프로필렌 글리콜(PG) 시장 : 예측(2024-2029년)

The propylene glycol market is Anticipated to grow at a CAGR of 5.21% during the forecast period (2024-2029).

The propylene glycol market is a very healthy and continuously growing market in the present world. Propylene glycol is a colorless and non-volatile liquid that serves versatile functional uses and it is used in transportation industries, building constructions, food and textile industries, the medical sector, and the cosmetics industries among others. The market is divided based on the source of propylene glycol; the standard one derived from petroleum and the bio-based one. Information on the market has shown that petroleum-based propylene glycol was the most popular due to its readily availability in the market today, however, due to the concern of the people to use environment-friendly and sustainable products, there has been a shift to use bio-based propylene glycol. Concerning grade, the market has been classified into industrial and pharmaceutical grades which are used for different applications. The global market for propylene glycol has been mostly influenced by the increasing requirement of diversified industries. In the transportation industry, it also serves as both an engine anti-freeze and as a base for the de-icing of airplanes. Used widely in the construction industry, the product finds its uses in heating, ventilation, and air conditioning systems as an anti-freezing agent in the cooling water system. Also, the shifting preference for using propylene glycol as a food and pharmaceutical ingredient and a personal care product has boosted the market.

Regionally, the Asia Pacific region has the largest market share for propylene glycol because of China and India due to increasing industrialization and development of the construction and auto industry. The two regions, North America and Europe also have large market shares; the United States alone is a major market for Fava beans. In conclusion, there is a steady rise in the propylene glycol market because of higher dependence on various end-user industries and consumer shift towards environment-friendly and green products.

• Transportation industries are some of the biggest clients for propylene glycol using the chemical in engine coolants and de-icing fluids as well as heat transfer fluids in high-temperature processes. Looking at the trends in the global automotive industry it projects that with increasing markets in the Asia-Pacific and Middle East & Africa, the use of propylene glycol will also increase. This is because the rates of motorization in these regions are rising and vehicle Sales are on the rise in these regions.
• Food and beverage sector is another important consumer of propylene glycol wherein it is used as an additive in the preparation of various food items. Propylene glycol is employed as a food additive in lots of processed foods commercially since it acts as an emulsifier, stabilizer, and humectant. Thus, market growth is due to the higher demand for convenience packaging food products and the use of propylene glycol as a safe and efficient food stabilizer. Propylene glycol also plays a role in retarding caking, and furthering the texture and stability of food; thus it is used in the food processing industries. With an increase in the world's population and their shift towards the urban lifestyle, it is presumed that consumption of processed and packaged foods will increase; this will have a positive impact on the growth of the propylene glycol market.
• Similar to the global market, the increasing focus on the sustainability and preservation of the environment has also boosted the market in question. As for propylene glycol production and its environmental friendliness, the application of renewable materials for creating the base for the product and the use of green chemistry principles in the production have benefited the product in terms of consumers' preference toward environmentally friendly products. The bio-based propylene glycol, derived from renewable feedstock such as corn, sugarcane, or vegetable oil is being accepted more globally as a renewable source of PG as against petroleum-based one. Since the market of environment-friendly materials is increasing, the market of bio-based propylene glycol is expected to have a bright scope and in turn, help the propylene glycol market to have vast growth.

PROPYLENE GLYCOL MARKET DRIVERS:

• The industrial segment by grade is likely to be the fastest-growing segment during the forecast period.

Transportation is a key sector that wholly employs industrial propylene glycol in its functions involving engine coolants, de-icing fluids, and heat transfer materials. From the current analysis of the global automotive market and the gradual shift towards the Asia-Pacific and the Middle East & Africa, it was identified that the use of propylene glycol-based products in the transportation sector was likely to grow in the future.

