2030
8.2.3 North America Propylene Glycol Market Outlook by Country, 2021 to 2030
8.3 United States Propylene Glycol Market Outlook, 2021 to 2030
8.4 Canada Propylene Glycol Market Outlook, 2021 to 2030
8.5 Mexico Propylene Glycol Market Outlook, 2021 to 2030
9. Europe Propylene Glycol Market Outlook and Opportunities to 2030
9.1 Market Snapshot, 2023
9.2 Europe Propylene Glycol Market Growth Opportunities
9.2.1 Europe Propylene Glycol Market Outlook by Type, 2021 to 2030
9.2.2 Europe Propylene Glycol Market Outlook by Application, 2021 to 2030
9.2.3 Europe Propylene Glycol Market Outlook by Country, 2021 to 2030
9.3 Germany Propylene Glycol Market Outlook, 2021 to 2030
9.4 France Propylene Glycol Market Outlook, 2021 to 2030
9.5 United Kingdom Propylene Glycol Market Outlook, 2021 to 2030
9.6 Spain Propylene Glycol Market Outlook, 2021 to 2030
9.7 Italy Propylene Glycol Market Outlook, 2021 to 2030
9.8 Other Europe Propylene Glycol Market Outlook, 2021 to 2030
10. Asia Pacific Propylene Glycol Market Outlook and Opportunities to 2030
10.1 Market Snapshot, 2023
10.2 Asia Pacific Propylene Glycol Market Growth Opportunities
10.2.1 Asia Pacific Propylene Glycol Market Outlook by Type, 2021 to 2030
10.2.2 Asia Pacific Propylene Glycol Market Outlook by Application, 2021 to 2030
10.2.3 Asia Pacific Propylene Glycol Market Outlook by Country, 2021 to 2030
10.3 China Propylene Glycol Market Outlook, 2021 to 2030
10.4 Japan Propylene Glycol Market Outlook, 2021 to 2030
10.5 India Propylene Glycol Market Outlook, 2021 to 2030
10.6 South Korea Propylene Glycol Market Outlook, 2021 to 2030
10.7 Indonesia Propylene Glycol Market Outlook, 2021 to 2030
10.8 Other Asia Pacific Propylene Glycol Market Outlook, 2021 to 2030
11. South and Central America Propylene Glycol Market Outlook and Opportunities to 2030
11.1 Market Snapshot, 2023
11.2 South and Central America Propylene Glycol Market Growth Opportunities
11.2.1 South and Central America Propylene Glycol Market Outlook by Type, 2021 to 2030
11.2.2 South and Central America Propylene Glycol Market Outlook by Application, 2021 to 2030
11.2.3 South and Central America Propylene Glycol Market Outlook by Country, 2021 to 2030
11.3 Brazil Propylene Glycol Market Outlook, 2021 to 2030
11.4 Argentina Propylene Glycol Market Outlook, 2021 to 2030
11.5 Other Latin America Propylene Glycol Market Outlook, 2021 to 2030
12. Middle East and Africa Propylene Glycol Market Outlook and Opportunities to 2030
12.1 Market Snapshot, 2023
12.2 Middle East and Africa Propylene Glycol Market Growth Opportunities
12.2.1 Middle East and Africa Propylene Glycol Market Outlook by Type, 2021 to 2030
12.2.2 Middle East and Africa Propylene Glycol Market Outlook by Application, 2021 to 2030
12.2.3 Middle East and Africa Propylene Glycol Market Outlook by Country, 2021 to 2030
12.3 Saudi Arabia Propylene Glycol Market Outlook, 2021 to 2030
12.4 United Arab Emirates (the UAE) Propylene Glycol Market Outlook, 2021 to 2030
12.5 Other Middle East Propylene Glycol Market Outlook, 2021 to 2030
12.6 Egypt Propylene Glycol Market Outlook, 2021 to 2030
12.7 South Africa Propylene Glycol Market Outlook, 2021 to 2030
12.8 Other Africa Propylene Glycol Market Outlook, 2021 to 2030
13. Profiles of major world Propylene Glycol Companies
13.1 Archer Daniels Midland Co
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.2 Dow Chemical Company
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.3 LyondellBasell Industries
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.4 BASF SE
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.5 Huntsman Corp
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.6 INEOS Group
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.7 SKC Co., Ltd
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.8 Adeka Corp
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
- Financial Profile
13.9 Royal Dutch Shell Plc
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
13.10 Temix International
- Key Statistics
- Business Operations
- Products and Services Offered
- SWOT Analysis
- Financial Profile
14. Appendix
14.1 Publisher’s Expertise
14.2 List of Tables and Charts
14.3 List of Exhibits
14.4 Legal Disclaimer
Emphasis on Eco-friendly production process, Biodiesel production growth prospects, Automobile, and construction industry demand growth
The global Propylene Glycol market size stood at $3,991.9 Million in 2022.
From 2023 to 2030, the Propylene Glycol market is likely to register a steady revenue increase at a compounded annual growth rate of 3.92 percent to reach $5,422.3 million by 2030.
Archer Daniels Midland Co, Dow Chemical Company, LyondellBasell Industries, BASF SE, Huntsman Corp, INEOS Group, SKC Co., Ltd, Adeka Corp, Royal Dutch Shell Plc, Temix International
Pharmaceutical-grade propylene glycol offers significant growth opportunities