Technical Grade Retains High Sales Potential
One of the most prominent applications of mono propylene glycol is in the production of unsaturated polyester resins, and this indicates heightened demand for technical grade products among end users. More than half the revenue share of the global market is accounted by technical grade mono propylene glycol, and this scenario will continue to prevail in the coming years.
The demand for food grade mono propylene glycol will also increase rapidly in the near future owing to its burgeoning consumption in the food industry. Leading manufacturers would target food additive manufacturers to gain profits.
North America Leading, with High Demand from Animal Feed Industry
The demand and sales of mono propylene glycol remain significant in North America, despite the presence of stringent regulatory framework. The region accounts for more than one-fourth revenue share of the global market. Leading players in the North American market are targeting animal feed manufacturing companies to boost their sales in the region. While developed markets continue to lead the curve with high consumption of mono propylene glycol, sales in East Asia will also increase at a significantly high CAGR over the next decade.
Mono Propylene Glycol to Replace Ethylene Glycol
Growing sales of mono propylene glycol are also attributed to its demand as a less toxic alternative for ethylene glycol in many of its applications. Leading players in the market are boosting their product sales in ethylene glycol-based products such as cosmetics and personal care products.
To capitalise on the higher efficiency and lower toxicity of mono propylene glycol over ethylene glycol, stakeholders in the market are likely to enter new industrial landscape in the coming years. Furthermore, market players are also foraying in the automotive and air transportation industry, where ethylene glycols had historically been used.
How Growth will Unfold
While the chemicals industry continues to account for more than half the revenue share of the global market for mono propylene glycol, leading players are foraying into new industrial areas to explore untapped sales potential and opportunities.
The demand from cosmetics & personal care and pharmaceuticals industries, as mono propylene glycol is well-known as a pharmaceutical excipient. Various pharmaceutical applications such as local anesthetics, formulation of drugs and medicines, antiseptic and vaccines, and vitamins will contribute to the growth of mono propylene glycol market.
FREQUENTLY ASKED QUESTIONS ABOUT MONO PROPYLENE GLYCOL MARKET
What is the mono propylene glycol revenue opportunity, and how will it develop over the next 10 years?
The global mono propylene glycol market revenue was worth US$ 3 Bn in 2018, and is expected to grow at a CAGR of 4.5% during the forecast period 2019-2029.
What are the key trends disrupting the demand for mono propylene glycol?
Major trends affecting the mono propylene glycol demand are the dwindling fossil fuel resources for producing different varieties of petrochemical products and increasing adoption of bio-based chemicals.
How are key market players gaining benefits from bio-based chemicals?
Key players in the market are determined to attain sustainability in the coming years by developing and commercializing bio-based chemicals. Moreover, growing investments in the production of bio-based mono propylene glycol will open new revenue avenues in the global marketplace.
What is the growth prospect of technical grade mono propylene glycol over the forecast period?
Growing use of technical grade mono propylene glycol as reinforced plastic laminates for marine construction is expected to mark a revenue share of close to US$ 3 Bn by the end of 2029, registering moderate growth rate during 2019-2029.
How will the unsaturated polyester resins contribute to the market growth?
Developing economies such as Brazil, China, and India are observing increasing investments for infrastructural development and expansion of the building and construction industry which is catapulting the demand for unsaturated polyester resins. The result is expected to lead to increased application of mono propylene glycol in unsaturated polyester resins, contributing around US$ 1.5 Bn by 2029.
Which region is expected to grow rapidly in the global mono propylene glycol market?
Sales of mono propylene glycol remain maximum in North America and will continue to grow at a moderate pace over the forecast period. Rising investment in the infrastructure & construction sectors in the U.S along with growing usage of mono propylene in pharmaceuticals and food & beverage industries are influencing the market growth.
MONO PROPYLENE GLYCOL MARKET TAXONOMY
The global mono propylene glycol market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
Grade
- Technical
- Food
- Pharmaceutical
Application
- Unsaturated Polyester Resin (UPR)
- Polyester Fiber Production
- Food Additive
- Heat Transfer Fluid
- Pharmaceutical Solvent
- Liquid Detergent
- Paints & Coating
- Other Industrial
End Use
- Chemicals
- Cosmetics & personal care
- Pharmaceutical
- Food & Beverage
- Others
Source
- Synthetic
- Bio-based
Region
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East
- Africa
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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