Bio-Based Propylene Glycol Market 2019 Segmentation by Product Types and Application with Forecast to 2023

Overview:

Bio-Based Propylene Glycol Market is experiencing a surge owing to the component’s percolation in several industries such as detergent & household, cosmetics, automotive, pharmaceutical, and construction. Its properties such as antifreeze & coolant, chemical intermediates, unsaturated polyester resin, and solvent have made it a market favorite. The Global Bio-Based Propylene Glycol Market can expect a steady growth during the forecast period (2016-2023), confirms Market Research Future (MRFR) in an extensively studied report. The report encompasses drivers such as growing automotive, pharmaceutical, cosmetics, and other industries which boost the sale of Bio-Based Propylene Glycol. However, its use as detergent and in the household industry can ensure huge market growth. Moreover, glycerin is widely available which prompts companies to opt for such component. At the same time, a growing demand for bio-based products to counter the threats of the environment is on the rise, which can account for sure spur the global sale.

Segmentation:

The Global Bio-Based Propylene Glycol Market can be segmented by Application and End-Use Industries.

Based on Application, the Bio-Based Propylene Glycol Market is segmented into the unsaturated polyester resin, solvent, antifreeze & coolant, chemical intermediates, and others.

Based on End-Use Industries, the Bio-Based Propylene Glycol Market includes cosmetics, building & construction, automotive, pharmaceutical, detergent & household and others.

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Regional Analysis:

Region-specific analysis of the Bio-Based Propylene Glycol Market includes Asia Pacific (APAC), Europe, Latin America (LATAM), North America, and the Middle East & Africa (MEA).

The APAC region is expected to witness the fastest growth during the forecast period. Several emerging economies, with their refurbished industrial sector, is anticipated to drive the market forward. Among the major ones, China, Japan, and India are contributing to the regional market growth in large scale. At the same time, the chemical industry is witnessing an uptick which is a sign of progress for the regional market. The Bio-Based Propylene Glycol Market can witness further growth as various factors such as ample raw material supply, and cheap labor are providing a tailwind to the market.

North America is leading the Global Bio-Based Propylene Glycol Market with Europe following the lead. In North America, steady growth in pharmaceutical and automotive can be seen as effective market boosters which is getting amply buttressed by growing space exploration programs. In Europe, countries such as Spain, the U.K., and Germany are investing heavily in research and development which is giving traction to the regional market.

Market Insight:

The market is getting intensely competitive with several major players actively strategizing for individual growth. These tactics often include merger, acquisition, collaboration, product launch and other ways through which companies’ profit. For instance, Ashland Inc. and Cargill have recently announced about their partnership to develop Bio-Based Chemicals as these products are the future. The new company will be a standalone one, and if everything goes as per their plans, this new company will soon become one of the leading suppliers of chemicals from a renewable source. As their first product, they wish to Produce Propylene Glycol. The plant will have a capacity to generate 65,000 metric-ton-per-year, and it will be in Europe. Arthur Daniels Midland is also taking the same route by joining hands with PNNL to produce cost affordable plant-based propylene glycol.

Some of the prominent players operating in the Bio-Based Propylene Glycol Market are Ashland. (U.S.), Archer Daniels Midland Company (U.S.), The Dow Chemical Company (U.S.), BASF SE (Germany), DuPont Tate & Lyle Bio Products Company, LLC (UK), Oleon (Belgium), Huntsman International LLC. (U.S.), and others.

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Bio-Based Propylene Glycol Market is predicted to grow at a moderate CAGR over the forecast period

Bio-Based Propylene Glycol is manufactured from soy, glycerin, and corn, these are co products derived from vegetable oils during the production of biodiesel or fatty acids. It is a colorless and odorless chemical compound with wide scope of industrial application. Bio-Based Propylene Glycol is predominantly used in the production of emulsifiers, antifreeze & coolants, and solvents. It offers as a base element used in the preparation of unsaturated polyester resin. Bio-Based Propylene Glycol find application in numerous end use industries such as cosmetics, automotive, construction, pharmaceutical, and  detergent & household owing to its superior properties such as high boiling point, low freezing point, and slightly high viscosity.

Some of the prominent factors that positively influence the Bio-Based Propylene Glycol Market growth are increasing demand in the manufacturing of cleaners and detergents in detergent & household industry. Rising per capita disposable income coupled with change in lifestyle patterns of consumers are expected to fuel the market growth over the forecast period. Propylene glycol is extensively used to prepare anti-freezing agents and coolants which are required by automotive and general industry for proper functioning of vehicles and equipment’s. Aforementioned reason is expected to fuel market growth in the upcoming reason. However, uncertainty regarding the reliability and sufficient supply of feedstock’s and availability and cost of new technology are expected to be the major restraints which might hamper the market growth.

Competitive Analysis:
The major players operating in the Bio-Based Propylene Glycol Market include 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.), and others.

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Market Segmentation:
The Global Bio Based Propylene Glycol Market is divided into application, end use industry and region. On the basis of application, the market is segmented into unsaturated polyester resin, solvent, antifreeze & coolant, chemical intermediates, and others. Further, unsaturated polyester resin and antifreeze accounts for the largest application share among others due to wide utilization in various end use industries. On the basis of end use industry, the market is segmented into cosmetics, building & construction, automotive, pharmaceutical, detergent & household and others. Growth in the construction sector is anticipated to fuel the demand for unsaturated polyester resins, which in turn will boost the Bio-Based Propylene Glycol Market growth. They are hygroscopic material which are used to keep things moist, thus widely used as a humectant in cosmetics and personal care products. Rising consumption of cosmetics and personal care products is anticipated to fuel market growth. Growth in the production of passenger vehicles and heavy duty vehicles are expected to fuel antifreeze and coolants demand, which is likely to propel Bio Based Propylene Glycol Market growth.

Regional Analysis:
North America is estimated to be the largest market for Bio-Based Propylene Glycol followed by Europe and Asia Pacific on account of increasing demand from building & construction, automotive, and detergent industry. Developed countries such as U.S. and Canada being major contributor due to the availability of feedstock and growing end use industries. Europe is predicted to witness a substantial growth over the forecast period owing to the demand for emulsifier and additives in construction sector. Industrial growth in countries such as UK, France, Italy, and Germany are anticipated to contribute towards regional industry growth. Developing countries such as India, Malaysia, and China are the fastest growing market for Bio-Based Propylene Glycol and is projected to grow with the same pace in the near future.

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Key Points from Table of Contents:

11.    Company Profiles   

11.1       Archer Daniels Midland Company
11.1.1    Company Overview
11.1.2    Product/Business Segment Overview
11.1.3    Financial Updates
11.1.4    Key Developments

11.2       BASF SE
11.2.1    Company Overview
11.2.2    Product/Business Segment Overview
11.2.3    Financial Updates
11.2.4    Key Developments

11.3       The Dow Chemical Company
11.3.1    Company Overview
11.3.2    Product/Business Segment Overview
11.3.3    Financial Updates
11.3.4    Key Developments

11.4       DuPont Tate & Lyle Bio Products Company, LLC
11.4.1    Company Overview
11.4.2    Product/Business Segment Overview
11.4.3    Financial Updates
11.4.4    Key Developments

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