Propylene Glycol Market Size, Industry Analysis, Growth, Analysis, 2032

Propylene Glycol Industry Prospective:

The global propylene glycol market size was worth around USD 4.61 Billion in 2023 and is predicted to grow to around USD 6.90 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.57% between 2024 and 2032.

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The report analyzes the global propylene glycol market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the propylene glycol industry. 

The report covers a forecast and an analysis of the propylene glycol market on a global and regional level. The study provides historical data for 2018, 2022 with a forecast from 2024 to 2032 based on both volume (Kilotons) and revenue (USD Billion). The study covers the key drivers and restraints of the propylene glycol market. It also provides the impact of the market within the forecast period. Furthermore, the study also includes the opportunities accessible within the propylene glycol market on a global level.

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In order to offer the users of this report, a comprehensive view of the propylene glycol market, we have enclosed a detailed value chain analysis. To know the competitive landscape within the market, an analysis of Porter’s Five Forces model for the market has additionally been enclosed. The study includes a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness.

Propylene Glycol Market: Overview

The study also includes the market share of the key participants operating in the propylene glycol market across the globe. The report covers the strategic development together with acquisitions & mergers, agreements, partnerships, collaborations, and joint ventures, and regional growth of the key players within the market on a regional basis.

Because of its high boiling point, low toxicity, and antifreeze properties, propylene glycol is a chemical molecule that finds use in a variety of applications. Composed of propylene oxide and water, propylene glycol is a combination of the two. In most cases, it is a viscous substance that is odorless and colorless. Additionally, it is extremely soluble in a wide range of liquids, including water, acetone, and chloroform. Propylene glycol is utilized in a variety of industries, including the automobile industry, the food and beverage industry, the construction industry, the pharmaceutical industry, and many more. Propylene glycol is often classified into two categories, industrial and medicinal, according to the uses that it is supposed to be used for.

Propylene Glycol Market: Growth Factors

The global market for propylene glycol is projected to be driven in the future by rapidly expanding industries such as the food and beverage industry and the automotive industry. It is anticipated that the market for propylene glycol will experience additional growth over the estimated period as a result of the growing utilization of propylene glycol in processed food and beverages around the world.

Because of its one-of-a-kind qualities, propylene glycol finds widespread application in a variety of fields, including the automobile industry, the personal care industry, the food industry, and many others. It is possible that this market would be hindered during the predicted timeframe due to the fluctuating prices of raw materials and the significant expenditure required for research and development. Alternately, it is anticipated that the market for propylene glycol will continue to see new opportunities in the next years as a result of the increased demand for bio-based propylene glycol materials.

Propylene Glycol Market: Report Scope

Propylene Glycol Market: Segmentation

The study provides a crucial view of the propylene glycol market by segmenting the market based on grade, end-use industry, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032. The grade segment of the propylene glycol market comprises industrial grade and pharmaceutical grade.

By end-user industry, the global propylene glycol market is divided into cosmetics and personal care, food and beverage, pharmaceutical, automotive, building and construction, and others. The regional classification includes North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa, and the key countries such as the U.S., UK, Germany, France, China, Japan, India, Brazil, etc.

The market for propylene glycol is divided into different segments according to the grade and the end-use industry. There are two types of grades that make up the grade section of the market for propylene glycol: industrial grade and pharmaceutical grade. Because of the growing product usage in the chemical, automotive, aerospace, and construction sectors, the industrial grade segment of the propylene glycol market held the greatest market share in 2024.

This was due to the fact that the industrial grade segment dominated the market. Additionally, it is anticipated that the pharmaceutical grade will experience substantial expansion in the years to come as a result of its widespread application in the cosmetics and personal care products business, as well as the food and beverage industry.

By end-user industry, the global market for propylene glycol is segmented into the following categories: food and beverage, pharmaceutical, automotive, building and construction, and others. Cosmetics and personal care are also included in this category. As a result of the increasing use of propylene glycol in the pharmaceutical and automotive industries, it is anticipated that these two sectors would experience substantial growth in the years to come. As a result of the growing number of construction projects in developing nations like China, India, Brazil, and Indonesia, it is anticipated that the building and construction industry would experience significant growth in the years to come.

Propylene Glycol Market: Regional Analysis

The propylene glycol market in Asia Pacific was the most dominant region in 2024, and it is anticipated that this area will continue to achieve the highest CAGR in the years to come. The thriving end-user industries that are spread out across the region are likely to be responsible for this. As a result of the flourishing pharmaceutical and food and beverage sectors, it is anticipated that North America will become the second major regional market for propylene glycol in the years to come. In addition, it is anticipated that the expanding automotive sector in Europe and Latin America will be a driving force behind the propylene glycol market in these regions throughout the forecast period of time

Propylene Glycol Market: Competitive Space

Some key players in the global propylene glycol market are

• The Dow Chemical Company
• BASF SE
• Archer Daniels Midland Company
• LyondellBasell Industries N.V.
• DuPont Tate & Lyle Bio Products Company
• LLC
• Global Bio-chem Technology Group Co., Ltd.
• Huntsman Corporation
• SKC Co. Ltd.
• Temix International S.R.L.,
• Ineos Oxide
• Among others.

The report segments the global propylene glycol market into:

Global Propylene Glycol Market: Grade Analysis

• Industrial Grade 
• Pharmaceutical Grade

Global Propylene Glycol Market: End-Use Industry Analysis

• Cosmetics and Personal Care 
• Food and Beverage 
• Pharmaceutical 
• Automotive 
• Building and Construction
• Others

Global Propylene Glycol Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa