What is Global Propylene Glycol Solvent Market?
The Global Propylene Glycol Solvent Market is a vast and dynamic sector that encompasses a wide range of applications and industries. Propylene Glycol Solvent, a versatile chemical compound, is used in various industries due to its unique properties such as low toxicity, excellent solvency, and hygroscopicity. The market for this solvent is global, meaning it spans across continents and countries, catering to various industries and applications. There are three main types of Propylene Glycol Solvent based on their purity and usage - Industrial Grade, Food Grade, and Pharmaceutical Grade. Industrial Grade Propylene Glycol Solvent is primarily used in industries for applications such as antifreeze and coolant, hydraulic and brake fluid, and aircraft deicing fluid. It is also used as a solvent in the paint and plastics industry. Food Grade Propylene Glycol Solvent, on the other hand, is used in food processing industries as a humectant, solvent, and preservative. It is also used in the production of non-alcoholic beverages, ice cream, and baked goods. Pharmaceutical Grade Propylene Glycol Solvent is used in the pharmaceutical industry for the formulation of creams, ointments, and lotions. It is also used as a carrier for active ingredients in medications.
Industrial Grade Propylene Glycol Solvent, Food Grade Propylene Glycol Solvent, Pharmaceutical Grade Propylene Glycol Solvent in the Global Propylene Glycol Solvent Market:
The usage of Propylene Glycol Solvent is not limited to the industries mentioned above. It is also used in the field of industrial cleaning fluid, paint and ink, food processing, medical field, personal care, and others. In the industrial cleaning fluid sector, it is used as a solvent due to its excellent solvency properties. In the paint and ink industry, it is used as a carrier for pigments and as a solvent in the formulation of paints and inks. In the food processing industry, it is used as a humectant, solvent, and preservative. In the medical field, it is used in the formulation of creams, ointments, and lotions, and as a carrier for active ingredients in medications. In the personal care industry, it is used in the formulation of cosmetics, toiletries, and other personal care products. In other industries, it is used in a variety of applications such as antifreeze and coolant, hydraulic and brake fluid, and aircraft deicing fluid.
Industrial Cleaning Fluid, Paint and Ink, Food Processing, Medical Field, Personal Care, Others in the Global Propylene Glycol Solvent Market:
The Global Propylene Glycol Solvent Market has shown significant growth in recent years. In 2022, the market was valued at US$ 1075.5 million and is expected to reach US$ 1344.3 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period of 2023-2029. This growth can be attributed to the increasing demand for Propylene Glycol Solvent in various industries such as industrial cleaning fluid, paint and ink, food processing, medical field, personal care, and others. The market is dominated by the top 2 manufacturers who hold nearly 50% of the market share in 2019. The largest application of Propylene Glycol Solvent is in the industrial cleaning fluid sector, which accounted for 38% of the sales share in 2019.
| Report Metric | Details |
| Report Name | Propylene Glycol Solvent Market |
| Accounted market size in 2022 | US$ 1075.5 in million |
| Forecasted market size in 2029 | US$ 1344.3 million |
| CAGR | 3.2% |
| 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 | Dow, Lyondell Basell, Indorama(Huntsman), ADM, INEOS, BASF, Repsol, SKC, Shell, Shandong Shida Shenghua, CNOOC & Shell Petrochem, Hi-tech Spring Chem, Daze Group, Shandong Depu Chem |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
