The mono propylene glycol market is expected to be worth US$ 3,974 million in 2023. By 2033, the market is expected to be worth US$ 6,473 million. The market is estimated to grow at a CAGR of 5% during the forecast period of 2023 to 2033.
The global food and beverage sector is driving demand for mono propylene glycol for usage in food flavoring, food coloring, preservation of food, and other applications, hence influencing the mono propylene glycol market volume.
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 $480 million by 2033.
The mono propylene glycol market in China is expected to be worth US$ 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.
Top Key Players
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.
Source: https://www.globenewswire.com/news-release/2023/09/26/2749651/0/en/Global-Mono-Propylene-Glycol-Market-is-anticipated-to-reach-US-6-473-million-by-2033-Future-Market-Insights-Inc.html