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.
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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.
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 Market. 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 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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