Propylene glycol is a versatile chemical compound widely used in various industries. With its low toxicity and exceptional properties, propylene glycol has found its way into countless applications. It serves as a solvent, humectant, and viscosity regulator, making it a key ingredient in pharmaceuticals, cosmetics, and food products. The global Propylene Glycol Market size is projected to reach USD 4.7 billion by 2024, at a CAGR of 4.4% from USD 3.8 billion in 2019, as per the recent study by MarketsandMarkets™. The eco-friendly production process of bio-based propylene glycol has led to the growth of the global propylene glycol market. The growing automotive industry in APAC is also driving the market as propylene glycols are widely used in engine coolants and sheet molding compounds, among others.

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In the pharmaceutical industry, propylene glycol is utilized as a solvent in oral and injectable medications. Its ability to dissolve a wide range of substances makes it ideal for delivering active ingredients effectively. Additionally, propylene glycol's low freezing point allows for the production of liquid formulations that remain stable in colder temperatures.

Cosmetics and personal care products also benefit from the inclusion of propylene glycol. It acts as a humectant, attracting and retaining moisture, thereby preventing the drying out of skin and hair. Its presence in lotions, creams, and shampoos helps maintain hydration and enhances the overall texture of these products.

The food industry employs propylene glycol as an additive to improve the texture and consistency of food items. It acts as a thickening agent, ensuring smoothness in products like ice cream, salad dressings, and baked goods. Moreover, it serves as a carrier for flavors and colors, facilitating their dispersion throughout the food matrix.

List of Key Players in Propylene Glycol Market:

1. The Dow Chemical Company (US)
2. LyondellBasell Industries N.V. (Netherlands)
3. BASF SE (Germany)
4. Archer Daniels Midland Company (US)
5. Global Bio-chem Technology Group Co., Ltd. (China)
6. DuPont Tate & Lyle Bio Products Company, LLC (US)
7. Huntsman Corporation (US)
8. SKC Co., Ltd. (South Korea)
9. Temix Oleo S.R.L. (Italy)
10. Ineos Oxide (Switzerland)
11. Others

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Key Findings of the Study:

1. Bio-based propylene glycol to register the highest CAGR in the global propylene glycol market, between 2019 and 2024.
2. Pharmaceuticals to be the fastest-growing application of the global propylene glycol market during the forecast period.
3. Transportation to be the fastest-growing end-use industry of the global propylene glycol market during the forecast period.
4. APAC to be the fastest-growing market for propylene glycol during the forecast period.

The global propylene glycol market is segmented by source, into petroleum-based and bio-based propylene glycol. The market for bio-based propylene glycol is expected to grow at the highest CAGR from 2019 to 2024. Propylene glycol that is bio-based is produced using renewable resources like corn, sugarcane, and vegetable oils. It is a desirable solution for a variety of applications, including food, cosmetics, personal care products, and pharmaceuticals, thanks to its qualities of low toxicity, low volatility, high boiling point, and low freezing point. Additionally, the demand for bio-based propylene glycol is anticipated to increase throughout the projected period due to the rising demand for environmentally friendly products and the implementation of strict regulations.

Throughout the projection period, the propylene glycol market's fastest-growing application is anticipated to be the pharmaceuticals sector. Because of its emulsifying and humectant qualities, propylene glycol is increasingly in demand in the manufacturing of medicines, including medications and nutraceuticals. The pharmaceuticals sector's propylene glycol market is expanding due to the rising demand for topical formulations and ointments such creams, lotions, gels, and sprays. Also, over the course of the forecast period, the propylene glycol market in the pharmaceuticals sector is anticipated to increase because of the growing use of propylene glycol as a solvent and stabiliser in the pharmaceutical industry.

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The end-use industry for transportation is anticipated to develop at the fastest rate for the global propylene glycol market during the projected period, mainly due to the rising demand for propylene glycols in automotive coolants, aircraft wings, pleasure boats, and ships application. Propylene glycol is increasingly in demand in the automobile industry because to its many benefits, including its low volatility, low freezing point, and great viscosity. The automotive sector makes substantial use of propylene glycol as a fuel additive, lubricant, and coolant. Also supporting the expansion of the propylene glycol market in the transportation sector is anticipated to be the rising demand for electric and hybrid automobiles.

APAC is expected to account for the largest market share in the global propylene glycol market during the forecast period, in terms of both volume and value. The increasing population in the region, accompanied by increasing construction spending in the developing markets of China, India, and South Korea, is projected to make this region an ideal destination for the propylene glycol industry.