Market Overview:
Bio-based propylene glycol is manufactured from soy, glycerin, and corn, these are co products derived from vegetable oils during the production of biodiesel or fatty acids. It is a colorless and odorless chemical compound with wide scope of industrial application. Bio-based propylene glycol is predominantly used in the production of emulsifiers, antifreeze & coolants, and solvents. It offers as a base element used in the preparation of unsaturated polyester resin. Bio-based propylene glycol find application in numerous end use industries such as cosmetics, automotive, construction, pharmaceutical, and detergent & household owing to its superior properties such as high boiling point, low freezing point, and slightly high viscosity.
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Some of the prominent factors that positively influence the bio-based propylene glycol market growth are increasing demand in the manufacturing of cleaners and detergents in detergent & household industry. Rising per capita disposable income coupled with change in lifestyle patterns of consumers are expected to fuel the market growth over the forecast period. Propylene glycol is extensively used to prepare anti-freezing agents and coolants which are required by automotive and general industry for proper functioning of vehicles and equipment’s. Aforementioned reason is expected to fuel market growth in the upcoming reason. However, uncertainty regarding the reliability and sufficient supply of feedstock’s and availability and cost of new technology are expected to be the major restraints which might hamper the market growth.
Market Segmentation:-
The global bio based propylene glycol market is divided into application, end use industry and region. On the basis of application, the market is segmented into unsaturated polyester resin, solvent, antifreeze & coolant, chemical intermediates, and others. Further, unsaturated polyester resin and antifreeze accounts for the largest application share among others due to wide utilization in various end use industries. On the basis of end use industry, the market is segmented into cosmetics, building & construction, automotive, pharmaceutical, detergent & household and others. Growth in the construction sector is anticipated to fuel the demand for unsaturated polyester resins, which in turn will boost the bio-based propylene glycol market growth. They are hygroscopic material which are used to keep things moist, thus widely used as a humectant in cosmetics and personal care products. Rising consumption of cosmetics and personal care products is anticipated to fuel market growth. Growth in the production of passenger vehicles and heavy duty vehicles are expected to fuel antifreeze and coolants demand, which is likely to propel bio based propylene glycol market growth.
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Regional Analysis
North America is estimated to be the largest market for bio-based propylene glycol followed by Europe and Asia Pacific on account of increasing demand from building & construction, automotive, and detergent industry. Developed countries such as U.S. and Canada being major contributor due to the availability of feedstock and growing end use industries. Europe is predicted to witness a substantial growth over the forecast period owing to the demand for emulsifier and additives in construction sector. Industrial growth in countries such as UK, France, Italy, and Germany are anticipated to contribute towards regional industry growth. Developing countries such as India, Malaysia, and China are the fastest growing market for bio-based propylene glycol and is projected to grow with the same pace in the near future.
Competitive analysis
The major players operating in the bio-based propylene glycol market include Archer Daniels Midland Company (U.S.), BASF SE (Germany), The Dow Chemical Company (U.S.), DuPont Tate & Lyle Bio Products Company, LLC (UK), Huntsman International LLC. (U.S.), Oleon (Belgium), Ashland. (U.S.), and others.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
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