What is Global Propylene Glycol (PG) Market?
The Global Propylene Glycol (PG) Market is a vast and dynamic sector that encompasses a wide range of applications and industries. Propylene Glycol, also known as PG, is a synthetic organic compound that is colorless, nearly odorless, and possesses a faintly sweet taste. It's a viscous, clear liquid which is nearly odorless but possesses a faintly sweet taste. Its primary use is as a medium for conveying heat. In large scale industrial applications, it is primarily used as a less-toxic antifreeze. It is non-toxic, has a low freezing point and it's also used as a moisturizer in medicines, cosmetics, food, toothpaste, mouth wash, and tobacco products. The global market for Propylene Glycol is vast and varied, with numerous industries relying on this versatile compound for a multitude of applications.
Industrial Grade, Food Grade, Pharmaceutical Grade in the Global Propylene Glycol (PG) Market:
The Global Propylene Glycol (PG) Market is segmented into three main grades: Industrial Grade, Food Grade, and Pharmaceutical Grade. Industrial Grade Propylene Glycol is the most common type, accounting for about 40% of the global market. This grade is used in a variety of industrial applications, including as a coolant in HVAC systems and as an ingredient in antifreeze and hydraulic fluids. Food Grade Propylene Glycol is used in food processing for a variety of purposes, including as a solvent for food colors and flavors, and as a humidity stabilizer in the production of certain types of food products. Pharmaceutical Grade Propylene Glycol is used in the pharmaceutical industry as a solvent in oral, injectable, and topical formulations. Each of these grades has its own unique properties and uses, making Propylene Glycol a versatile and valuable commodity in the global market.
UPR, PPG, Pharmaceuticals and Food, Others in the Global Propylene Glycol (PG) Market:
The Global Propylene Glycol (PG) Market finds its usage in several areas such as UPR, PPG, Pharmaceuticals and Food, and others. UPR, or Unsaturated Polyester Resin, is the primary application of Propylene Glycol, holding about 40% of the market share. Propylene Glycol is used as a reactive diluent in UPR, which is widely used in the production of fiberglass-reinforced plastics. PPG, or Polypropylene Glycol, is another significant application of Propylene Glycol. It is used in the production of polyurethane foams, which are used in a variety of industries, including construction, automotive, and furniture. In the pharmaceutical and food industries, Propylene Glycol is used as a solvent, preservative, and moisture-retaining agent. Other applications of Propylene Glycol include its use in the production of unsaturated polyester resins, coolants, antifreeze, and hydraulic fluids.
Global Propylene Glycol (PG) Market Outlook:
The Global Propylene Glycol (PG) Market outlook is promising. In 2022, the market was valued at US$ 3832 million and is projected to reach US$ 4258.3 million by 2029. This indicates a Compound Annual Growth Rate (CAGR) of 1.5% during the forecast period from 2023 to 2029. The market is dominated by the top 2 players who hold about 40% of the global shares. The Industrial Grade segment is the main type, holding about 40% of the market share. Similarly, UPR is the main application, also holding about 40% of the market share. This data provides a snapshot of the current state of the Global Propylene Glycol (PG) Market and its potential for growth in the coming years.
| Report Metric | Details |
| Report Name | Propylene Glycol (PG) Market |
| Accounted market size in 2023 | US$ 3832 million |
| Forecasted market size in 2030 | US$ 4258.3 million |
| CAGR | 1.5% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| 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 | Dow, DuPont, Huntsman, ADM, Polioles, Lyondell Basell Industries, Repsol, BASF, Oelon, Sumitomo Chemical, Asahi, ADEKA, SKC, Shell, Shandong Shida Shenghua Chemical, Tongling Jintai 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 |
