Biobased Propylene Glycol Market Outlook (2019-2023) By Top Competitors, Business Growth, Trend, Size, Segmentation, Revenue and Industry Expansion Strategies
The Global Biobased Propylene Glycol Market is predicted to grow at a moderate CAGR over the forecast period. Rising demand for bio-based propylene glycol solvent from the growing detergent & household industry is expected to drive market growth in the upcoming years.
Pune, India – April 23, 2019 /MarketersMedia/ —
Biobased Propylene Glycol Market Potential and Pitfalls:
Biobased Propylene Glycol Market is expected to exhibit a sturdy growth rate over the forecast period, according to the latest research report from Market Research Future (MRFR). The global biobased propylene glycol market is mainly driven by the variety of industrial applications of biobased propylene glycol and the rising support for the use of environmentally sound industrial substances around the world.
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Biobased propylene glycol is produced by the process of hydrogenolysis, in which glycerin is converted into propylene glycol. Biobased propylene glycol is a key ingredient in detergents and other cleaning products as well as antifreeze and coolant products. The industrial applications of biobased propylene glycol lie primarily in the cosmetics, building and construction, automotive, pharmaceutical, and other industries.
The growing disposable income of consumers in developing parts of the world has driven the demand for cosmetics in recent years. This is likely to be a major driver for the global biobased propylene glycol market over the forecast period, as the demand for maintaining a more appealing personal appearance is growing among urban consumers, which has led to a steady rise in the demand for cosmetic products. The growing volume of production in the cosmetics industry is likely to be a major driver for the biobased propylene glycol market over the forecast period.
The building and construction industry is the major end user of biobased propylene glycol and is likely to retain a major share in the global biobased propylene glycol market over the forecast period. Biobased propylene glycol is used in various applications in the building and construction industry, which is likely to drive the demand from the global biobased propylene glycol market over the forecast period due to the growing demand from the construction industry in emerging regions around the world. The construction industry has grown rapidly in the last few years due to the rising immigration from rural areas and the growing need for residential housing in urban areas. The growing urbanization in developing countries is likely to further drive the global biobased propylene glycol market over the forecast period.
Competitive Analysis:
Leading players in the global biobased propylene glycol market include Archer Daniels Midland Company, The Dow Chemical Company, Huntsman International LLC, Ashland, Oleon, DuPont Tate & Lyle Bio Products Company LLC, and BASF SE.
In January 2018, Archer Daniels Midland announced a collaboration with PNNL to produce biobased propylene glycol.
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Segmentation:
The global biobased propylene glycol market is segmented on the basis of application, end use, and region.
Based on application, the biobased propylene glycol market is segmented into unsaturated polyester resin, solvent, antifreeze and coolant, chemical intermediates, and others.
On the basis of end use, the biobased propylene glycol market is segmented into cosmetics, building and construction, automotive, pharmaceutical, detergent and household, and others. The building and construction industry held the dominant share in the global biobased propylene glycol market in 2017, accounting for 35%.
Regional Analysis:
North America dominates the global biobased propylene glycol market at present and is likely to remain the leading consumer over the forecast period due to the growing demand for biobased propylene glycol in end-use industries such as pharmaceutical and automotive. The use of biobased propylene glycol as a cooling agent and as antifreeze is vitally important in North America, with the prolific space exploration sector in the region also emerging as a key consumer in the biobased propylene glycol market. The growing automotive industry in the region could also remain a key driver for the biobased propylene glycol market over the forecast period.
Europe is also likely to remain a major contributor to the global biobased propylene glycol market over the forecast period due to the strong presence of the automotive industry in the region and the growing cosmetics and food industries in the region, which are also key consumers of biobased propylene glycol. The growing cosmetics industry in Central Europe, in particular, is likely to play a key role in the growth of the global biobased propylene glycol market over the forecast period.
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About Market Research Future:
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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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