In addition, the worldwide bio-based propylene glycol market has been expected to reach a CAGR of 4.5%, with a value of USD 3784.0 million during the estimated forecasting period of 2022-2029.
The rising prevalence of eco-friendly products and environmental regulations are the major factors driving this growth. Additionally, development in new applications such as in the automotive & aviation sectors contributes to this market’s expansion. Bio-based Propylene Glycol is propylene glycol derived from renewable resources, such as plant or animal waste. In addition, rising awareness about climate change and mounting concerns about pollution are likely to boost market growth.
One of the main reasons the Bio-Based PG market is expanding is because it has many benefits over traditional propylene glycol. For example, Bio-Based PG does not release hazardous chemicals into the environment when it’s produced, and you can also recycle it. Multiple times without losing quality or function. Additionally, it is somewhat climate neutral since trees can be used to create moreBio-based PG instead of consuming oil resources. Other drivers that could contribute to increased demand for Bio-Based PG include increasing awareness about environmental concerns and concerns about health risks associated with traditional propylene glycols.
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Market Segment
Application, End-Use, and Geographical Segmentation are used to categorize the Global Biobased Propylene Glycol Market.
The market for Biobased Propylene Glycol by Application
Unsaturated polyester resins, functional fluids and antifreeze products, pharmaceuticals, cosmetics, food, detergents and household products, and other applications make up the market’s application-based segments. Due to the expanding building and construction sector and the rising investments in developing nations’ infrastructure, unsaturated polyester resin application is predicted to dominate the global biobased propylene glycol market.
Based on end users propylene glycols market is divided into the following categories: transportation, building & construction, food & beverage, pharmaceuticals, cosmetics & personal care, and others, all based on end-use. Due to rising auto sales, the transportation segment now controls most of the market. The market for biobased propylene glycol is also driven by the growing use of propylene glycols in products, including brake and hydraulic fluid, aircraft deicing fluid, and automobile coolants.
Geographical breakdown of the biobased propylene glycol market: North America, Europe, Asia Pacific, and the rest of the world
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Regional Analysis
The Global Biobased Propylene Glycol Market is divided into four regions based on geography: North America, Europe, Asia Pacific, and the Rest of the World. APAC will rule the global biobased propylene glycol market during the forecast period. The region is anticipated to be a prime location for the propylene glycol industry due to its growing population and rising construction investment in South Korea, China, and other developing economies. India is also observing hype in the market because people are shifting to urban areas which need such industries, and it is expected to grow by 600million dollars in the coming years.
Key Players
Archer Daniels Midland Company (U.S.), BASF SE (Germany), The Dow Chemical Company (U.S.), DuPont Tate & Lyle Bio Products Company, LLC (UK), Huntsman International LLC. (U.S.), Oleon (Belgium), Ashland. (U.S.)
Industry News
29-08-22
There has been a released report of the propylene glycol market report by the source, application and grade and end user industry according to global forecast of 2027 cumulative impact of COVID-19.
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