Europe Propylene Glycol Market
The European Propylene Glycol market is valued at USD 208,585 Thousand in 2020 and is expected to reach USD 238,193.24 Thousand by 2027, growing at a CAGR of 2.01% from 2020 to 2027.
Propylene Glycol is a basic chemical used as a solvent in various industries such as Pharmaceutical and cosmetics and in the manufacturing of cosmetic products such as skin creams, deodorants, shampoo, ointments and toothpastes, among others. It is also used as a base ingredient in many packaged food products as a preservative to increase the shelf life of the product.
Market Drivers: Growing Demand from End-Use Industries
The growth of the Propylene glycol market is fostered by the growing demand from several end-use industries, such as automotive, construction, food & beverages, pharmaceuticals and cosmetics & personal care among others.
Propylene Glycol is a base chemical used as a solvent in various industries and in the manufacture of cosmetic products like skin creams, deodorants, shampoo, ointments and toothpastes, among others. It is also used as a basic ingredient in many Packed Food Products to increase the shelf life of the product.
Entitled with several advantages, the Transportation sector is the largest consumer of Propylene Glycol. Transportation is the significant-growing end-use industry due to the growing automobile sales. Increasing use of propylene glycols in aircraft deicing fluid, automotive coolants, and hydraulic & brake fluids boost the demand of the market during the forecast period.
Get Sample Copy of this Report @ https://qualiketresearch.com/request-sample/Europe-Propylene-Glycol-Market/request-sample
Propylene Glycol is also used in building and construction especially in the manufacture of hobs for cookers, tiles for roofs, bathrooms accessories, pipes, ducts and tanks. This growing building & construction industry, incorporation with increasing investments in emerging economies for infrastructural development, is propelling the growth of the propylene glycol market.
Market Restraints: Fluctuating prices of propylene glycol products
Fluctuation in the prices of Propylene Glycol is anticipated to be one of the major factor hindering market growth. In 2017, with the recovery of the global economy, the demand for Propylene Glycol was significantly high. During the same time, since a number of Propylene Glycol installations were not functioning properly globally, the supply of Propylene Glycol was reduced, which resulted in increasingly heightened conflicts between supply and demand.
For instance: in 2017, BASF mentioned that due to a supply shortage of raw materials for their supplier the company’s production of Propylene Glycol was disrupted. This fluctuation in raw material prices were observed until the COVID-29 pandemic affected the global production and prices of petroleum-based products hit a major fall.
However, with slow development, prices hit high once again in the end of the year 2020. In November 2020, OQ chemicals announced that it will increase prices of majority of its specialty chemical products due to strong demand and increasing raw material costs. This led to a continuous increase in the prices of Propylene Glycol. Due to an increase in price, end-users particularly in the European region switched to other alternative products. This further slowed down the market for Propylene Glycol. Thus, fluctuation in price levels would have a significant impact on the overall Propylene Glycol market.
Market Opportunity: Multi-Functionality of Propylene glycol
Various types of Propylene Glycol have multi functions based on their characteristics and chemical composition. For instance, Propylene Glycol have gained a momentous traction in transportation sector due to its anti-freezing features. Propylene glycol occurs naturally, and is very less toxic as compared to other counterparts. Due to this reason, this chemical is quite favorable when it comes to environment-friendly chemical label.
The products made from propylene glycol are very popular of their non-allergic features. Estimates on the prevalence of propylene glycol allergy range from 0.8% (10% propylene glycol in aqueous solution) to 3.5% (30% propylene glycol in aqueous solution). Due to this, they have multiple opportunities in the sensitive sectors such as pharmaceutical, cosmetics and personal care.
Value Chain Analysis
The European Propylene glycol market is evolving continuously and expected to witness significant growth during the period of forecast. Constant evolution in products and their various applications leads to the increasing demands across various end uses.
Factors such as investments by key operating players, the presence of a strong pipeline, extensive research and development activities, robust product portfolio, and increasing government initiatives are expected to significantly drive the market.
