VALLEY COTTAGE, N.Y. – Mono propylene glycol continues to be one of the most commonly used chemicals in various industrial applications, owing to its unique chemical characteristics such as hygroscopic and high insulation resistance properties. According to a recent report by Future Market Insights (FMI), the mono propylene glycol market revenue was worth US$ 3 Bn in 2018, is expected to register a CAGR of 4.5% during the forecast period 2019-2029.
With dwindling fossil fuel resources for producing different varieties of petrochemical products, chemical industry operators are gradually shifting towards bio-based chemicals that are renewable and have lower environmental impact. As such, key players in the mono propylene glycol market are determined to attain sustainability in the long run by commercializing and developing bio-based chemicals. Increasing investment in production of bio-based mono propylene glycol is expected to open new avenues for revenues in the global marketplace.
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FMI analyst says, “The demand for mono propylene glycol has been gaining prominence as an alternative to ethylene glycol in many applications. In order to capitalize on the increasing efficiency of mono propylene glycol over ethylene glycol, market players are expected to enter a new industrial landscape in the future.”
Key Takeaways – Mono Propylene Glycol Market Study
- Currently, technical grade mono propylene glycol accounts for more than half of the total revenue share, owing to its growing use as reinforced plastic laminates for marine construction.
- Demand for pharmaceutical grade mono propylene glycol will increase at pace in the near future, following its approval as a safe ingredient for cosmetics and pharmaceutical products.
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- Increasing investments in developing economies such as Brazil, China, and India for infrastructural development along with rapid expansion of building & construction industry is augmenting the demand for unsaturated polyester resins. This results in increasing application scope of mono propylene glycol in unsaturated polyester resins that will contribute over US$ 1.5 Bn to the global market by 2029.
- Adoption of mono propylene glycol in the chemical industry accounted for 52% revenue share. Leading players are striking into the upcoming industrial areas to explore untouched sales opportunities and potential.
- Market players are also witnessing increase in demand from the pharmaceutical industry, as mono propylene glycol is used widely as a solvent in oral, topical, and injectable formulation.
- Sales of mono propylene glycol are maximum and will experience a moderate increase in North America over the forecast period. Currently, rapid industrialization and robust use of chemicals in the automotive industry cater to the high consumption of mono propylene glycol in East Asia. Therefore, the demand and sales of mono propylene are anticipated to grow at a CAGR of 6% through to 2029 in East Asia.
- Bio-based mono propylene glycol is gaining huge prominence in the end-use industries. R&D initiatives and investments for bio-based products will remain a key focus area of the players.
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New entrants offering bio-based products are expected to gain competitive advantage, especially in developing regions such as East Asia. Significant growth of end-use industry in the region is leading to the realignment of key players’ strategies.
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