According to the latest market analysis on propanediol by Fact.MR, a market research and competitive intelligence provider, the global market is projected to be valued at US$ 20.6 Mn in 2022, and expand at a CAGR of around 3.5% over the period of 2022-2032. Market growth can be mainly attributed to growing demand for propanediol as a humectant from the personal care industry.
The propanediol business is highly consolidated owing to the presence of a few producers solely involved in the production of this chemical. Propanediol has gained substantial traction in the beauty and personal care industry, which has been identified as a key source for revenue generation. Moreover, propanediol producers are opting for product development, innovation, and R&D to gain an upper edge in the market.
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Key Takeaways from Market Study
“Personal care industry identified as prominent consumer of propanediol. Consumption mainly been driven by ageing population as need for moisturizers containing humectant rises,” says a Fact.MR analyst.
Propanediol is majorly derived from corn sugar or corn glucose. Since the chemical is water miscible, it has the ability to create a consistent and uniform solution. Additionally, propanediol reacts gently with the skin and is non-allergic, thus acting as a replacement for propylene glycol or 1,2 – propanediol.
Propanediol’s gentle skin attributes is mainly due to its naturally occurring sources. Since the chemical is naturally derived, its bio-based propanediol demand has seen a surge owing to change in consumer preference from synthetic-based products to plant-based products.
Attributed to the above-discussed factors, propanediol revenue is projected to be valued at US$ 29 Mn by 2032-end.
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Why is the U.S. a Prominent Market for Propanediol Sales?
The U.S. is already leading the market as one of the largest consumers for paraben-free products. Consequently, there has been consistent rise in the sales of beauty products that contain naturally derived substances.
Additionally, proliferation of e-Commerce and online sales channels has provided a platform to local manufacturers of bio-based propanediol in the business of personal care products to create increased revenue. More local beauty brands can be seen selling their products with clean labels, thus targeting key consumers in the country.
Surge in sales of naturally derived cosmetic products in the U.S. has provided a thrust to the demand for PDO, which is why the U.S. has emerged as a leading market for this chemical.
Overall, the U.S. is poised to provide an absolute dollar opportunity worth US$ 1.8 Mn over the period of 2022-2023.
DuPont Tate & Lyle Bio Products, DSM & Metabolic Explorer, Haihang Industry, and Zhangjiagang Glory Chemical Industry Co. Ltd are some of the prominent manufacturers of propanediol.
Market players can be seen investing in innovation and R&D. Additionally, major players in the business, over the past half-decade, have paced up production capacities, thus helping them garner high segmental revenue share in the market.
Fact.MR has provided detailed information about the price points of top manufacturers of PDO positioned across regions, in addition to providing sales growth information, production capacity, and speculative production expansion, in its recently published report.
Key Companies Profiled
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Key Segments Covered in Propanediol Industry Survey
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Market players can be seen opting for in-organic growth strategies such as partnerships and collaborations with leading research institutes to be in line with recent trends in the market. Such collaborations have helped propanediol manufacturers in product development and provided them with a competitive advantage. Moreover, collaborating with local distributors and suppliers of raw material is helping market players manage costs associated with logistics and transportation.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the propanediol market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of source (petrochemical-derived PDO and bio-based PDO), function (humectants, solvents, emollients, rheology modifiers, and others), and application (personal care and cosmetics), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).