The Global Propylene Glycol Market accounted for USD 3.49 billion in 2016 and is projected to grow at a CAGR of 5.9% during the forecast period of 2019 to 2026.
Market Definition: Propylene Glycol Market
Propylene glycol is a colorless, odorless and a tasteless liquid, also referred as PG with a chemical formula C₃H₈O₂. It is less toxic, stable, highly soluble and has a high boiling point. It is mostly used in cosmetic products, processed foods, medication, electronic cigarettes, hydraulic fluids, plasticizer and many more.
Major Market Drivers & Restraints are as follows:
- Environment friendly process
- Rising demand of petroleum based and bio based
- Growing demand in emerging economies
- High investment in research and development activities
- Demand switching to petroleum based
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Key Market Competitors: Propylene Glycol Market
Few of the major competitors are BASF SE, The DOW Chemical Company, LyondellBasell Industries Holdings B.V., Archer Daniels Midland Company, Huntsman Corporation, Global Bio-Chem Technology Group Company Limited, Dupont Tate & Lyle Bio Products, LLC, SKC Co., Ltd., Asahi Glass Limited, HELM AG, Chaoyang Chemicals, Inc., Temix International S.R.L., Qingdao Shida Chemical Co., Ltd., ADEKA CORPORATION, Royal Dutch Shell PLC., Golden Dyechem, TRInternational, Inc., Oleon NV, Shandong Depu Chemical Industry Science and Technology Co., Ltd and INEOS Oxide among others.
This Propylene Glycol Market research report makes available state-of-the-art information about the entire market along with the holistic view of the market. This Propylene Glycol Market research report displays a complete overview of the market, including myriad of aspects such as product definition, segmentation based on various parameters, and the existing vendor landscape. The report describes estimations about key players and brands in the market with respect to their actions such as developments, product launches, acquisitions, merges, joint ventures and competitive research.
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Market Segmentation: Propylene Glycol Market
On the basis of source, the global propylene glycol market is segmented into petroleum based and bio based. Petroleum based is sub segmented into propylene oxide. Bio based is sub segmented into glycerin and sorbitol.
On the basis of application, the global propylene glycol market is segmented into antifreeze & functional fluids, unsaturated polyester resin, food, pharmaceuticals & cosmetics, plasticizers and liquid detergents. Antifreeze & Functional Fluids is sub segmented into hydraulic & brake fluid, aircraft deicing fluid, automotive coolants and heat transfer fluid. Unsaturated polyester resin is sub segmented into reinforced thermoset and non-reinforced thermoset. Reinforced thermoset is further sub segmented into sheet molding compounds, reinforced plastic laminates and electrical components. Non-reinforced thermoset is further sub segmented into synthetic marble casting and gel coats. Food, Pharmaceuticals & Cosmetics are sub segmented into skin care, dental care, therapeutic drugs and medicines and dairies. Plasticizers are sub segmented into phenolic resin and cellophane film. Liquid Detergents are sub segmented into household & dishwashing household & dishwashing and industrial soaps & cleaning fluids.
On the basis of end use, the global propylene glycol market is segmented into building & construction, pharmaceuticals & cosmetics, transportation and food & beverage. Transportation is sub segmented into aerospace, automotive and marine.
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The global propylene glycol market is consolidated due to the presence of limited number of players concentrated in few countries. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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