Propylene Glycol is widely used in manufacturing unsaturated polyester resins that are strengthened using fiber glass. These strengthened forms have variety of applications like in construction panels, fittings, bathroom parts, recreational vehicles and corrosion resistant tanks. This wide usage drive the global Propylene Glycol Market. Other major demand of Propylene glycol comes from engine coolants, antifreeze products, deicing liquids and aircraft base fluids.
Latest Fact.MR report forecasts that the global market will grow at a rate more than 5% in the forecast period 2019-2027. The primary drivers of this growth are pharmaceutical and food processing industries. The demand of unsaturated polyester resins also drives market as propylene glycol is used to make it and theses resins are extensively used in many sectors like transportation, building and marine sector.
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Bio-based segment is growing fast
Petroleum-based segment dominates the global market and was estimated to own 80% of global market in 2018 owing to its consumption in construction and transport sectors. Bio-based segment is assessed to overtake petroleum-based segment in terms of growth during the forecast period. Bio-based segment is propelled by many factors like growing adoption of eco-friendly production techniques, decreased petrochemical feedstock reliance and awareness regarding greenhouse gases emission.
Global Propylene glycol market can be segmented into major applications like chemical intermediaries, personal care products, food, pharmaceuticals and consumer goods amongst which chemical intermediary and cosmetics & personal care segment are supposed to stay most lucrative in the forecast period. This growth can be attributed to the growing awareness, increased disposable income and improved living norms. Millennial consumers are focused to use valuable cosmetics products which increase the demand of propylene glycol. Propylene glycol based medicines are also sought after by customers. Market for liquid detergents is experiencing expanded growth because of urbanization. Detergent liquids like household liquid, industrial soaps, cleaning fluids and dishwashing detergents are consumed heavily which makes propylene glycol production very important.
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Government regulations slow down market
The rapid market growth faces hurdles from government imposed regulations which slow down the market. These regulations are created for environment safety. Although Propylene glycol is considered safe for use in food and drugs, there have been cases of toxicity from propylene glycol absorption. Cases of dermatitis, Central Nervous System problems, hemolysis, hyper-osmolality and lactic acidosis have been reported. Increased health awareness in consumers tends to hamper the growth rate of global market.
Specialty chemical is other prominent use case of propylene glycol that is used in several applications like oilfield chemicals, electronic chemicals, coatings, flavors, adhesives, fragrances and cosmetic chemicals. Ever-growing industrial and construction activities increase specialty chemical’s demand which in turn increases demand of propylene glycol.
40% of global propylene glycol market is dominated by two major players, LyondellBasell and Dow Chemical Company. Prominent players in the global market are Archer Daniels Midland (U.S), Global BioChem (China) and BASF SE (Germany). Major developments in propylene glycol market include LyondellBasell’s new production plant in Houston that has the potential to produce 470000 metric tons of propylene material yearly.
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