The Propylene Glycol Market is projected to experience a steady growth rate of 4.7% from USD 4.52 billion in 2022 to USD 6.53 billion in 2030. This growth is expected to be primarily fueled by the thriving automotive sector in the Asia-Pacific region and the environmentally friendly production process of bio-based propylene glycol. Europe plays a significant role in the market, with Germany leading as the primary exporter in the region.
The increasing demand for functional fluids is a key driver of market growth in Europe. Additionally, there is a growing import demand for industrial grade propylene glycol in the region. During the winter months, the demand for propylene glycol intensifies due to heightened needs in the deicing and anti-freeze segments.
Europe also serves as an exporter to China and the Republic of Korea, both of which are experiencing substantial growth in demand for propylene glycol. This trend further contributes to the overall expansion of the market.
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Market Segmentation:
By Source
Petroleum-based PG
Bio-based PG
By Grade
Industrial Grade
Unsaturated Polyester Resin
Antifreeze & Functional Fluids
Liquid Detergents
Plasticizers
Paints & Coatings
Pharmaceutical Grade
Food & Beverage
Pharmaceuticals
Cosmetics
Other
By End-Use Industry
Transportation
Building & Construction
Food & Beverage
Pharmaceuticals
Cosmetics & Personal Care
Others
Key Players:
The key market players profiled in the report include as The Dow Chemical Company, LyondellBasell Industries N.V., BASF SE, Archer Daniels Midland Company, Global Bio-chem Technology Group Co., Ltd., DuPont, Tate & Lyle Bio Products, LLC, Huntsman Corporation, SKC Co., Ltd., Temix International S.R.L., and Ineos Oxide.
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