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Global Propylene Glycol Market is Expected to Grow at a CAGR of 4.4% in the Forecast Period of 2020-2025.
According to a new report by EMR titled, ‘Global Propylene Glycol Market Report and Forecast 2020-2025, the global propylene glycol reached a volume of 2.72 million metric tons in 2019. The global propylene glycol market is expected to grow at a CAGR of 4.4% between 2020 and 2025 to reach a volume of approximately 3.5 million metric tons by 2025.
The global propylene glycol market is being driven by the growth of the market in the Asia Pacific region, which accounts for more than 40% of global consumption of the product. The region has a large consumer base for the product, with China being the largest consumer market in the Asia Pacific. The Asia Pacific region also supplies a significant volume of propylene glycol, being the net exporter of the product within the region, exporting to other Asian countries like Thailand, Singapore, China, and Korea. If the intra trade to these countries is not included, then the Asia Pacific region is one of the net importers of the product and is expected to import more propylene glycol from the United States and the Middle East in the coming years.
Dow Inc (NYSE: DOW), one of the key players in the industry, is a significant producer of propylene glycol. The company has its presence in all the major regions globally, including Latin America. Dow is also fully backward integrated both in terms of primary as well as secondary feedstock, that is, PO and propylene. The capacity expansion by the company at Jubail Industrial, Saudi Arabia, has also aided the company in increasing its footprint in the lucrative the Middle East propylene glycol market.
Market Analysis by Application and Regions:
- The product finds wide applications in the production of unsaturated polyester resins, functional fluids, food, drug and cosmetics, liquid detergent, and paints and coating, among others.
- The regional markets for propylene glycol can be segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Key Findings of the Report:
- The growing demand for UPRS is driving the demand for propylene glycol as UPRS is used as plastic or fiberglass in various industries like automobiles, transportation, construction, and marine industries, among others.
- The demand for propylene glycol grows rapidly during winters due to its anti-freezing properties.
- The growing cosmetics industry is also boosting the demand for the product.
- The demand for propylene glycol is also being aided by the rising household care, cosmetics, and personal care industry.
- The growing construction sector is also providing an impetus to the market growth.
Key Offerings of the Report:
- The EMR report gives an overview of the global propylene glycol market for the periods (2015-2019) and (2020-2025).
- The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the major regions in the propylene glycol market.
- The EMR report provides the regional price analysis of propylene glycol for the (2015-2019) and (2020-2025) periods.
- It also provides the trade data analysis for the major exporting and importing countries.
The major key players in the global propylene glycol market include Dow Chemical Company, LyondellBasell Industries N.V., INEOS Group, Shell Chemicals LP, BASF SE, SKC Chemicals Group, Sumitomo Chemical Co., Ltd, Archer Daniels Midland Company, and Repsol S.A., among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.
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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
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