Propylene Glycol Market Trends

Growth Drivers

• Increasing Demand for Propylene Glycol in Pharmaceutical Industry - Propylene glycol is used as a solvent and excipient in the pharmaceutical industry and is used in the formulation of various medications. Basically, it is very commonly used drug solubilizer in injectable, topical, and oral medications. Therefore, increasing global demand for pharmaceuticals is expected to boost the growth of the global propylene glycol market. According to reports, in 2022, people around the world spend USD 2 trillion on medication. 
• Growing Demand in Food & Beverage Industry - Propylene glycol is used as a humectant, solvent, and preservative in the food and beverage industry. Increasing demand for packaged and processed food and beverages is expected to drive the growth of the global market. Propylene glycol is commonly used in packaged foods as a humectant that helps maintain the moisture level of the food and prevent it from drying out. It is also used as a solvent and carrier for flavors and colors, and in food storage. It is also used as a preservative to extend life. Thus, all these factors are predicted to boost the growth of the market in the upcoming years. In 2019, global processed food sales were about USD 2.47 trillion, according to a recent report.
• Increasing Application in Cosmetic Industry - Propylene glycol is used as a moisturizer and solvent in the cosmetics industry and is used in a wide range of products such as skin care, hair care, and body care products. Rising demand for cosmetic and personal care products is driving the growth of the global market. is expected to boost According to reports, the beauty industry generates over USD 100 million annually across the globe.
• Growing Demand in Automotive Sector - Propylene glycol is used as a coolant and antifreeze in the automotive industry. Increasing global demand for automobiles is increasing the demand for propylene glycol. Therefore, it is expected to boost the growth of the global propylene glycol market. According to reports, in 2021 approximately 67 million cars were sold worldwide. 

Challenges

• Health Hazards Associated - The health hazards associated with propylene glycol act as a growth-hindering factor. High doses of this compound may result in toxic and adverse health effects, including irregular heart rhythms, agitation, seizures, and central nervous system (CNS) toxicity. Owing to these health effects from long-term exposure to propylene glycol, the global propylene glycol market is expected to get hampered in the upcoming times. 
• Fluctuation in Prices
• Sustainability Concerns Related