Propylene glycol is used extensively in the building and construction industry especially in the manufacturing of unsaturated polyester resin (UPR) to make fiberglass-reinforced plastics (FRP) and in surface coatings. The increasing consumption of such materials because of remarkable corrosion resistance is leaving its footprint on the consumption of industrial propylene glycol in construction industries. Industrial-grade propylene glycol is also used as a solvent, a humectant as well as a plasticizer including in paints, coatings, liquid soap, and plastics. Increasing the demand for these products across industries is further proving beneficial to the growth of the industrial segment in the propylene glycol market. Another factor that is driving the growth of the industrial segment is the coming up of environment-friendly methods for the synthesis of propylene glycol including the use of renewable feeds and the enhancement of green chemistry in this industry. Plant-derived propylene glycol or green propylene glycol which is derived from renewable feedstock such as corn, sugarcane, vegetables oils is gradually being offered as a feasible replacement for the petroleum based propylene glycol in the industrial uses.

To sum up the research, the industrial segment of the proposed propylene glycol market is forecasted to be the most rapidly developing sector during the period of the forecast, as the constantly increasing need for propylene glycol for the transportation, construction and other industrial sectors and the modern trends for environmentally friendly production processes will keep the sector growing.

• Asia Pacific region to dominate the propylene glycol market during the forecast period.

The Asia-Pacific region is poised to dominate the global propylene glycol market during the forecast period, driven by several key factors: Most of the countries in the Asia-Pacific region especially China, India, and Japan have industries that are rapidly growing and developing construction, housing industries and so on which is the reason for the propylene glycol demand. Propylene glycol is a valuable chemical used in construction industries to synthesize unsaturated polyester resins (UPR) that are used to produced fiberglass-reinforced plastic (FRP), coatings, and so on. The biggest construction market in the world is China; this country is predicted to spend US$12.9 trillion on buildings and construction by 2030, and this means further increase in the demand for, Propylene glycol. Likewise, the government of India has set its focus on affordable housing and infrastructure development hence the construction sector will boost propylene glycol market.

The demand of automotive and transportation sector is also rising at high rate in Asia-Pacific region which is also a key consumer of propylene glycol. SBS is used in seals, adhesives and sealants, and heat resistant materials, while propylene glycol serves the automotive uses of engine coolants, de-icing agents and hydraulic and brake fluids. International Organization of Motor Vehicle Manufacturers, OICA's automotive production statistics show that the Asia-Pacific countries, particularly China and India, have increased their automobile production in the past for years, a trend that will increase propylene glycol's demand in the area.

There is also the usage of propylene glycol in the food and beverages industries in the Asia-Pacific region that further boosts the market. This compound is well-known as an additive in food products and is used for emulsifying, stabilizing and moistening of different food products got through the process. Effective demand for packaged foods and a trend of using propylene glycol as a food additive increases its need are expected to boost its market in the Asia-Pacific including countries like China and India.

Thus, inventory and rising of the construction industry, growth of the automotive industry, and increasing food and beverage market make the Asia-Pacific region dominates the global propylene glycol market for the forecast period.

The propylene glycol market key developments:

• September 2023: ASA Company introduced the new generation of propylene glycol solutions in Europe is lower carbon, bio-based, circular. All these bio-based propylene glycol solutions described above are appealing for widely ranging uses in numerous businesses such as agricultural, pharmaceutical, cosmetics, textile, and food industries.
• May 2023: This paper describes how BASE technology has the capability of improving the sustainability of propylene glycol manufacturing at ORLEN Poludnie Plant. The ORLEN Poludnie that is one of the main players in the facet of biofuels in Poland has marked the first year of the BioPG plant's work. The plant is aiming at the processes of conversion of glycerol which is a biodiesel by product to BioPG that is environmentally friendly propylene glycol.

The propylene glycol market is segmented and analyzed as follows:

By Grade

• Industrial
• Food and Beverage
• Pharmaceutical

By Application

• Flavoring Agent
• Antifreeze and Deicer Agent
• Unsaturated Polyester Resins
• Chemical Intermediates
• Other Applications (Antioxidants, Household Care, etc.)

By End-User Industry

• Transportation
• Building and Construction
• Food and Beverages
• Personal Care
• Pharmaceuticals
• Other End-user Industries (Electronics, Paints and Coatings, etc.)

