The report “Propylene Glycol Market by Source (Petroleum-based, Bio-based), Grade (Industrial, Pharmaceutical), End-use Industry (Transportation, Building & Construction, Food & Beverage, Pharmaceuticals, Cosmetics & Personal Care), Region – Global Forecast to 2024″, is projected to reach USD 4.7 billion by 2024, at a CAGR of 4.4% from USD 3.8 billion in 2019. The eco-friendly production process of bio-based propylene glycol has led to the growth of the global propylene glycol market. The growing automotive industry in APAC is also driving the market as propylene glycols are widely used in engine coolants and sheet molding compounds, among others.
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• 130 Market data Tables
• 58 Figures
• 176 Pages and in-depth TOC on “Propylene Glycol Market – Global Forecast to 2024″
Some of the prominent key players are:
- The Dow Chemical Company (US)
- LyondellBasell Industries N.V. (Netherlands)
- BASF SE (Germany)
- Archer Daniels Midland Company (US)
- Global Bio-chem Technology Group Co., Ltd. (China)
Bio-based propylene glycol to register the highest CAGR in the global propylene glycol market, between 2019 and 2024
The global propylene glycol market is segmented by source, into petroleum-based and bio-based propylene glycol. The market for bio-based propylene glycol is expected to grow at the highest CAGR from 2019 to 2024. This is because the production of propylene glycol from bio-based sources has less impact on the environment. In addition, increasing demand from pharmaceuticals, food & beverage, and cosmetics applications is also driving the growth of the bio-based propylene glycol market.
Pharmaceuticals to be the fastest-growing application of the global propylene glycol market during the forecast period.
Pharmaceutical application is projected to be the fastest-growing segment in the global propylene glycol market during the forecast period. This is due to the increased health consciousness of people and the high consumption of medications.
APAC to be the fastest-growing market for propylene glycol during the forecast period
The propylene glycol market in APAC is expected to witness the highest CAGR between 2019 and 2024. Stable economic growth in the region, coupled with rising disposable income, is driving the market. In addition, increased demand for propylene glycol, in key countries such as China and India, is contributing to the growth of the propylene glycol market in the region.
