Propylene Glycol Market Size, Share, Industry Trends and Forecast to 2033
This report offers a comprehensive analysis of the propylene glycol market from 2023 to 2033, encompassing market size, trends, segmentation, regional insights, and forecasts. The insights provided will assist stakeholders in making informed decisions.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $3.50 Billion |
| CAGR (2023-2033) | 4.2% |
| 2033 Market Size | $5.32 Billion |
| Top Companies | Archroma, BASF SE, Dow Chemical Company, Nissan Chemical Industries, Ingevity Corporation |
| Last Modified Date | 15 Nov 2024 |
Propylene Glycol Market Report (2023 - 2033)
Propylene Glycol Market Overview
What is the Market Size & CAGR of Propylene Glycol market in 2023?
Propylene Glycol Industry Analysis
Propylene Glycol Market Segmentation and Scope
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Propylene Glycol Market Analysis Report by Region
Europe Propylene Glycol Market Report:
The European market for propylene glycol is projected to grow significantly from $0.97 billion in 2023 to $1.47 billion in 2033. The region is witnessing a rise in the adoption of food-grade propylene glycol within the food and beverage industries, driven by stricter regulations regarding food safety and quality.Asia Pacific Propylene Glycol Market Report:
In the Asia Pacific region, the propylene glycol market is expected to grow from $0.69 billion in 2023 to $1.04 billion in 2033. The rise in industrial activities, especially in countries like China and India, drives this growth. Additionally, the increasing consumption of processed foods is adding to the demand for propylene glycol as a food additive.North America Propylene Glycol Market Report:
North America, particularly the United States, showcases substantial growth, with market value projected to increase from $1.28 billion in 2023 to $1.95 billion in 2033. The growing pharmaceutical sector and advancements in personal care products are propelling the demand for propylene glycol.South America Propylene Glycol Market Report:
The South American market for propylene glycol is expected to grow from $0.08 billion in 2023 to $0.12 billion by 2033. The growth factor here is the increasing awareness about health and safety, leading to supply increases in food-grade propylene glycol in countries like Brazil.Middle East & Africa Propylene Glycol Market Report:
The Middle East and Africa region also shows potential growth, increasing from $0.49 billion in 2023 to $0.74 billion in 2033. The expansion of the cosmetics and personal care industry in this region, combined with the growing food industry, supports the demand for propylene glycol.Request a custom research report for industry.
Propylene Glycol Market Analysis By Product Type
Global Propylene Glycol Market, By Product Type Market Analysis (2023 - 2033)
In 2023, technical grade propylene glycol holds the largest market share at 68.99%, valued at $2.41 billion, with projections to reach $3.67 billion by 2033. Food-grade and pharmaceutical-grade propylene glycol are also significant, valued at $0.79 billion and $0.30 billion respectively in 2023, expected to rise to $1.20 billion and $0.45 billion by 2033.
Propylene Glycol Market Analysis By Application
Global Propylene Glycol Market, By Application Market Analysis (2023 - 2033)
The food and beverage industry dominates the propylene glycol market, representing 55.46% of market share. It reached $1.94 billion in 2023 and is expected to grow to $2.95 billion by 2033. Personal care applications contribute a substantial share as well, valued at $0.85 billion in 2023 and projected to grow to $1.29 billion by 2033, holding 24.22% of the market share.
Propylene Glycol Market Analysis By End Use
Global Propylene Glycol Market, By End-Use Market Analysis (2023 - 2033)
In 2023, the pharmaceutical sector contributed $0.85 billion, with expectations to reach $1.29 billion in 2033, maintaining a share of 24.22%. Other industries such as cosmetics and industrial applications follow, representing around 10% each share-wise, as the demand for propylene glycol rises across these varying sectors.
Propylene Glycol Market Analysis By Region Application
Global Propylene Glycol Market, By Region Application Mix Market Analysis (2023 - 2033)
The Asia Pacific region accounts for significant market shares across applications. The food and beverage sector leads with $0.69 billion in 2023, predicted to rise to $1.04 billion by 2033. The North American region closely follows, with pharmaceuticals expected to drive growth, reaching $1.95 billion by 2033.
Propylene Glycol Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Propylene Glycol Industry
Archroma:
A global leader in color and specialty chemicals, Archroma actively contributes to the propylene glycol market with sustainable solutions for various industries.BASF SE:
BASF SE is one of the world’s largest chemical producers, playing a crucial role in producing propylene glycol while focusing on sustainable and innovative practices.Dow Chemical Company:
Dow Chemical is a prominent player in the propylene glycol sector, known for its extensive portfolio and advanced manufacturing techniques.Nissan Chemical Industries:
Nissan Chemical is recognized for its diverse product offerings and effective production of propylene glycol across various grades.Ingevity Corporation:
Ingevity offers environmentally friendly solutions and technological advancements in the production and application of propylene glycol.We're grateful to work with incredible clients.
