Transportation segment to lead the Propylene Glycol Market between 2019 and 2024

The transportation industry is estimated to witness the highest CAGR in the APAC region. Improving standards of living and increasing disposable income in emerging countries such as India, China, and South Korea are also driving the growth of the transportation industry. China, Korea, Japan, and India are witnessing high demand for new ships for both military and commercial purposes. Transportation is projected to be the fastest-growing end-use industry in the global propylene glycol market during the forecast, period mainly due to the rising demand for propylene glycols in automotive coolants, aircraft wings, pleasure boats, and ships application.

The propylene glycol market size is projected to reach USD 4.7 billion by 2024, from USD 3.8 billion in 2019, at a CAGR of 4.4%. The growing automotive industry in APAC is also driving the market as propylene glycols are widely used in engine coolants and sheet molding compounds, among others.

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APAC is expected to account for the largest market share in the global propylene glycol market during the forecast period, in terms of both volume and value. The increasing population in the region, accompanied by increasing construction spending in the developing markets of China, India, and South Korea, is projected to make this region an ideal destination for the propylene glycol industry.

The key market players profiled in the report include as The Dow Chemical Company (US), LyondellBasell Industries N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (US), Global Bio-chem Technology Group Co., Ltd. (China), DuPont Tate & Lyle Bio Products, LLC (US), Huntsman Corporation (US), SKC Co., Ltd. (South Korea), Temix International S.R.L. (Italy), and Ineos Oxide (Switzerland).

The Dow Chemical Company (US) is one of the leading producers of propylene glycol. The company entered into an exclusive technology partnership with Evonik. They are plan to bring a unique method (HYPROSYN) for directly synthesizing propylene glycol from propylene and hydrogen peroxide. Over 100 Evonik employees worked for years to develop this method. The key element is a novel catalytic system developed by Evonik researchers, which allows direct synthesis of propylene glycol from propylene and hydrogen peroxide in a process offering high yield and comparatively low energy consumption.

LyondellBasell Industries N.V. (Netherlands) is ranked at the second position in the propylene glycol market. The company has undertaken expansion as its growth strategy in the propylene glycol market. For instance, in 2018, it announced to build the world’s largest propylene oxide (PO) and tertiary butyl alcohol (TBA) plant. The USD 2.4-billion project represents the single-largest capital investment in the company’s history. The facility will be able to produce 470,000 tpy of PO and 1 MMtpy of TBA annually.

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The eco-friendly production process of bio-based propylene glycol has led to the growth of the propylene glycol market

The propylene glycol market size is projected to reach USD 4.7 billion by 2024 from USD 3.8 billion in 2019, at a CAGR of 4.4%. The growing demand for propylene glycol in countries such as China, India, Japan, and South Korea from the transportation, building & construction, food & beverage, pharmaceuticals, and cosmetics & personal care industries is expected to fuel the growth of the market. The market is evolving, with major players playing a crucial role in the development of new and advanced products.

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On basis of source, the global propylene glycol market is segmented into petroleum-based and bio-based propylene glycol. Petroleum-based propylene glycol is expected to lead the global market during the forecast period,  due to its growing use in the transportation and building & construction industries.

Unsaturated polyester resin to be the largest application segment

Unsaturated polyester resin is expected to dominate the global propylene glycol market during the forecast period, followed by antifreeze & functional fluids and pharmaceuticals. The growing building & construction industry, coupled with increasing investments in emerging economies for infrastructural development, is fostering the growth of the propylene glycol market in the unsaturated polyester resin application.

“Transportation to be the largest end-use industry"

On the basis of end-use industry, the global propylene glycol market is segmented into transportation, building & construction, food & beverage, pharmaceuticals, cosmetics & personal care, and others. Transportation is the fastest-growing end-use industry due to the growing automobile sales. The increase in the use of propylene glycols in applications, such as aircraft deicing fluid, automotive coolants, and hydraulic & brake fluids, is also driving the propylene glycol market.

APAC to account for the largest share of the global propylene glycol market

APAC is expected to account for the largest market share in the global propylene glycol market during the forecast period, in terms of both volume and value. The increasing population in the region, accompanied by increasing construction spending in the developing markets of China, India, and South Korea, is projected to make this region an ideal destination for the propylene glycol industry.

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