According to a market report by Lucintel, the future of the global biobased propylene glycol market looks promising with opportunities in the transportation, building & construction, food & beverage, pharmaceutical, and cosmetics & personal care markets. The global biobased propylene glycol market is expected to reach an estimated $5.4 billion by 2030 with a CAGR of 4.3% from 2024 to 2030. The major drivers for this market are growing consumer demand across a range of businesses for environmentally friendly and sustainable products, rigorous laws that encourage the use of renewable resources and lower carbon footprints, as well as, rising disposable income combined with the population's rapid growth.
A more than 150 – page report is developed to understand Trends, opportunity and forecast in biobased propylene glycol market to 2030 by application (unsaturated polyester resins, functional fluids and antifreeze products, pharmaceuticals, cosmetics, and food, detergents and household products, and others), end use (transportation, building & construction, food & beverage, pharmaceuticals, cosmetics & personal care, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
In this market, unsaturated polyester resin, functional fluids and antifreeze product, pharmaceuticals, cosmetics, and food, and detergents and household product are the major segments of biobased propylene glycol market by application.
Lucintel forecasts that unsaturated polyester resin will remain the largest segment over the forecast period due to expanding building and construction sector and rising investments in infrastructure development in developing economies.
Within this market, transportation will remain the largest segment due to the rise in vehicle sales along with the usage of propylene glycols in hydraulic and braking fluids and automotive coolants, among other applications.
APAC will remain the largest region over the forecast period due to growing population in the area combined with rising building expenditures in South Korea, China, and India's expanding markets.
BASF, The Dow Chemical Company, Global Bio-Chem Technology, Lyondellbasell Industries, Archer Daniels Midland Company, Huntsman, S.K.C, Temix International, Ineos Oxide, and Dupont Tate & Lyle Bio Products are the major suppliers in the biobased propylene glycol market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]