In the dynamic landscape of 2023, the mono propylene glycol market is poised for significant growth, with an anticipated value of US$ 3,974 million. Projections indicate a robust expansion, reaching a staggering US$ 6,473 million by 2033, reflecting a remarkable Compound Annual Growth Rate (CAGR) of 5% during the decade. This trajectory underscores the escalating demand and evolving applications for mono propylene glycol, affirming its pivotal role in diverse industries as a versatile chemical compound. The forecasted surge in market value highlights the compound’s increasing importance in various sectors, setting the stage for a transformative decade ahead.
The demand for mono propylene glycol for use in food flavoring, food coloring, food preservation, and other applications is being driven by the global food and beverage industry, which is also having an impact on the market for mono propylene glycol.
Monopropylene can be found in paints & varnishes, baths, and as a cooling fluid in autos. The growing usage of mono propylene glycol across a variety of end-use sectors, such as the chemical industry, pharmaceuticals, cosmetic goods, and others, is expected to drive the market.
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Asia-Pacific, particularly China, is a major consumer and producer of mono propylene glycol. The growing industrialization and financial development of the region are driving up demand for mono propylene glycol.
Mono propylene glycol is an important component of automobile antifreeze and coolants, as it keeps the engine temperature stable. The need for mono propylene glycol in automobiles has expanded as the automotive sector grows, particularly in the electric vehicle (EV) segment.
Concerns about ecological sustainability have prompted the advancement of bio-based mono propylene glycol generated from natural resources such as corn, sugarcane, or soy. This tendency is consistent with the larger trend towards sustainable alternatives and lessens dependency on fossil fuels.
Key Takeaways
- Between 2018 and 2022, the demand for mono propylene glycol increased at a 4.4% CAGR.
- The United States is on track to surpass US$ 480 million by 2033.
- The mono propylene glycol market in China is expected to be worth US$ 500 million.
- The mono propylene glycol market in the United Kingdom is expected to expand and reach US$ 480 million by 2033.
“The mono propylene glycol market is expected to increase steadily from 2023 to 2033, owing to a wide range of applications. Demand is expected to climb steadily, driven by increased application in the food, pharmaceutical, cosmetic, and automotive industries. Because of environmental concerns, the use of bio-based mono propylene glycol may increase.” says FMI analyst.
Competitive Landscape
Manufacturers’ focus has shifted towards emerging countries in recent years to meet rising demand for mono propylene glycol. Several major corporations are also focusing on collaborations, expanding manufacturing capacities, mergers and acquisitions, and increasing R&D spending.
- In March 2022, Braskem and Sojitz Corporation partnered to develop and market bioMPG (monopropylene glycol).
- Beginning in April 2022, MOL and HELM teamed up on the marketing of propylene glycols in Western Europe and global markets. The product line will include technical along with higher-value-added monopropylene glycol and dipropylene glycol grades.
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Top Key Players in the Global Market
- BASF SE
- Royal Dutch Shell PLC
- LyondellBasell Industries N.V.
- Sumitomo Chemical Co., Ltd.
- The Dow Chemical Company
- Huntsman Corporation
- Archer Daniels Midland Company
- Adeka Corporation
- AGC Inc.
- Oleon NV
- Repsol
- Foodchem International Corporation
- SKC Korea
- Sadara Chemical Company
- INEOS Group of Holdings S.A.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global mono propylene glycol market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights By Grade (Technical, Food, Pharmaceutical), Application (Unsaturated Polyester Resin (UPR), Polyester Fiber Production, Food Additive, Heat Transfer Fluid (Engine coolant, De-icing Fluids, Antifreeze Solutions), Pharmaceutical Solvents, Liquid Detergents, Paints & Coatings, Other Industrial), End Use (Chemicals, Cosmetics & personal care, Pharmaceutical, Food & Beverage, Others), Source (Synthetic, Bio-based), and Region.
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