Biobased Propylene Glycol Market Overview
The IUPAC name of Propylene glycol is 1, 2-propane-diol. It is a multifunctional chemical used in numerous fields such as industrial fields, pharmaceuticals, food and cosmetics. The conventionally it is extracted from petroleum based feedstock for industrial scale production. Modern scientific methods have uncovered a new technique to produce propylene glycol from cornstarch. The process involves the production of carbohydrates from starch. Biobased products are accepted on the characteristic that they are environment friendly and renewable in nature. However, environment friendliness of any product depends upon several factors, some of which includes the release of greenhouse gases throughout various steps that involves lifecycle of product starting from raw material production to end use after degradation process. Some biobased products might be environment friendly until they are transformed to finished products but might break down into toxic residual materials.
Market Size and Forecast
The global biobased propylene glycol market is anticipated to reach USD 5.8 Bn by 2027, at a CAGR of over 7% during 2017-2027. The growth of the market is essentially supported by the increasing demand for propylene glycol in automotive coolant, which is added with environment friendly production process of bio-based propylene glycol.The global biobased propylene glycol market is segmented on the basis of application, end use industries and regions. On the basis of end-use industries, the market is segmented into cosmetics, building and construction, automotive, pharmaceutical and household.
By region, global biobased propylene glycol market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America and Europe regions are expected to dominate the global market on the account of strict regulations regarding carbon footprint, greenhouse gases emissions and sustainability initiatives.Asia Pacific region is expected to grow rapidly on the account of key initiatives taken by government in various countries to reduce the carbon footprint. China and Japan are main countries, which are shifting their goals towards sustainability of processes while reducing the carbon footprint from various industries in this region. This is expected to increase the growth of biobased propylene glycol in the above mentioned regions.
Market Segmentation
Our in-depth analysis segmented the global biobased propylene glycol market in the following segments:
By Application
- Unsaturated polyester resin
- solvent
- antifreeze & coolant
- chemical intermediates
By End Use Industries
- Cosmetics
- Building & Construction
- Automotive
- Pharmaceutical
- Household
By Region
Global biobased propylene glycol market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
The government regulation to reduce carbon footprint and a general shift towards environment friendly products to improve the sustainability of processes is expected to boost the market for bio based propylene glycol globally. Moreover, increasing disposable income of the rapidly rising population is fueling the demand for personal care and food products. In coming years the demand for bio-based propylene glycol is expected to increasing due to rise in production of automotives in developing regions across the globe. The growing demand for non-ionic surfactant and growing demand for Propylene Glycol Based lubricants, adhesives and emulsifiers are anticipated to drive the market growth. Additionally, significant availability of glycerin is also one of the most important factors that are pushing companies to shift their focus towards biobased propylene production.
However, increasing uses of corn and soy in foods and biofuels might hamper the market growth by causing supply shortages. Furthermore, the supply of raw materials also depends upon the yielding of the crops and the number of farmers involved in the production of corn and soy.
Top Featured Companies Dominating The Market
- Archer Daniels Midland Company
- BASF SE
- The Dow Chemical Company
- DuPont Tate & Lyle Bio Products Company, LLC
- Huntsman International LLC
- Oleon
- Ashland
