The global biobased propylene glycol market is projected to have an average-paced CAGR of 4.40% during the forecast period. The current valuation of the market is US$ 4.32 billion in 2022. The market value of the biobased propylene glycol market is anticipated to reach a high of US$ 6.65 billion by the year 2032. A historical market valuation of US$ 4.14 billion has been recorded in the analysis conducted by Future Market Insights.
The biobased propylene glycol market has been gaining rapid traction in recent years owing to its hygroscopic nature, which makes it miscible with acetone, water, and chloroform. Therefore, it has been identified by the expert analysts at FMI that the surge in its application across the perfume industry as a solvent is leading to a rise in the market share for this product.
As per the analysis of FMI, biobased propylene glycol has a wide variety of applications which is fueling the market size for the same and is likely to accrue more shares in the forthcoming years. It is largely used in personal care and cosmetic products, unsaturated polyester resins, functional fluids, antifreeze, and liquid detergents.
Furthermore, it has been revealed during the study that this product is finding its usage in the leather industry as a wetting agent, a dispersant for leather finishing, and a surfactant. The rapid propulsion of the cosmetic industry, coupled with an increase in demand for leather in bags, belts, and clothing applications, is likely to contribute to providing healthy growth in the biobased propylene glycol market during the forecast timeline.
The biobased propylene glycol manufacturers are witnessing a highly fragmented environment with a large number of players in the fray for gaining top positions amongst the others. The experts at FMI have analyzed that the players in the biobased propylene glycol market are getting involved in strategic collaborations. These collaborations are helping the players to strengthen their foothold in the global forum.
In addition to that, analysts at Future Market Insights have revealed that the key players that are revolutionizing the biobased propylene glycol price trend are investing heftily in research and development activities.
The rising need for unsaturated polyester resin, followed by the food, pharmaceutical, and cosmetic segments, is escalating support of the government of various countries for these key players and is expected to unravel tremendous growth prospects for the biggies proliferating in the market.
The prominent manufacturers of the biobased propylene glycol market are continually making innovations to the properties of the product or its utilization as an aircraft deicing fluid, hydraulic and brake fluid, and automotive coolants, which is further raising the demand from the automotive industry. Therefore, it is anticipated that the biobased propylene glycol market is likely to witness significant growth through the forecast period.
Report Attribute
Details
Biobased Propylene Glycol Market Value (2022)
US$ 4.32 Billion
Biobased Propylene Glycol Market Anticipated Value (2032)
US$ 6.65 Billion
Biobased Propylene Glycol Projected Growth Rate (2022 to 2032)
4.40%
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Environmental Sustainability Trends To Reduce Carbon Footprints To Propel The Market Growth
Propylene glycol, also known as 1,2-propane-diol, is a multifunctional chemical used in several industrial fields, pharmaceuticals, food and cosmetics. Conventionally, it is obtained from petroleum based feedstock for industrial scale production. Recent developments have uncovered a new technique for obtaining propylene glycol from corn starch. The process involves production of carbohydrates from starch.
Biobased products are adopted on the premise that they are environment friendly attributed to their renewable origin. However, environment friendliness of any product depends upon various factors some of which include emission of green house gases throughout various steps involved in a products lifecycle, i.e., from raw material production to degradation of after-use residues through production, distribution and end-use.
Some biobased products might be environment friendly until they are converted to finished products but might breakdown into toxic residual materials. Biobased propylene glycol process was compared to the petroleum based route to find out the environment friendliness of both methods by Archer Daniels Midland Company.
The results showed that there is a 61% reduction in green house gases emissions, proving that biobased propylene glycol performs better than petroleum based propylene glycol in terms of carbon footprints.
Propylene glycol is a multi functional material that can be utilized for several applications. It can serve as solvent, connect and stabilize insoluble fluids as an emulsifier, help in binding and transportation of other substances as an excipient.
It can also be used to hold and dissolve active ingredients in a medium, attract, hold, water or moisture as an hygroscopic material, reduce freezing point, and increase boiling point.
Regulatory pressure to reduce carbon footprint and a general shift towards environment friendly products to enhance sustainability of processes is expected to drive the market for biobased propylene glycol. Additionally, with increase in disposable income of the rapidly growing population the market of personal care products and food products is expanding due to the escalating demand.
This, in turn, adds to the demand for biobased propylene glycol. However, competing uses of the biobased feedstock sources such as corn and soy as foods and biofuels might hamper the market growth by causing supply shortages. Furthermore, supply of raw materials also depends upon the yield of the crops and the number of farmers undertaking the production of corn and soy.
Polypropylene glycol is primarily used as a chemical intermediate, especially for unsaturated-polyester resins utilized in surface coatings and fiberglass reinforcement for structures. Polypropylene glycol is also utilized for the production of industrial chemicals and personal care products, cosmetics and pharmaceutical preparations and solvent for colors and flavors in food, liquid detergents & household products, plasticizers, pet food, lacquers & varnishes and tobacco humectants.
North America and Europe are likely to be the leading markets supported by strict regulations regarding carbon footprint, green house gases emissions and sustainability initiatives. U.S. in North America and Brazil in South America are among the largest producers of corn and soy, which secures supply of the raw materials for biobased feedstock production in these regions.
Asia Pacific and Rest of the World markets are expected to grow rapidly with initiatives being taken towards sustainability and reduced carbon footprint. China and Japan are leading in shift towards sustainable processes and reduction in carbon footprint of the industries in the region. This is anticipated to fuel growth of biobased propylene glycol in these regions.
Some of the key players producing biobased propylene glycol include Archer Daniels Midland Company, Ashland Incorporation, Cargill and the Dow Chemical Company.
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Regional analysis includes
North America
Latin America
Asia Pacific
Japan
Western Europe
Eastern Europe
Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain.
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