The propylene glycol market size is projected to reach USD 4.7 billion by 2024 from USD 3.8 billion in 2019, at a CAGR of 4.4%. The growing demand for propylene glycol in countries such as China, India, Japan, and South Korea from the transportation, building & construction, food & beverage, pharmaceuticals, and cosmetics & personal care industries is expected to fuel the growth of the market. The market is evolving, with major players playing a crucial role in the development of new and advanced products.
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On basis of source, the global propylene glycol market is segmented into petroleum-based and bio-based propylene glycol. Petroleum-based propylene glycol is expected to lead the global market during the forecast period, due to its growing use in the transportation and building & construction industries.
“Unsaturated polyester resin to be the largest application segment”
Unsaturated polyester resin is expected to dominate the global propylene glycol market during the forecast period, followed by antifreeze & functional fluids and pharmaceuticals. The growing building & construction industry, coupled with increasing investments in emerging economies for infrastructural development, is fostering the growth of the propylene glycol market in the unsaturated polyester resin application.
“Transportation to be the largest end-use industry”
On the basis of end-use industry, the global propylene glycol market is segmented into transportation, building & construction, food & beverage, pharmaceuticals, cosmetics & personal care, and others. Transportation is the fastest-growing end-use industry due to the growing automobile sales. The increase in the use of propylene glycols in applications, such as aircraft deicing fluid, automotive coolants, and hydraulic & brake fluids, is also driving the propylene glycol market.
“APAC to account for the largest share of the global propylene glycol market”
APAC is expected to account for the largest market share in the global propylene glycol market during the forecast period, in terms of both volume and value. The increasing population in the region, accompanied by increasing construction spending in the developing markets of China, India, and South Korea, is projected to make this region an ideal destination for the propylene glycol industry.
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