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Oct 14, 2019 10:00 AM ET

Superior Properties Offered by 1,3-Propanediol (PDO) Market


Superior Properties Offered by 1,3-Propanediol (PDO) Market

iCrowd Newswire - Oct 14, 2019

According to the new market research report 1,3-Propanediol (PDO) Market by Application (Polytrimethylene terephthalate (PTT), Cosmetics, Personal Care & Cleaning Products, Polyurethane (PU)) and Region (Americas, APAC, Europe, Middle East & Africa (EMEA)) – Global Forecast to 2024″, The 1,3-Propanediol market is projected to reach USD 870 million by 2024, at a CAGR of 12.2% from USD 490 million in 2019.

Growing demand for bio-based products to lower greenhouse gas emissions and energy consumption and increasing use in resin application is expected to drive the 1,3-propanediol market. Also, the growing demand for PTT in apparel and carpets is estimated to boost the growth of the 1,3-propanediol market.

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The 1,3-propanediol market size is projected to reach USD 870 million by 2024 from the estimated USD 490 million in 2019, at a CAGR of 12.2% between 2019 and 2024. 1,3-propanediol (PDO) is a key feedstock in the manufacture of polytrimethylene terephthalate (PTT). It can be used as a substitute to petrochemical-based products such as propylene glycol, butylene glycol, and glycerin in the formulation of cosmetics, personal care, laundry, and cleaning products. The demand for environmentally-friendly products has increased the utilization of bio-based PDO. 

Based on application, the 1,3-propanediol market is segmented into polytrimethylene terephthalate (PTT); polyurethane (PU); cosmetics, personal care, and cleaning products; and others.  The others segment comprises engine coolants, food & beverage, pharmaceutical & dietary supplement, de-icing fluid, heat transfer fluid, and unsaturated polyester resins. PTT application accounted for the largest share of the market in 2018. This is because of the growing demand for PTT in carpet and apparel applications. 1,3-propanediol is the main feedstock in the manufacture of PTT.

Browse and in-depth TOC on “1,3-Propanediol (PDO) Market – Global Forecast to 2024”

68 – Tables
27 – Figures
91 – Pages

View more detailed TOC @ https://www.marketsandmarkets.com/Market-Reports/1-3-propanediol-pdo-market-760.html

The 1,3-propanediol market size is projected to reach USD 870 million by 2024 from the estimated USD 490 million in 2019, at a CAGR of 12.2% between 2019 and 2024. High demand for bio-based products, less greenhouse gas emissions, and low energy consumption during the production process of 1,3-propanediol are factors driving the demand for 1,3-propanediol. However, the availability of substitutes with comparatively low prices is restraining the growth of the 1,3-propanediol market. On the other hand, there is high growth potential in emerging economies and new application areas, which provide opportunities for the players in the 1,3-propanediol market. The players in the 1,3-propanediol market are mainly concentrating on expansions, innovations, and partnerships to meet the growing demand in various applications. Expansion help companies to increase their global reach and cater to the local market.

The growth of the 1,3-propanediol market has been influenced primarily by expansions, innovations, and partnerships during the period between 2015 and 2019. The market is consolidated with the dominance of DuPont Tate & Lyle Bio Products Company, LLC (US). All these developments are undertaken by DuPont Tate & Lyle Bio Products Company, LLC. Other small players which are present in the market are Zhangjiagang Glory Biomaterial Co., Ltd. (China), Zouping Mingxing Chemical Co., Ltd. (China), Haihang Industry Company Ltd. (China), Hunan Rivers Bioengineering Co., Ltd. (China), Merck KGgA (Germany), Tokyo Chemical Industry Co., Ltd. (Japan), and Zhangjiagang Huamei Biomaterial Co., Ltd. (China). Some of the companies which are trying to enter the 1,3-propanediol market are METabolic Explorer (France) and Sheng Hong Group Holdings Ltd. (China).

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DuPont Tate & Lyle Bio Products Company, LLC is the largest manufacturer of 1,3-propanediol. The company focusses on expansions, innovations, and partnerships to strengthen its position in the market. For instance, in October 2018, the company opened a warehouse and distribution center at its manufacturing site in Loudon, Tennessee, US.  It focuses on increasing its production capacity to meet the growing demand for 1,3-propanediol in different applications. The company announced to increase its production capacity by 35 million pounds in March 2018.  In the recent past, the company entered into a partnership with L.V. Lomas Ltd. (Canada) (which is renamed as IMCD Canada Ltd.) to distribute Zemea propanediol in Canada. The company has a strong distribution network, and its product is available in many countries such as the US, Mexico, Italy, Greece, Poland, Turkey, Sweden, Denmark, Russia, Estonia, Norway, India, and Brazil. In October 2017, DuPont (US), INVISTA (US), and DuPont Tate & Lyle Bio Products Company, LLC entered into a partnership to develop a series of innovative and enhanced sustainable textile solutions for workwear and outdoor wear.

Another player in the market is Zhangjiagang Glory Biomaterial Co., Ltd. (China), which focuses on increasing the production capacity of 1,3-propanediol. The company started the 1,3-propanediol program in 2011. The company plans to combine the 1,3-propanediol plant and PTT plant organically so that it can increase its profit.

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Keywords:    1,3-Propanediol (PDO) Market, 1,3-Propanediol Market

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