Propylene Glycol Market by Source (Bio-Based PG, Petroleum-Based PG), Grade (Industrial Grade, Pharmaceutical Grade), Application, End-Use Industry - Global Forecast 2024-2030

Propylene Glycol Market by Source (Bio-Based PG, Petroleum-Based PG), Grade (Industrial Grade, Pharmaceutical Grade), Application, End-Use Industry - Global Forecast 2024-2030

The Propylene Glycol Market size was estimated at USD 4.30 billion in 2023 and expected to reach USD 4.53 billion in 2024, at a CAGR 5.76% to reach USD 6.37 billion by 2030.

Propylene Glycol is a synthetic, colorless, odorless, tasteless liquid that belongs to the alcohol family. It is widely used in the manufacture of various industrial and consumer products, including cosmetics, food, pharmaceuticals, and antifreeze. The versatility of propylene glycol comes from its property as a solvent and its ability to lower the freezing point of water, which makes it invaluable in food processing and as a coolant in various applications. The expansion in the use of propylene glycol is majorly driven by the growth in industries such as food and beverage, pharmaceuticals, and cosmetics. The compound's non-toxic nature makes it a preferred ingredient in food additives, skin lotions, and medications. Moreover, the ongoing innovation and development in these sectors are prompting higher demand for propylene glycol. However, despite its widespread usage, propylene glycol is not devoid of disadvantages. One of the primary concerns is its production, typically from petroleum-based materials, which raises environmental concerns. Furthermore, though generally recognized as safe, excessive exposure or ingestion can lead to health issues in sensitive individuals. Looking into the future, the propylene glycol market is poised to witness significant opportunities, especially with the advent of bio-based propylene glycol. This eco-friendly version, derived from renewable resources such as glycerin, offers a promising path for the industry to mitigate environmental concerns associated with its petroleum-based counterpart. Furthermore, ongoing research and technological advancements may open new applications of propylene glycol in diverse fields, thereby expanding its market potential.

Regional Insights

In the Americas, the United States and Canada are significant consumers of propylene glycol, primarily due to the robust presence of industries including pharmaceuticals, food & beverage, and cosmetics, where propylene glycol finds extensive applications. Consumer demand in these countries is driven by a strong emphasis on product safety and sustainability. Manufacturers are increasingly investing in bio-based propylene glycol to address these needs. The European Union (EU) stands out for its rigorous environmental and safety regulations, which significantly influence the propylene glycol market. There is a high demand for bio-based propylene glycol, driven by consumer awareness and regulatory pressures for sustainable and safe products. European companies are at the forefront of developing eco-friendly production technologies, underscored by recent patents in green chemistry and process efficiency. In addition, ​​the market in the Middle East and Africa is emerging, with a growing interest in the diverse applications of propylene glycol, ranging from food preservation to personal care products. Investments primarily focus on establishing production capabilities and expanding the supply chain to meet local demands. Asia Pacific is witnessing rapid growth in the propylene glycol market, led by China, Japan, and India. These countries are experiencing an increased demand due to expanding industrial sectors, including automotive, pharmaceuticals, and cosmetics. China, in particular, is a major producer and consumer, with significant investments in production capacity expansion and R&D for high-purity propylene glycol, catering to the electronics and pharmaceutical industries.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Propylene Glycol Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising need for propylene glycol across food and pharmaceutical industries
Significant usage of propylene glycol to manufacture cosmetic products

Market Restraints

Concerns associated with volatile crude oil prices

Market Opportunities

Growing demand for bio-based propylene glycol in pharmaceutical-grade applications
Eco-friendly production process of propylene glycol

Market Challenges

Health and environmental impacts associated with propylene glycol

Market Segmentation Analysis

Source: Growing focus on usage of bio-based propylene glycol due to its eco-friendly nature
Application: Expanding application of propylene glycol in animal feed

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Propylene Glycol Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Propylene Glycol Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Dow Innovates with Sustainable Propylene Glycol Variants Aimed at Reducing Environmental Footprint

Dow introduced two propylene glycol (PG) formulations in North America, hinged on bio-circular and circular feedstocks, aligning with the increasing demand for sustainable manufacturing practices. The newly unveiled Propylene Glycol CIR, enriched with Renuva recycled content, and Propylene Glycol REN, leveraging Ecolibrium bio-circular technology, represent Dow's commitment to reducing reliance on fossil-based resources. These products cater to a diverse range of industries, from personal care to agriculture, marking a significant stride towards achieving circular economy objectives and providing customers the means to integrate sustainability into their offerings effectively.

Brenntag Enhances Glycols and Solvents Distribution with Strategic Acquisition of Solventis Group

Brenntag, a global distributor of chemicals and ingredients, announced its acquisition of Solventis Group, a specialized glycols and solvents distributor with operations in Antwerp, Belgium, and the UK. This move aligns with Brenntag Essentials' strategy to bolster its network through cost-efficient services, regional and global sourcing capabilities, and enhancing its logistical footprint.

Revolutionary Advancements in Propylene Glycol Production: Dow and Evonik's Sustainable Pilot Plant Initiative

Dow and Evonik unveiled a pilot plant in Hanau, Germany, marking a significant leap forward in the sustainable production of propylene glycol, a crucial component in personal care products, utilizing the innovative Hyprosyn method. The collaboration between the two chemical giants demonstrates a commitment to enhancing the sustainability and efficiency of industrial processes.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Propylene Glycol Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Propylene Glycol Market, highlighting leading vendors and their innovative profiles. These include Adeka Corporation, AGC Inc., Airgas, Inc., Ashland Inc., BASF SE, Cargill, Incorporated, Chaoyang Chemicals, Inc., Chemisphere Corporation, Five Star Chemicals & Supply, LLC., Huntsman Corporation, Ineos AG, LyondellBasell Industries N.V., Manali Petrochemicals Limited, Oleon NV, Repsol, S.A., Saudi Basic Industries Corporation, Shell International B.V., Sumitomo Chemical Co. Ltd., Tate & Lyle PLC, The Archer-Daniels-Midland Company, and The Dow Chemical Company.

Market Segmentation & Coverage

This research report categorizes the Propylene Glycol Market to forecast the revenues and analyze trends in each of the following sub-markets:

Source
Bio-Based PG
Petroleum-Based PG
Grade
Industrial Grade
Antifreeze & Functional Fluids
Liquid Detergents
Paints & Coatings
Plasticizers
Unsaturated Polyester Resin
Pharmaceutical Grade
Cosmetics
Food & Beverage
Pharmaceuticals
Application
Animal Feed
Inks
Lacquers
Tobacco Humectants
Varnishes
End-Use Industry
Building & Construction
Consumer Goods
Cosmetics & Personal Care
Electronics
Food & Beverage
Paints & Coatings
Pharmaceuticals
Textile Industry
Tobacco
Transportation
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year