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Middle East and Africa
• Saudi Arabia
• Saudi Arabia
• United Arab Emirates
• Rest of Middle East and Africa
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Rest of Asia-Pacific

TABLE OF CONTENTS

1. INTRODUCTION

• 1.1. Market Overview
• 1.2. Market Definition
• 1.3. Scope of the Study
• 1.4. Market Segmentation
• 1.5. Currency
• 1.6. Assumptions
• 1.7. Base and Forecast Years Timeline
• 1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY

• 2.1. Research Design
• 2.2. Research Process

3. EXECUTIVE SUMMARY

• 3.1. Key Findings
• 3.2. Analyst View

4. MARKET DYNAMICS

• 4.1. Market Drivers
  • 4.1.1. Demand for Propylene Glycol in the Food Processing and Additives Industry
  • 4.1.2. The Increasing Demand from the Automotive Industry
  • 4.1.3. Rising Demand for For Solvents From Various End-User Industries
• 4.2. Market Restraints
  • 4.2.1. Health Issues Created by The High Consumption of Propylene Glycol
  • 4.2.2. Threats from Substitutes
• 4.3. Porter's Five Forces Analysis
  • 4.3.1. Bargaining Power of Suppliers
  • 4.3.2. Bargaining Power of Buyers
  • 4.3.3. The Threat of New Entrants
  • 4.3.4. Threat of Substitutes
  • 4.3.5. Competitive Rivalry in the Industry
• 4.4. Industry Value Chain Analysis

5. PROPYLENE GLYCOL MARKET BY GRADE

• 5.1. Introduction
• 5.2. Industrial
• 5.3. Food and Beverage
• 5.4. Pharmaceutical

6. PROPYLENE GLYCOL MARKET BY APPLICATION

• 6.1. Introduction
• 6.2. Flavoring Agent
• 6.3. Antifreeze and Deicer Agent
• 6.4. Unsaturated Polyester Resins
• 6.5. Chemical Intermediates
• 6.6. Other Applications (Antioxidants, Household Care, etc.)

7. PROPYLENE GLYCOL MARKET BY END-USER INDUSTRY

• 7.1. Introduction
• 7.2. Transportation
• 7.3. Building and Construction
• 7.4. Food and Beverages
• 7.5. Personal Care
• 7.6. Pharmaceuticals
• 7.7. Other End-user Industries (Electronics, Paints and Coatings, etc.)

8. PROPYLENE GLYCOL MARKET BY GEOGRAPHY

• 8.1. Global Overview
• 8.2. North America
  • 8.2.1. United States
  • 8.2.2. Canada
  • 8.2.3. Mexico
• 8.3. South America
  • 8.3.1. Brazil
  • 8.3.2. Argentina
  • 8.3.3. Rest of South America
• 8.4. Europe
  • 8.4.1. United Kingdom
  • 8.4.2. Germany
  • 8.4.3. France
  • 8.4.4. Italy
  • 8.4.5. Spain
  • 8.4.6. Rest of Europe
• 8.5. Middle East and Africa
  • 8.5.1. Saudi Arabia
  • 8.5.2. United Arab Emirates
  • 8.5.3. Rest of Middle East and Africa
• 8.6. Asia-Pacific
  • 8.6.1. China
  • 8.6.2. India
  • 8.6.3. Japan
  • 8.6.4. South Korea
  • 8.6.5. Taiwan
  • 8.6.6. Thailand
  • 8.6.7. Indonesia
  • 8.6.8. Rest of Asia-Pacific

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

• 9.1. Major Players and Strategy Analysis
• 9.2. Market Share Analysis
• 9.3. Mergers, Acquisitions, Agreements, and Collaborations
• 9.4. Competitive Dashboard

10. COMPANY PROFILES

• 10.1. ADEKA CORPORATION
• 10.2. ADM
• 10.3. AGC Chemicals
• 10.4. BASF SE
• 10.5. Chaoyang Chemicals, Inc.
• 10.6. Dow
• 10.7. Golden Dyechem
• 10.8. Huntsman International LLC
• 10.9. INEOS Lonza
• 10.10. LyondellBasell Industries Holdings B.V.
• 10.11. Repsol
• 10.12. Shell plc
• 10.13. SKC Chemicals
• 10.14. Sumitomo Chemical Co., Ltd.