However, in 2019 and 2020, due to the COVID-19 virus, many companies in the Propylene glycol market were forced to halt their manufacturing and production operations. The business operations of this market were paused. This break in proceedings of the business operations directly influenced the revenue drift of the Propylene glycol market. In addition to the slow growth and sluggish sales due to COVID-19; it is also expected to have a major impact on the supply chain and product demand in the various end use industries. Trade has been affected badly and the sector’s concern has moved on from being centered on supply & value chain disruption from China and India to the overall slump in demand for this product in the eastern European region.
Propylene Glycol Market; COVID-19 Impact Analysis
The chemicals industry is anticipated to experience the impact of the COVID-19 (Corona Virus) pandemic from every direction. Just as supply chains are being interrupted by epidemics in important regions, demand may fall owing to ambiguity in the global economy and capital markets. Workforces are facing the risk of infection & governments are beginning to enact restrictions on movement and both add an unpredictable dimension to the crisis.
The COVID-19 pandemic is causing extensive concern and economic hardship for consumers, businesses and communities across the world. The situation is fast-moving with varied-ranging impacts. There’s no one-size-fits-all approach to the current environment and it’s positively not business as usual. Most companies already have business continuity plans, but those may not address the fast-moving and unknown variables of an outbreak like Corona Virus (COVID 19)
Get discount on this report @ https://qualiketresearch.com/request-sample/Europe-Propylene-Glycol-Market/ask-for-discount
Propylene Glycol Market: Impact on GDP
The pandemic has had a noticeable impact on global economic growth. According to the estimates by the United Nations, the global economy could shrink by almost 0.9-1% this year. Before the outbreak, the World Economic Situation and Prospects 2020 had predicted world output to expand at a modest pace of 2.5% in 2020. Similarly, estimates by the Organization for Economic Cooperation and Development (OECD) project a 0.5-1.5% decrease depending on the contained outbreak and downside scenario, respectively.
The regional trade volume has also been affected drastically putting a halt on the business and the consequent growth of the Eastern European trade. The pandemic has made the regional governments of most countries impose nation-wide lockdown in their respective countries, thereby closing production plants and various workers not able to join their organizations. This production slump has also led to the minimal output in the first quarter of this year.
The wide range of possibilities for the predicted decline is explained by the unprecedented nature of this health crisis & the uncertainty around its precise economic impact. But WTO economists believe the decline will likely exceed the trade slump brought on by the global financial crisis of 2008?09. Estimates of the expected recovery in 2021 are equally uncertain, with outcomes depending largely on the duration of the outbreak and the effectiveness of the policy responses.
The Europe Propylene Glycol Market is segmented into type such as Petroleum Based PG, and Bio-Based PG, by Grade such as Industrial Grade (Unsaturated Polyester Resin, Antifreeze & Functional Fluids, Liquid Detergents, Plasticizers, and Paint & Coatings), Pharmaceutical Grade (Food & Beverage, Pharmaceuticals, and Cosmetics), by Other Applications (Animal feed, Tobacco humectants, Inks, and Lacquers). Further, market is segmented into end use such as Transportation, Building & Construction, Food & Beverages, Pharmaceuticals, and Cosmetics & Personal Care.
Also, the Europe Propylene Glycol Market is segmented into various countries such as Germany, UK, France, Turkey, Switzerland, Norway, Sweden, Spain, Italy, Denmark, Finland, Iceland, Poland, Luxembourg, Netherlands, and Belgium.
Market Key players
Various key players are listed in this report such as Croda International, The Dow Chemical Company, Eastman Chemical Company, Honeywell, PBF Chalmette Refinery, Arkema S.A., Chevron Phillips Chemical, Solvay S.A., Symrise AG, OQ Chemicals, Repsol S.A., Royal Dutch Shell, Adeka Europe GmbH,LyondellBasell Industries N.V., BASF SE, Temix International S.R.L.
By End Use
Browse Full Research Report @ https://qualiketresearch.com/reports-details/Europe-Propylene-Glycol-Market