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 organic compound, is used in a variety of industries due to its excellent solvent properties. The global market for this solvent is substantial, with a value of US$ 1075.5 million in 2023. The market is projected to grow steadily, reaching an estimated value of US$ 1344.3 million by 2030. This growth is driven by the increasing demand for Propylene Glycol Solvent in various industries, including industrial cleaning, paint and ink production, food processing, medical field, and personal care.
Industrial Grade Propylene Glycol Solvent, Food Grade Propylene Glycol Solvent, Pharmaceutical Grade Propylene Glycol Solvent in the Global Propylene Glycol Solvent Market:
The Global Propylene Glycol Solvent Market is segmented into three main categories based on the grade of the solvent: Industrial Grade, Food Grade, and Pharmaceutical Grade. Industrial Grade Propylene Glycol Solvent is primarily used in industrial applications such as cleaning fluids and paint and ink production. Food Grade Propylene Glycol Solvent is used in food processing applications, while Pharmaceutical Grade Propylene Glycol Solvent is used in the medical field for various purposes. Each of these grades has specific properties and uses, making them suitable for different applications. The market for these grades is influenced by factors such as the demand in their respective industries, regulatory standards, and technological advancements.
Industrial Cleaning Fluid, Paint and Ink, Food Processing, Medical Field, Personal Care, Others in the Global Propylene Glycol Solvent Market:
The usage of Propylene Glycol Solvent is widespread and varied. In the industrial sector, it is used as a cleaning fluid due to its excellent solvent properties. It is also used in the production of paint and ink. In the food processing industry, Propylene Glycol Solvent is used as a food-grade solvent. In the medical field, it is used in various applications, including as a pharmaceutical grade solvent. In the personal care industry, Propylene Glycol Solvent is used in the production of cosmetics and personal care products. Other uses of Propylene Glycol Solvent include its use in the production of plastics and as a coolant in refrigeration systems.
Global Propylene Glycol Solvent Market Outlook:
In 2023, the Global Propylene Glycol Solvent Market was valued at US$ 1075.5 million. The market is expected to grow at a steady pace, with a projected value of US$ 1344.3 million by 2030. This represents a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period from 2024 to 2030. The top two manufacturers in the global market held a combined market share of nearly 50% in 2019. The largest application of Propylene Glycol Solvent is in the industrial cleaning fluid sector, which accounted for 38% of sales in 2019.
| Report Metric | Details |
| Report Name | Propylene Glycol Solvent Market |
| Accounted market size in 2023 | US$ 1075.5 million |
| Forecasted market size in 2030 | US$ 1344.3 million |
| CAGR | 3.2% |
| 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, 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 |
