Propylene Glycol Market by End-Use Industry (Transportation, Building & Construction) - Global Forecast to 2021

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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Contracts & Agreements and Expansions are the Key Strategies Adopted by the Leading Players in the Global Propylene Glycol Market

The global propylene glycol market was valued at USD 3.32 Billion in 2015, and is projected to reach USD 4.60 billion by 2021, at a CAGR of 5.8% from 2016 to 2021. Contracts & agreements and expansions are the strategies adopted by the key players to strengthen their positions in the global propylene glycol market. The maximum number of strategic developments undertaken between 2012 and 2016 took place in North America, followed by Europe and South America.

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The key players operating 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).

DuPont Tate & Lyle Bio Products LLC (U.S.) is a key player in the global propylene glycol market. The company has been focusing on expansions and contracts & agreements as a part of its strategic development activities. In January 2017, the company expanded its distribution of Zemea propanediol product in the South American market. In March 2014, the company entered into a supply contract with Cheryl Lee MD, Sensitive Skin Care (U.S.). As per the agreement, the company provided Zemea propanediol to manufacture a line of personal care products such as body cream, face lotion, and anti-itch cream.

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Global Bio-chem Technology Group Co., Ltd. (China) is another major manufacturer of propylene glycol, globally. The company has been focusing on contracts & agreements to strengthen its market. For instance, in June 2013, the company entered into an agreement to develop a catalyst for improving the production of glycerin from carbohydrates. The agreement helped the company to produce cost-saving and efficient renewable propylene glycol.

This report provides a detailed analysis of the global propylene glycol market and segments the same based on source, application, end-use industry, and region. Based on source, the propylene glycol market has been segmented into petroleum-based propylene glycol and bio-based propylene glycol. Based on application, the market has been segmented into unsaturated polyester resin, antifreeze & functional fluids, food, pharmaceuticals & cosmetics, liquid detergents, plasticizers, and others. Based on end-use industry, the market has been segmented into transportation, building & construction, pharmaceuticals & cosmetics, food & beverage, and others. Based on region, the market has been segmented into the Asia-Pacific region, Europe, North America, South America, and the Middle East & Africa.

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