The demand for Global Propylene Glycol Market is anticipated to be high for the next five years. By considering this demand we provide latest Global Propylene Glycol Market Report which gives complete industry analysis, market outlook, size, growth and forecast till 2025. This report will assist in analyzing the current and future business trends, sales and revenue forecasts.
North America and Europe are expected to hold decent share in the propylene glycol market. The growth rate is although sluggish in these regions due to less investment in construction sector. Many European countries such as France, Italy, etc. are leading manufacturers of cosmetics and personal care products, these countries are also home of some of the leading brands, which makes it suitable destination for propylene market. Developing economies in Asia Pacific region will show a robust growth rate in near future supported by increasing urbanization. It is expected that market is expected to get consolidated in Asian countries due to rising demand of unsaturated polyester resins.
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Propylene glycol is hydroscopic liquid which is produced by reacting propylene oxide with water. The product is not toxic in nature and is chemically neutral making it suitable choice for most of the personal and beauty products. Rising investment in pharmaceutical sector due to various outbreak of chronic diseases across the world will escalate the propylene glycol market growth rate owing to its application as excipient in medicines.
Increasing geriatric population across the world will also escalate spending in pharmaceutical sector. It is expected that by 2050 there will be 2 billion people that will be above 60 years of age, in the U.S. alone citizens with age of 65 years and above are expected to get double by 2060. In order to meet requirement of this aging population, the quantity demanded of prescription drugs will be more. It is expected that prescription drug industry will reach to around USD 1.2 trillion by 2024, propelling the propylene glycol market. The property of product to transport, bind and dissolve active ingredients makes it preferred choice in drugs. With the advent of e-commerce and increasing presence of global brands in developing countries the demand of consumer beauty and personal care products is propelling across the globe. This will upscale the demand for propylene glycol as it is used as an emulsifier in such products.
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The propylene glycol is derived from two sources namely petroleum based, and bio based. Pharmaceutical grade glycerin is used in manufacturing bio-based propylene glycol. The U.S. FDA has provided GRAS (generally recognized as safe) status to this making it preferred choice for applications in food & beverage industry. The other source to produce propylene glycol is through petroleum-based feedstock.Propylene glycol market has applications in unsaturated polymer resins, antifreeze and functional fluids, plasticizers, excipients, cosmetics, plasticizers and others. It is used in beverages for flavor dissolving, keeping the animal feed moist and as an emulsifiers water and oily elements in sprays, cream and other liquids. It is primarily used as excipients in various medicines.
The prominent players in propylene glycol market are Lyondellbasell, BASF, Dow Chemical Company, Royal Dutch Shell, Archer Daniels Midland, Temix International, Hunstman Corporation, Helm AG, Oleon, Qingdao Shida Chemical Co., Haike Chemical, etc.
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