The Global Biobased Propylene Glycol Market 2021 Industry Share, Size, Growth, SWOT Analysis, Cost Structure, Top Companies, Worldwide Demand, Segments and Forecast Research 2030

In a recent published report, Kenneth Research has updated the market report for The Global Biobased Propylene Glycol Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for The Global Biobased Propylene Glycol Market products.

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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.

The Global Biobased Propylene Glycol Market is predicted to grow with a robust CAGR during the forecast period. Some of the significant factors that are anticipated to drive the market are the growing investments from the multinational companies in several nations worldwide to develop production facilities that can promote the production growth, backed by the rising need for chemicals from several end-user industries for different end-use purposes. According to the statistical report titled “Global Chemicals Outlook II”, published by the United Nations Environment Programme, the global chemical industry’s production capacity almost doubled to reach 2.3 billion tonnes in the year 2017 from 1.2 billion tonnes in the year 2000. Moreover, increasing spending on research and innovation (R&I) for the development of advanced chemicals is also anticipated to drive the growth of the market over the forecast period.

The IUPAC name of Propylene glycol is 1, 2-propane-diol. It is a multifunctional chemical used in numerous fields such as industrial fields, pharmaceuticals, food and cosmetics. The conventionally it is extracted from petroleum based feedstock for industrial scale production. Modern scientific methods have uncovered a new technique to produce propylene glycol from cornstarch. The process involves the production of carbohydrates from starch. Biobased products are accepted on the characteristic that they are environment friendly and renewable in nature. However, environment friendliness of any product depends upon several factors, some of which includes the release of greenhouse gases throughout various steps that involves lifecycle of product starting from raw material production to end use after degradation process. Some biobased products might be environment friendly until they are transformed to finished products but might break down into toxic residual materials.

Market Size and Forecast

The global biobased propylene glycol market is anticipated to reach USD 5.8 Bn by 2027, at a CAGR of over 7% during 2017-2027. The growth of the market is essentially supported by the increasing demand for propylene glycol in automotive coolant, which is added with environment friendly production process of bio-based propylene glycol.The global biobased propylene glycol market is segmented on the basis of application, end use industries and regions. On the basis of end-use industries, the market is segmented into cosmetics, building and construction, automotive, pharmaceutical and household.

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By region, global biobased propylene glycol market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America and Europe regions are expected to dominate the global market on the account of strict regulations regarding carbon footprint, greenhouse gases emissions and sustainability initiatives.Asia Pacific region is expected to grow rapidly on the account of key initiatives taken by government in various countries to reduce the carbon footprint. China and Japan are main countries, which are shifting their goals towards sustainability of processes while reducing the carbon footprint from various industries in this region. This is expected to increase the growth of biobased propylene glycol in the above mentioned regions.

Market Segmentation


Our in-depth analysis segmented the global biobased propylene glycol market in the following segments:

By Application

Unsaturated polyester resin
solvent
antifreeze & coolant
chemical intermediates
By End Use Industries

Cosmetics
Building & Construction
Automotive
Pharmaceutical
Household
By Region

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Global biobased propylene glycol market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis

Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges

The government regulation to reduce carbon footprint and a general shift towards environment friendly products to improve the sustainability of processes is expected to boost the market for bio based propylene glycol globally. Moreover, increasing disposable income of the rapidly rising population is fueling the demand for personal care and food products. In coming years the demand for bio-based propylene glycol is expected to increasing due to rise in production of automotives in developing regions across the globe. The growing demand for non-ionic surfactant and growing demand for Propylene Glycol Based lubricants, adhesives and emulsifiers are anticipated to drive the market growth. Additionally, significant availability of glycerin is also one of the most important factors that are pushing companies to shift their focus towards biobased propylene production.

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However, increasing uses of corn and soy in foods and biofuels might hamper the market growth by causing supply shortages. Furthermore, the supply of raw materials also depends upon the yielding of the crops and the number of farmers involved in the production of corn and soy.

Key Players

Archer Daniels Midland Company
BASF SE
The Dow Chemical Company
DuPont Tate & Lyle Bio Products Company, LLC
Huntsman International LLC
Oleon
Ashland

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