Bio-based Propylene GlycolMarket - By Type (Bio-based 12-Propylene Glycol and Bio-based 13-Propylene Glycol); By Application (Unsaturated Polyester Resin, Antifreeze & Coolant, Chemical Intermediates, Solvent and Others); By End-use Industries (Automotive, Food & Beverages, Cosmetics & Personal Care, Pharmaceuticals, Building & Construction, Marine, Transportation and Others); and Region - Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030
Bio-based propylene glycol market is anticipated to exceed USD 4.1 billion by 2030 from USD 2.49 billion in 2019 at a CAGR of 4.70% throughout the forecast period i.e. 2019-2030. The market is anticipated to grow on the back of rising demand for green construction.
Propylene Glycol (PG) is a wee-designed carbon-based particle that is created from petroleum products, majorly propylene oxide. Propylene glycol is used in numerous organizations such as electric, food, pharmaceutical, cosmetics, fiberglass resins, etc. Bio-based propylene glycol is a product, which is originated ecologically and it lowers down the emanation of greenhouse gases. Propylene glycol has a comparatively high boiling point and low freezing point. Bio-based propylene glycol provides a fruity aroma and can be used proficiently in the sectors that produce perfumes and colognes. It has an expansive range of purposes such as antifreeze, waste heat recovery, coolants, solar system, and many more. As a consequence of rising interest in the environment, organizations are discovering new means in the bio-based paths for creating propylene glycol.
The key aspects that are pushing the growth of the bio-based propylene glycol market are eco-friendly means of production, decreased use of petrochemical feedstock, and minimized emanation of the greenhouse gases. The main challenging aspects of the growth of the market are huge effect risks during production and low steadiness of substance. The raised demand for bio-based techniques and renewable products is estimated to generate a set of prospects for the market.
Global Bio-based Propylene Glycol Market Opportunity Analysis
Global bio-based propylene glycol market is segmented by Application into Unsaturated Polyester Resin, Antifreeze & Coolant, Chemical Intermediates, Solvent, and Others. Among these, the unsaturated polyester resin segment is estimated to hold the largest market share of xx% in 2019. The rising building & construction sector, together with rising spending in developing economies for structural growth, is advancing the development of the bio-based propylene glycol market in the unsaturated polyester resin application.
By Application (in %), Global Bio-based Propylene Glycol Market, 2019
Global bio-based propylene glycol market is segmented by End-use Industries into Automotive, Food & Beverage, Cosmetics & Personal Care, Pharmaceuticals, Building & Construction, Marine, Transportation, and Others. Among these, the transportation segment is witnessed to hold the largest market share of xx% in the year 2019. The rise in the use of bio-based propylene glycols in applications, such as aircraft melting liquid, automotive coolants, and hydraulic & brake fluids, are also pushing the market’s growth.
By End-use Industries (in %), Global Bio-based Propylene Glycol Market, 2019
Rising Demand for Green Construction
One key driver in the market for bio-based propylene glycol is the rise in demand for green construction. bio-based propylene glycol is used in the manufacturing of unsaturated polyester resins, which are used to build electric elements, paints & coatings, pipes, tanks, and ducts, all imperative products in the construction sector. The sector and the consumers are trying to be more in charge concerning the environment, as an outcome of which they need for green buildings has been raised. Supervisory pressure to minimize carbon footprint and an overall shift towards eco-friendly products to improve maintenance of progressions is projected to boost the market for bio-based propylene glycol.
Scarcity in Supply Chains
With the rise in disposable income of the promptly growing population, the market for cosmetic products and food products is escalating as an outcome of the mounting demand. This, in turn, raises the demand for bio-based propylene glycol. Nonetheless, challenging uses of the bio-based feedstock supplies such as corn and soy as foods and bio-fuels could hinder the market growth by causing supply shortages. Moreover, the supply of raw constituents also depends upon the produce of the crops, and the number of farmers commencing the manufacturing of corn and soy. North America will be the key income sponsor to the market as a consequence of rising in the automotive sector.
Asia Pacific to surge at the highest CAGR of xx% during 2020-2030
Region-wise, the market for bio-based propylene glycol across the globe is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, Asia Pacific is witnessed to constitute xx% of the total market share in the year 2019, based on both volume and value. The rising population in the region, followed by growing structural investments in the emerging markets of China, India, and South Korea, is expected to make this region the prominent target for the propylene glycol sector.
By Region (in %), Global Bio-based Propylene Glycol Market, 2019
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