Propylene Glycol Market: Snapshot
Propylene glycol is usually tasteless, odorless and colorless, and used often in the pharmaceutical industry. It also has α-propylene glycol to differentiate it from isomer propane-1, 3-diol. Food and Drug Administrative (FDA) has mentioned propylene glycol as an additive that is “recognized as safe” of its usage in food. According to the U.S. Food and Drug Association, the use of E-cigarettes has increased to 78 percent among high school students and 48% among middle school students which is supporting the propylene glycol market. Propylene glycol is gaining traction because of its certain uses at a certain level in pharmaceutical, and tobacco, and cosmetics also. Since the chemical industry is rising, there is a boom in the propylene glycol market.
According to a recent business publication by IndusryARC titled “Propylene Glycol Market: By Application (Unsaturated Polyester Resins, Food, Pharma, Cosmetics, and Others); By Source (Biobased and Petroleum based); By End-User (Transportation, Building and Construction, and Others); & By Geography Forecast (2018 2023)”, the global market size of propylene market was valued at around $3655 million as of 2018, and the analyst estimated the CAGR of around 3.9% during the forecast period of 2019 to 2025. APAC holds the highest regional market share in propylene glycol market which is more than 32%, with the application of Building and Construction leading with an anticipated CAGR of around 3.9%.
Propylene Glycol Market: Recent Developments
Some of the major players in the market have made some recent developments in the market, which are listed below:
- The Dow Chemical Company Investment Plans for High ROI
An American based company, in September 2018, announced that the company will make more investments for high return investments to accelerate innovation and support customers. A new hydroxyl functional siloxane polymer plant in Carrollton Kentucky will increase Dow’s polymer capacity in the U.S. by 65%, with the help of latest technology. Also, the company announced to get involved in the building and construction industry.
- LyondellBasell Acquired A.Schulman, Inc.
In August 2018, LyondellBasell, a multinational chemical company, completed its acquisition with A.Schulman Inc., a global supplier of high-performance plastic compounds. The business will be operated as a standalone Advanced Polymer Solutions with the LyondellBasell’s existing polypropylene compounding assets, for Catalloy thermoplastic resins and Polybutene-1 resins. Advanced Polymer Solutions is positioned pretty well for delivering significant value.
- DuPont Industrial Biosciences Expands Distribution Agreement with Essential Ingredients Inc.
DuPont is the technology-based material innovation leader, has signed an agreement with Essential Ingredients Inc., for distributing cleaning enzyme solutions for customers and end consumers in North America. It will include laundry enzymes and a line of dishwashing enzymes, which will decrease the impact of harsh chemicals on equipment.
Propylene glycol market has shown a vital improvement in terms of its usage in the food and beverage industry, cosmetics, pharmaceuticals industry, and building and construction industry in recent years. This has led to an increasing demand for propylene glycol.
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