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.
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 Market 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.
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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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