Bio-Based Propylene Glycol (PG) Market
The global bio-based propylene glycol market is growing continually, mainly due to the rising demand for environmentally safe products. Bio-based propylene glycol is one of the most widely used ingredients in cosmetics, personal care products, and fragrances. Also, it is used to produce numerous food items such as packaged baked goods, frozen dairy products, and others. The bio-based propylene glycol market is estimated to witness a spurting rise due to the recent COVID 19 pandemic.
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Players driving the global bio-based propylene glycol market include Archer Daniels Midland Company (US), The Dow Chemical Company (US), BASF SE (Germany), Huntsman International LLC. (US), DuPont Tate Lyle Bio Products (UK), Ashland (US), and Oleon (Belgium), among others.
Rising usages of bio-based propylene glycol as chemical intermediates, unsaturated polyester resin, and solvent in the production of detergent household cleaners, cosmetics, and pharmaceuticals resultantly accelerates the growth of the market. Bio-based propylene glycol meets the standards of Certified Biobased Product Label dictated by the US Pharmacopeia (USP) and the US Department of Agriculture. Hence, it is utilized as an inactive ingredient in the production of medicines.
Also, it is an essential raw material for the production of antifreeze and coolant used in numerous end-use industries, including automotive and construction. Increasing production and sales of automotive products support the growth of the bio-based propylene glycol market. Besides, the augmenting demand for bio-based polyester fiber and PET products is a major tailwind pushing the growth of the market. Moreover, the ample production of glycerine obtained as a by-product of biodiesel substantiates the market growth, prompting manufacturers to focus on bio-based propylene production.
Additional factors supporting the market include the rising demand for the product from industries such as packaging, automotive, and textiles led by improving economic conditions, worldwide. The rising demand for non-ionic surfactant and propylene glycol-based adhesives, emulsifiers, and a lubricant is predicted to boost the market growth.
Bio-Based Propylene Glycol Market - Segments
To widen the scope of understanding the market is segmented into three dynamics;
By End-use Industry : Detergent Household, Building Construction, Cosmetics, Pharmaceutical, Automotive, and others.
By Application : Solvent, Unsaturated Polyester Resin, Chemical Intermediates, Antifreeze Coolant, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Bio-Based Propylene Glycol Market – Regional Analysis
North America and Europe are the significant markets for bio-based propylene glycol, globally. The market is driven by major end-use industries such as pharmaceuticals and automotive in these regions. Stringent regulations imposed by the European Protection Agency (EPA) the European Union (EU) on the manufacturing and uses of synthetic propylene glycol are favoring the market growth.
Furthermore, increasing numbers of space exploration programs alongside the demand for high-quality antifreeze and coolant would propel huge market sales. Due to increasing RD expenditures and rapidly growing cosmetics and food industries, countries such as Spain, the UK, Germany, the US, Canada, and Mexico have emerged as prominent markets. Besides, other major contributing countries, such as Colombia, Brazil, Peru, and Argentina, would witness significant growth over the forecast period led by the rapid industrialization.
The Bio-Based Propylene Glycol Market Research in the Asia Pacific and Middle East African regions are expected to grow moderately over the assessment period. The APAC market, backed by the growing chemical industries in this region, would grow at a high CAGR during the forecast period. Besides, raw material advantage and the availability of cost-competitive workforce in the region propel the growth of the market. Rising development strategies to meet the demand for bio-based propylene glycol boost the regional market growth.
The demand for bio-based propylene glycol is anticipated to surge in developing countries such as China, Japan, India, and Vietnam due to growing commercial and residential construction. The MEA region is estimated to improve business opportunities, which is an essential factor driving the regional market growth. Besides, the booming industrial sectors in GCC countries foster market growth in the region.
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Bio-Based Propylene Glycol Market – Competitive Analysis
The bio-based propylene glycol market appears to be highly competitive, with many small and large-scale players operating in the market. To gain a larger competitive share, players incorporate strategies such as mergers acquisitions, collaboration, expansion, and product/technology launch. They make substantial investments to drive RD required for technological developments and to expand their global footprints.
February 11, 2020 --- UPM Biofuels (Finland), a leading global petrochemical products producer, announced investments in a new biorefinery to produce wood-based biochemicals. The new biorefinery will produce a range of 100% wood-based biochemicals, bio-mono propylene glycol (bioMPG), and industrial sugars, which enable a switch from fossil raw materials to sustainable alternatives in various consumer-driven end-uses.
Currently, the supply of biochemicals is minimal, which leads to high-priced sustainable alternatives. Once operational, the new plant would enable the sustainable supply of biochemicals with large growth potential. The move is another major milestone in UPM’s transformation that showcases it’s focused efficient RD efforts. Scheduled to function by the end of 2020, the new facility will have a total capacity of 220,000 bio-based chemicals.
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