Market Overview:
North America holds the largest
market for bio-based propylene glycol followed by Europe and Asia Pacific.
North America is predicted to witness significant growth in the use of
bio-based propylene glycol owing to the increasing R&D activities and innovations
by the major players operating in this market. In North America, U.S. and
Canada accounted for the largest regional market share in terms of value. Bio
based propylene glycol usage in automotive, construction, and cosmetics, and
for application antifreeze & coolant and chemical intermediate is
anticipated to drive market growth in the region. In Europe, countries such as
France, Italy, Germany, and Spain dominated the region due to the growth of end
use industries. Moreover, consumer spending on personal care products and
cosmetics, improved standard of living are the major drivers of the bio based
propylene glycol market in the developed countries of Europe and North America.
Furthermore, U.S., Germany, Argentina, and Brazil are among the major producers
of biodiesel as well as glycerin, and is expected to hold the major largest
market share of biodiesel which is likely to drive the bio-based propylene
market growth in the near future.
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Asia Pacific is expected to grow
at a faster rate during the forecast period due to increasing consumption of
bio-based propylene glycol in numerous end use industries such as building
& construction, household cleaning, and automotive. Asia Pacific is
expected to see significant growth in demand driven by rising construction
activities in emerging economies such as China, India, Vietnam, and Bangladesh.
Rising number of working professionals coupled with growing demand for beauty
and personal care are expected to drive the market growth over the forecast
period. Technological advancement in cosmetics, attractive packaging, and
rising consumer awareness regarding personal care and changing fashion trends
are predicted to drive cosmetic industry which in turn is likely to propel
market growth in the upcoming years. Moreover, the inclination for bio-based
propylene glycol in various industries and prompt urbanization are driving the
growth of bio based propylene glycol. The continuous growth of industrial as
well as institutional construction sector in Qatar, Saudi Arabia and United
Arab Emirates (UAE) is expected to boost market growth. Moreover, rising
infrastructure development such as rail road networks, sports complex, stadiums
in Qatar is anticipated to propel market growth.
Key players-
·
Archer Daniels Midland Company
·
BASF SE
·
The Dow Chemical Company
·
DuPont Tate & Lyle Bio Products Company, LLC
·
Huntsman International LLC.
·
Oleon
·
Ashland.
Segmentation
Global Bio-Based
Propylene Glycol Market Trends has been segmented because of
application, end use industries and region. Based on application, the market is
segmented into unsaturated polyester resin, solvent, antifreeze & coolant, chemical
intermediates, and others. Based on the end use industry, the market is
categorized into cosmetics, building & construction, automotive,
pharmaceutical, detergent & household and others. Based on region, this
market is segmented into Asia Pacific, Europe, Latin America, North America,
and Middle East & Africa.
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