Chemistry in Action: Propylene Glycol Demand

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Propylene Glycol Market Industry Insights and
Future Growth Prospects
The propylene glycol market has been witnessing
significant growth in recent years, driven by
its wide range of applications across various
industries. Propylene glycol, a colorless,
odorless liquid, is primarily used as a solvent,
humectant, and viscosity reducer in a diverse
array of products. From cosmetics and personal
care items to food and beverages,
pharmaceuticals, and automotive fluids,
propylene glycol plays a crucial role in numerous
sectors. According to the new market research
report Propylene Glycol Market by Source
(Petroleum-based, Bio- based), Grade
(Industrial, Pharmaceutical), End-use Industry
(Transportation, Building Construction, Food
Beverage, Pharmaceuticals, Cosmetics Personal
Care), Region Global Forecast to 2024",
published by MarketsandMarkets, the Propylene
Glycol Market is projected to reach USD 4.7
billion by 2024, at a CAGR of 4.4 from USD 3.8
billion in 2019. The eco-friendly production
process of bio-based propylene glycol has led to
the growth of the global propylene glycol
market. The growing automotive industry in APAC
is also driving the market as propylene glycols
are widely used in engine coolants and sheet
molding compounds, among others.
One of the key factors driving the propylene
glycol market is the increasing demand for the
compound in the food and beverage industry.
Propylene glycol is widely used as a food
additive, particularly as a solvent in flavorings
and food coloring. Its properties, including its
ability to mix well with both water and oil, make
it an ideal choice for various applications in
the food industry. Moreover, its low toxicity and
stability further contribute to its popularity in
food and beverage formulations. Download
PDF Brochure https//www.marketsandmarkets.com/pd
fdownloadNew.asp?id264488864 The cosmetics and
personal care industry is another significant
consumer of propylene glycol. With the rising
awareness of personal grooming and increasing
disposable income, the demand for cosmetic
products has witnessed a surge. Propylene glycol
acts as a moisturizing agent, emulsifier, and
solvent in a wide range of skincare, haircare,
and personal care products. It
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helps in retaining moisture, enhancing product
texture, and stabilizing formulations, thereby
driving its adoption in the cosmetics
industry. Furthermore, the pharmaceutical sector
is experiencing steady growth, which, in turn,
boosts the demand for propylene glycol. It is
extensively used as a solvent and excipient in
various drugs, including oral, topical, and
injectable medications. The compounds ability to
improve the solubility of active pharmaceutical
ingredients and enhance drug delivery systems
makes it a preferred choice for pharmaceutical
formulations. The automotive industry also plays
a crucial role in propylene glycol consumption.
The compound is widely used in the manufacturing
of automotive fluids, such as antifreeze and
engine coolants. Its excellent heat transfer
properties and low toxicity make it an ideal
coolant, helping to prevent engine overheating
and maintain optimal performance. Bio-based
propylene glycol to register the highest CAGR in
the global propylene glycol market, between 2019
and 2024 The global propylene glycol market is
segmented by source, into petroleum-based and
bio- based propylene glycol. The market for
bio-based propylene glycol is expected to grow at
the highest CAGR from 2019 to 2024. This is
because the production of propylene glycol from
the bio-based source has less impact on the
environment. In addition, increasing demand from
the pharmaceuticals, food beverage, and
cosmetics applications is also driving the growth
of the bio-based propylene glycol market.
Pharmaceuticals to be the fastest-growing
application of the global propylene glycol
market during the forecast period Pharmaceutical
s application is projected to be the fastest
growing segment in the global propylene glycol
market during the forecast period. This is due to
the increased health consciousness of people and
high consumption of medications.
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Sample Pages https//www.marketsandmarkets.com/re
questsampleNew.asp?id264488864 Transportation
to be the fastest-growing end-use industry of the
global propylene glycol market during the
forecast period Transportation is projected to
be the fastest-growing end-use industry in the
global propylene glycol market during the
forecast, period mainly due to the rising demand
for propylene glycols in automotive coolants,
aircraft wings, pleasure boats, and ships
application. The transportation industry is
estimated to witness the highest CAGR in the APAC
region. Improving standards of living and
increasing disposable income in emerging
countries such as India, China, and South Korea
are also driving the growth of the transportation
industry. China, Korea, Japan, and India are
witnessing high demand for new ships for both
military and commercial purposes. APAC to be
the fastest-growing market for propylene glycol
during the forecast period The propylene glycol
market in APAC is expected to witness the highest
CAGR between 2019 and 2024. Stable economic
growth in the region, coupled with rising
disposable income, is driving the market. In
addition, increased demand for propylene glycol,
in key countries such as China and India, is
contributing to the growth of the Propylene
Glycol Market in the region. The key market
players profiled in the report include as The Dow
Chemical Company (US), LyondellBasell Industries
N.V. (Netherlands), BASF SE (Germany), Archer
Daniels Midland Company (US), Global Bio-chem
Technology Group Co., Ltd. (China), DuPont Tate
Lyle Bio Products Company, LLC (US), Huntsman
Corporation (US), SKC Co., Ltd. (South Korea),
Temix Oleo S.R.L. (Italy), and Ineos Oxide
(Switzerland).