Propylene Glycol Market Share, Size, Trends, Industry Analysis Report, By Grade (Pharmaceutical and Industrial); By Source; By End-Use; By Region; Segment Forecast, 2023 - 2032

Propylene Glycol Market Share, Size, Trends, Industry Analysis Report, By Grade (Pharmaceutical and Industrial); By Source; By End-Use; By Region; Segment Forecast, 2023 - 2032

The global Propylene Glycol market size is expected to reach USD 6,276.56 million by 2032, according to a new study by Polaris Market Research. The report “Propylene Glycol Market Share, Size, Trends, Industry Analysis Report, By Grade (Pharmaceutical and Industrial); By Source; By End-Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The propylene glycol market is experiencing significant growth globally. Propylene glycol, a versatile chemical compound, finds extensive application in various industries such as automotive, pharmaceuticals, food and beverages, cosmetics, and more. Its properties as a solvent, stabilizer, thickener, and flavor carrier make it indispensable in numerous products.

Factors driving the growth of the propylene glycol market include increasing demand from end-use industries, growing population, rising disposable income, and expanding urbanization. The automotive sector, in particular, plays a vital role in propylene glycol consumption for applications like coolants and brake fluids. Additionally, the pharmaceutical industry's focus on developing new medicines and vaccines further boosts the demand for propylene glycol as a solvent and extractant.

However, environmental concerns regarding using petroleum-based propylene glycol have increased the demand for bio-based propylene glycol derived from renewable sources. Manufacturers are investing in research and development to produce bio-based alternatives with lower carbon footprints, promoting sustainability in the market.

The propylene glycol market is projected to continue its upward trajectory, driven by increasing applications across various industries and the ongoing shift towards bio-based alternatives.

Propylene Glycol Market Report Highlights

The petroleum-based propylene glycol segment dominated the global market in 2022, driven by construction and infrastructure development investments.

The automotive segment played a vital role in the propylene glycol market, driven by vehicle penetration, rising incomes, and modernization. Government investments in electric vehicles further supported market growth.

Asia Pacific led the global propylene glycol market in 2022, driven by its use in diverse industries, urbanization, industrial growth, automotive penetration, construction, R&D, and technological advancements.

The global key market players 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.

Polaris Market Research has segmented the Propylene Glycol market report based on grade, source, end-use, and region:

Propylene Glycol, Grade Outlook (Revenue - USD Million, 2019 - 2032)

Pharmaceutical

Industrial

Propylene Glycol, Source Outlook (Revenue - USD Million, 2019 - 2032)

Bio-Based

Petroleum-Based

Propylene Glycol, End-Use Outlook (Revenue - USD Million, 2019 - 2032)

Food & Beverage

Automotive

Personal Care & Cosmetics

Chemical

Pharmaceutical

Construction

Others

Propylene Glycol, Regional Outlook (Revenue - USD Million, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa