Propylene Glycol Market Overview
Propylene Glycol Market Size was valued at USD 3,253.3 million in 2023. The Propylene Glycol Market industry is projected to grow from USD 3,334.0 million in 2024 to USD 5,280.8 million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.9% during the forecast period (2024 - 2032).
The global propylene glycol market is poised for significant growth, driven by its diverse applications across various industries and a shift towards sustainable alternatives.
Key Market Drivers
Diverse Industrial Applications: Propylene glycol is extensively used in the food and beverage industry as a humectant and preservative, in pharmaceuticals as a solvent, and in personal care products for its moisture-retaining properties. Its role in the automotive sector, particularly in antifreeze and de-icing solutions, further bolsters demand .
Shift Towards Bio-Based Alternatives: Environmental concerns and the push for sustainability have led to increased interest in bio-based propylene glycol. Corn-based sources are expected to dominate this segment, accounting for 41.7% of the market in 2025 . The bio-based market is projected to grow from USD 4.53 billion in 2024 to USD 4.73 billion in 2025, at a CAGR of 4.5% .
Technological Advancements: Innovations in production processes, such as the development of industrial-scale direct synthesis methods, are expected to enhance efficiency and reduce costs, creating new opportunities in the market .
Regional Insights
The Asia-Pacific region is anticipated to lead the global propylene glycol market, driven by rapid industrialization, urbanization, and the growth of end-user industries such as automotive, construction, and pharmaceuticals. In 2023, Asia Pacific held more than 34% of the market share, a trend expected to continue through 2030 .
Challenges and Opportunities
While the market outlook is positive, challenges such as health concerns related to high consumption levels and regulatory hurdles may impede growth. However, the increasing demand for eco-friendly solutions and the development of bio-based propylene glycol present significant opportunities for market expansion .
Key Players
LyondellBasell Industries Holdings B.V.
BASF
Orlen
Shell
The Archer-Daniels-Midland Company
ADEKA Corporation
Chaoyang Chemicals, Inc.
Shandong Haike Chemical Group
Manali Petrochemicals Limited
AGC Inc.
INEOS Group
Tongling Jintai Chemical Industry Co., Ltd
Acuro Organics Limited
Repsol S.A.
Meru Chem Pvt. Ltd
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