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%, to reach USD 4.60 Billion by 2021. 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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The economic growth in the Asia-Pacific region is driving the market for propylene glycol. In addition, increased demand for propylene glycol in key countries such as China and India, are contributing to the growth of the propylene glycol market in the region.
Currently, the global propylene glycol market is led by various market players such as 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.
Scope of the Report
This report categorizes the global market for propylene glycol on the basis of source, application, end-use industry, and region.
By Source:
Petroleum-based Propylene Glycol
Bio-based Propylene Glycol
By Application:
Unsaturated Polyester Resin
Food, Pharmaceuticals & Cosmetics
Antifreeze & Functional Fluid
Liquid Detergents
Plasticizers
By End-Use Industry:
Transportation
Building & Construction
Pharmaceuticals & Cosmetics
Food & Beverage
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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, 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.
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