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Rapid Industrialization in APAC Boosts Propylene Glycol Demand in the Region: M&M

Published on 2014-10-08. Author : SpecialChem

MarketsandMarkets' report "Propylene Glycol Market by Source (Petroleum, Bio-based), Application (Unsaturated Polyester Resin, Pharmaceuticals & Cosmetics, Antifreeze & Functional Fluid, Liquid Detergent, Plasticizer) - Global Trends & Forecasts to 2019" defines and segments the global propylene glycol market with an analysis and forecast of its market size, in terms of volume and value.

The report segments the global propylene glycol market by source, application, and region. It also focuses on industry trends and market dynamics such as drivers, restraints, and opportunities. The report also defines driving and restraining factors for the global propylene glycol market with the analysis of trends, opportunities, burning issues, and winning imperatives. The major drivers include the growing demand from Asia-Pacific region and increased consumption of propylene glycol by various high impact application segments. The market size forecast is provided by major regions, such as North America, Europe, Asia-Pacific, and Rest of the World (RoW) by both value and volume. Top players in the market have been identified and profiled.

The growth ofthe global propylene glycol market is mainly driven by the growing demand for the market from Asia-Pacific region and an intense focus towards the usage of renewable chemicals by various end-user industries. New capacities for bio-based propylene glycolare being added by various market players in order to serve the potentially highdemand from these industries in the near future. Asia-Pacific is the key market that accounted for around ~30%in terms of volume of the total global demand in 2013. The region is further expected to show high growth in the future, mainly due to its increased domestic demand and rapid industrialization.

"Europe: The Biggest Market of Propylene Glycol"

Europe was the largest market globally for propylene glycol in 2013 in terms of value. Germany is the key consumer of propylene glycol in Europe. Rising environmental concerns coupled with presence of domestic bio-based propylene glycol manufacturers have shifted consumer focus towards sustainable and environment-friendly chemicals. The demand for propylene glycol in this market is driven by major applications, such as unsaturated polyester resin, pharmaceuticals & cosmetics, and antifreeze & functional fluids. Pharmaceuticals & cosmetics application is the fastest growing segment for propylene glycol in Europe. The largest manufacturers of propylene glycol in this region are Dow Chemical Company (U.S.), BASF SE (Germany), and LyondellBasell Industries N.V. (The Netherlands).

"Propylene Glycol Demand in U.S. Remains Strong"

The U.S. is the leading consumer of propylene glycol globally. It accounted for a share of ~95% in North America in 2013. The demand for conventional propylene glycol in the region is strong due to high usage in the growing end-use applications such as unsaturated polyester resin and antifreeze & functional fluids. However, the North America region is also experiencing a shift from conventional propylene glycol to bio-based propylene glycol consumption. China is the second-largest consumer of propylene glycol globally. The growth of the Chinese propylene glycol market can be attributed to it being a global manufacturing hub for various chemical derivatives and end-products. The flourishing pharmaceuticals & cosmetics industry in China is further resulting in the higher propylene glycol demand from the country.

About MarketsandMarkets

MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.

MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. M&M covers thirteen industry verticals, including advanced materials, automotives and transportation, banking and financial services, biotechnology, chemicals, consumer goods, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, and telecommunications and IT.

Source: MarketsandMarkets


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