BANGALORE, India, Sept. 7, 2020
BANGALORE, India, Sept. 7, 2020 /PRNewswire/ -- Propylene glycol is a synthetic organic compound. It can be made from petroleum products as well as bio-based and has characteristics such as exceptional stability, high flash and boiling point, low vapor pressure, and large solvency.
The global Propylene Glycol market size is projected to reach USD 7166.7 Million by 2026, from USD 4566.8 Million in 2020, at a CAGR of 7.8% during 2021-2026.
Because of these characteristics, it has found a variety of industrial applications for craft goods such as unsaturated polyester resin, coolants and antifreeze, hydraulic and brake fluid, aircraft deicing fluid, and paints and coatings.
This study focuses on the volume and value of Propylene Glycol at the global, regional, and enterprise levels. This study reflects the overall market size of Propylene Glycol from a global perspective by evaluating historical data and prospects. This study focuses on North America, Europe, Japan, China, Southeast Asia, and the Indian region.
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TRENDS INFLUENCING THE GLOBAL PROPYLENE GLYCOL MARKET SIZE
Deicing and anti-icing fluids perform a critical operation during harsh winter conditions to provide clean, uninterrupted, and timely air travel. Federal Aviation Administration "Clean Aircraft Rule" outlaws takeoff with ice accumulation on an airplane's critical surfaces. Thus replacing ethylene glycol with propylene glycol as the base fluid for formulations for aircraft deicing is expected to increase the Propylene Glycol Market size.
Also, the accumulated amount of spatial exploration agendas combined with the need for high-quality antifreeze & coolant are expected to drive the propylene glycol market size.
The growing demand for propylene glycol in the food processing and pharmaceutical industries is further expected to fuel the Propylene Glycol Market size.
The use of propylene glycol in the manufacture of unsaturated polyester resins (UPRs), which are heavily consumed in the construction, transport, and marine sectors, will also propel the propylene's growth glycol market size over the forecast period.
PROPYLENE GLYCOL MARKET SHARE ANALYSIS
Bio-based propylene glycol is predicted to witness the fastest growth during the forecast period. This rapid growth of bio-based propylene glycol is attributed to the environmentally friendly production methods, decreased reliance on petrochemical feedstock, and decreased greenhouse gas emissions.
The Asia-Pacific region is expected to hold the largest Propylene Glycol market share (about 32%) during the forecast period. This dominance is attributed to the growth of the Indian and Chinese automotive, manufacturing, F&B, and pharmaceutical sectors.
North America is expected to hold a significant propylene glycol market share due to the growth of industrial production and increased trade activities.
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PROPYLENE GLYCOL MARKET SEGMENTATION
The Key manufacturers that are operating in the global Propylene Glycol market are:
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SIMILAR REPORTS :
In 2019, the global 1,2-Propylene Glycol market size was USD 3332.2 Million, and it is expected to reach USD 3968.7 Million by the end of 2026, with a CAGR of 2.5% during 2021-2026.
The Unsaturated polyester resins segment is expected to hold the largest 1,2-Propylene Glycol Market share (about 41.10%) during the forecast period.
The increase of Petroleum-based Propylene Glycol in the transportation and construction industry is expected to drive the Petroleum-based Propylene Glycol Market size.
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