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
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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