The global propylene glycol market was valued at USD 3.47 Billion in 2016 and is projected to grow at a CAGR of 5.8% from 2016 to 2021, to reach USD 4.60 Billion by 2021. The eco-friendly production process of bio-based propylene glycol has led to the growth of the global propylene glycol market. Also, the growing automotive industry in Asia-Pacific is driving the market as propylene glycol is widely used in engine coolants and sheet molding compounds among others.
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In terms of end-use industry, the market is classified into transportation, building & construction, pharmaceuticals & cosmetics, food & beverage, and others.
Transportation is expected to be the fastest-growing end-use industry
Transportation is projected to be the fastest-growing end-use industry of the global propylene glycol market during the forecast period, mainly due the rising demand for propylene glycol in the automotive coolants, aircraft wings, pleasure boats, and ships. This industry in the Asia-Pacific region is anticipated to grow at the highest CAGR during the forecast year. The growth is attributed to increasing sales of automobiles in the region. In addition, improving standards of living and increasing disposable income in emerging countries such as India, China, and South Korea are driving the growth of the transportation industry. Also, China, Korea, Japan, and India are witnessing high demand for new ships for both military and commercial purposes.
On the basis of region, the market is segmented into Asia-Pacific, Europe, North America, Middle East & Africa, and South America. Currently, the Asia-Pacific region is the largest market for propylene glycol. Rapid industrialization and improved living standards is expected to drive the increasing demand for propylene glycol. The region is also projected to be the fastest-growing market from 2016 to 2021. This growth is attributed to the rapidly growing transportation industry in the region.
Some of the key players in the global propylene glycol market are The Dow Chemical Company (U.S.), LyondellBasell Industries N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Global Bio-chem Technology Group Co., Ltd. (China), DuPont Tate & Lyle Bio Products Company, LLC (U.S.), Huntsman Corporation (U.S.), SKC Co., Ltd. (South Korea), Temix International S.R.L. (Italy), and Ineos Oxide (Switzerland) among others.
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