The Global "Propylene Glycols Market" is expected to grow at a CAGR of 4.30% during the forecasting period (2022-2029).
Propylene glycol is a synthetic organic alcohol with the ability to attract and retain water. Propylene glycol is commonly used as an excipient in a variety of drugs and it is also authorized in food products and cosmetics. In addition, it has a wide range of other practical applications such as being used as an antifreeze, dicing solution, and as an additive to latex paints and coatings to improve freeze-thaw capability. It is also used in the generation of artificial mists and fogs used in fire safety training and theatrical and stage productions.
Growing consumption of propylene glycol in various end-users is one of the major driver of the market. Owing to the demand major manufacturers are increasing the production capacity of propylene glycol to reach consumer needs.
For instance, in June 2018, INEOS Oxide expanded its Dipropylene Glycol (DPG) capacity at its site in Köln Germany.
In November 2018, Dow, a leading supplier of polyethylene glycols (PEGs), announced a low-capital, high-ROIC investment in a new concealer to increase its production capacity for CARBOWAX SENTRY polyethylene glycols in solid powder and granular form.
In October 2018, Dow Chemical's investment in its alkoxylation facility in the United States Gulf Coast would also expand its production capacity for its polyethylene glycols.
In November 2012, The Dow Chemical Co., Midland, MI, has increased its propylene glycol (PG) capacity by an additional 10 kilotons per annum (KTA) at its Stade, Germany, plant.
However, rising raw material costs may act as a roadblock for market growth.
Based on the application, the global propylene glycols market is broadly segmented as unsaturated polyester resins, food, pharma, and cosmetics, paints and coatings, and other (liquid detergents). Among all of the applications, unsaturated polyester resins dominate the market owing to their usage in a vast number of applications such as building & construction, marine, electrical & electronics, transportation, tanks & pipes, wind energy, and others (artificial stones, coatings, etc.).
Further, unsaturated polyester resins are mainly used in the production of fiber-reinforced plastics and filled plastic articles, including sanitary-ware, tanks, pipes, gratings, and high-performance components for the marine and transportation industry such as closure panels, body panels, fenders, boat hulls/decks, and other large glass fiber reinforced parts.
According to the Chemical Retrieval on the Web (CROW) website in 2018, there are typical top manufacturers and distributors of unsaturated polyester resins which enhanced the market in the upcoming years. The top manufacture and distributor are AOC Aliancys, Ashland, BASF, Crystic Resins, Dow Chemical, Interplastic, Polynt, Royal DSM, and Scott Bader.
Based on the region, the global propylene glycol market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Among all of the regions, the North America region is dominating the market in terms of increasing demand for propylene glycol solvents such as glycol ethers and glycol ethers esters effective.
For instance in 2018, North American company Eastman Chemical is raising off-list prices of two products PM Acetate, and PM Solvent by 5 cents per lb which will significantly increase the demand of the global propylene glycol market.
Further, according to the International Trade Centre analysis in 2018, China is the world largest importer and exporter in terms of value and volume of propylene glycol. The volume of propylene glycol peaked in 2018 is 18,860,022 tons and its value is around USD 14,000,359.
Global Propylene Glycols market is highly competitive with a large number of regional and international players. The competitiveness among significant market players is highly intense as a result.
The companies follow the strategy of a joint venture in a bid to increase company revenue, financial resources, and processing capabilities of manufacturing facilities.
For instance, in July 2017, Dow Chemical and Saudi Aramco, Joint Venture Sadara Chemical Co, has kicked off production at its propylene glycol plant.
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