Bio-based propylene glycol is a product that is derived from renewable products such as plants by catalytic process and it have high boiling and flash point, stability, and low vapor pressure. Bio-based propylene glycol aids in reducing greenhouse gas emissions. It exhibits fruity odor and thus have applications in the manufacturing of colognes and perfumes. It is very less toxic in nature and is listed in ‘generally recognized as safe’ (GRAS) for its usage in food and pharmaceuticals sectors. The bio-based propylene glycol finds applications in waste heat recovery, and others.
Manufacturing of propylene glycol without harming the environment is a major factor that is expected to drive growth of the global bio-based propylene glycol market over the forecast period. Moreover, it is used as a coolant in automobile industry due to its lower freezing point property. The coolant helps in preventing corrosion in the cooling system and also carries away engine’s waste heat. Growing automotive industry owing to increasing demand from population is expected to boost growth of the bio-based propylene glycol market during the forecast period. For instance, according to the U.S. International Trade Organization (ITA) 2017, China is the world’s largest vehicle market, reporting sales of over 28 million units in 2016, which is expected to reach 35 million units by 2025.
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Low stability of catalyst, and high reaction risk during manufacturing are the major factors that is expected to hamper growth of the market. Increasing demand of renewable products and bio-based methods is expected create various growth opportunities for bio-based propylene glycol market players over the forecast period.
Asia Pacific is expected to be the fastest growing region in the bio-based propylene glycol market over the forecast period. This is mainly due to growing construction industry in this region, especially in China, India, Malaysia, and other countries. Products made from bio-based propylene glycol are used in manufacturing building panels, bathroom components, corrosion resistant tanks, and others. For instance, according to the India Brand Equity Foundation (IBEF), number of India population residing in urban area is expected to increase from 434 million in 2015 to 600 million by 2031. Moreover, according to IBEF, India’s real estate market size is expected to reach US$ 853 billion by 2028, increasing from US$ 126 billion in 2015. Rising growth in construction industry is expected to boost growth of the bio-based propylene glycol market in the region over the forecast period.
Key players operating in the global bio-based propylene glycol market include Archer Daniels Midland Company, BASF SE, Huntsman International LLC., Oleon, The Dow Chemical Company, Ashland, DuPont Tate & Lyle Bio Products Company, and others.
On the basis of application, the global bio-based propylene glycol market is segmented into:
• Chemical Intermediates
• Unsaturated Polyester Resin
• Antifreeze & Coolant
On the basis of end-use industry, the global bio-based propylene glycol market is segmented into:
• Food processing
On the basis of region, the global Bio-Based Propylene Glycol market is segmented into:
• Asia Pacific
• North America
• South America
• Middle East and Africa
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