Regional Analysis:
The Global Bio-Based Propylene Glycol Market is fragmented
into five regions namely - Asia Pacific, Europe, Latin America, North America,
and the Middle East & Africa. Among these, Asia Pacific is expected to grow
at the highest CAGR during the forecast period owing to the presence of large
number of unsaturated polyester resins and fibers manufacturers as well as
increasing demand from construction sector. The demand for Bio-Based Propylene
Glycol is anticipated to surge in developing countries such as China, Japan,
India, and Vietnam due to growing commercial as well as institutional construction
sector. Furthermore, growing chemical industries in this region is expected to
improve business opportunities. Additionally, stable supply of raw material,
relatively cheap labor cost, and growing development strategies to fulfil the
demand for Bio-Based Propylene Glycol in the developing applications are the
important factors for the regional market growth.
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North America and Europe are expected to be the leading
markets followed by Asia Pacific and the Middle East & Africa. North
America is anticipated to witness moderate growth in bio based propylene glycol
market due to the healthy growth in numerous end use industries such as
pharmaceutical and automotive. Moreover, increasing number of space exploration
programs coupled with the demand for high quality antifreeze & coolant is
expected to raise the demand for bio based propylene glycol. In Europe, countries
such as Spain, UK, and Germany have emerged as the prominent markets due to
developed cosmetics and food industries. While in North America, countries such
as U.S., Canada, and Mexico are among the major contributors due to increasing
R& D expenditure and is predicted to see a significant regional market
growth in the upcoming years. Latin American countries such as Colombia,
Brazil, Peru and Argentina are also expected to have strong growth prospects
over the forecast period due to rapid industrialization. Middle East &
Africa is predicted to witness a substantial growth in the upcoming years.
Heavy investment in residential as well as commercial construction sector in
United Arab Emirates (UAE) is predicted to positively influence industry growth
during the review period.
Key Players
Some of the prominent players operating in the Bio-Based
Propylene Glycol Market are Archer Daniels Midland Company (U.S.), BASF SE
(Germany), The Dow Chemical Company (U.S.), DuPont Tate & Lyle Bio Products
Company, LLC (UK), Huntsman International LLC. (U.S.), Oleon (Belgium),
Ashland. (U.S.), and others.
Market insights:
Bio-Based Propylene
Glycol Market is
predicted to grow at a moderate CAGR over the forecast period.
Rising demand for bio-based propylene glycol solvent from the growing detergent
& household industry is expected to drive market growth in the upcoming
years. Bio-based Propylene Glycol is produced by the process Hydrogenolysis in
which glycerin is converted into propylene glycol. It is colorless, odorless,
non-toxic, and slightly viscous liquid. They are hygroscopic substance and used
as a humectant in cosmetics. Bio-Based Propylene Glycol is considered to be the
prominent raw material for various industrial applications. It is used as an
antifreeze & coolant, chemical intermediates, unsaturated polyester resin,
and solvent in numerous end use industries such as detergent & household,
cosmetics, automotive, pharmaceutical, and construction.
Segmentation:
The Global Bio Based Propylene Glycol Market is segmented on
the basis of application, end use industries, and regions. Based on
application, the market is segmented into unsaturated polyester resin, solvent,
antifreeze & coolant, chemical intermediates, and others. On the basis of
end use industries, the market is segmented into Cosmetics, building &
construction, automotive, pharmaceutical, detergent & household and others.
On the basis of regions, the market is categorized into Asia Pacific, Europe,
Latin America, North America, and the Middle East & Africa.
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