What is Global 1,2-Propanediol Market?
The Global 1,2-Propanediol Market is a vast and dynamic sector that deals with the production, distribution, and consumption of 1,2-Propanediol, a colorless, nearly odorless liquid with a high boiling point and low toxicity. This compound, also known as propylene glycol, is a synthetic organic compound that has a myriad of applications in various industries. It is primarily used as a solvent in many pharmaceuticals, including oral, injectable, and topical formulations. Its versatility and wide range of uses make it a valuable commodity in the global market. The market's value was estimated at US$ 4488 million in 2022, and it is projected to grow to US$ 5805.2 million by 2029. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 3.7% from 2023 to 2029. The market is dominated by the top five manufacturers, who collectively hold over 60% of the market share. The Industrial Grade 1,2-Propanediol is the most significant product in this market, accounting for about 75% of the total market share.
Industrial Grade, Food Grade, Pharmaceutical Grade in the Global 1,2-Propanediol Market:
The Global 1,2-Propanediol Market is segmented based on the grade of the product into Industrial Grade, Food Grade, and Pharmaceutical Grade. The Industrial Grade 1,2-Propanediol is the most prevalent, accounting for about 75% of the market. This grade is primarily used as an antifreeze in industrial settings, where it lowers the freezing point of water to prevent damage to equipment. The Food Grade 1,2-Propanediol is used as a food additive and as a solvent in food flavorings and colorings. It is also used in food processing as a dough strengthener, texture enhancer, and crust color enhancer. The Pharmaceutical Grade 1,2-Propanediol is used as a solvent in pharmaceutical products, including oral, injectable, and topical medications. It is also used in the production of cosmetics, personal care products, and pet food. Each grade has specific uses and applications, contributing to the overall growth and development of the Global 1,2-Propanediol Market.
Unsaturated Polyester Resins (UPR), Functional Fluids, Cosmetics, Pharmaceutics and Food, Liquid Detergents, Others in the Global 1,2-Propanediol Market:
The Global 1,2-Propanediol Market finds its applications in various areas such as Unsaturated Polyester Resins (UPR), Functional Fluids, Cosmetics, Pharmaceutics and Food, Liquid Detergents, and others. In the UPR industry, 1,2-Propanediol is used as a primary ingredient in the production of resins. These resins are widely used in the manufacturing of various products like bathtubs, boats, and other fiberglass-reinforced plastic items. In the realm of functional fluids, it is used as a de-icing fluid in aviation and as an antifreeze in HVAC systems and coolants. The cosmetics industry uses it as a humectant and delivery ingredient, while the pharmaceutical industry uses it as a solvent in various medications. In the food industry, it is used as a food additive and in liquid detergents, it is used to control viscosity. The diverse applications of 1,2-Propanediol in various industries contribute significantly to its global market.
Global 1,2-Propanediol Market Outlook:
The future outlook of the Global 1,2-Propanediol Market is promising. As of 2022, the market was valued at US$ 4488 million. It is projected to reach a value of US$ 5805.2 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 3.7% during the forecast period from 2023 to 2029. This growth is primarily driven by the increasing demand for 1,2-Propanediol in various industries, including pharmaceuticals, food, cosmetics, and others. The market is largely dominated by the top five manufacturers, who collectively hold over 60% of the market share. The most significant product in this market is the Industrial Grade 1,2-Propanediol, which accounts for about 75% of the total market share. This grade of 1,2-Propanediol is primarily used as an antifreeze in industrial settings, contributing significantly to the overall market growth.
| Report Metric | Details |
| Report Name | 1,2-Propanediol Market |
| Accounted market size in 2022 | US$ 4488 in million |
| Forecasted market size in 2029 | US$ 5805.2 million |
| CAGR | 3.7% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | DuPont, Lyondell Basell, Huntsman, INEOS, BASF, ADM, Sumitomo Chemical (Nihon Oxirane), SKC, Repsol, Asahi Kasei, Shell, Tongling Jintai Chemical, Shandong Shida Shenghua Chemical, CNOOC and Shell Petrochemicals, Hi-tech Spring Chemical, Daze Group, Shandong Depu Chemical |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
