Bio-based Propylene Glycol Market - Drivers and Forecasts by Technavio

Technavio analysts forecast the global bio-based propylene glycol market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.

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The research study covers the present scenario and growth prospects of the global bio-based propylene glycol market for 2017-2021. The market is segmented based on application and geography.

The global bio-based propylene glycol market is expected to grow in the forecast years because of the increasing need to stop the use of petroleum-based products, replacing them with more renewable bio-based feedstocks. Because of the implementation of a number of regulations in North America, the use of bio-based propylene glycol is the highest here worldwide. The US leads the demand in the market. Consumers here are increasingly concerned about the products they consume, and a growing number of them are using bio-based products.

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Technavio research analysts highlight the following three factors that are contributing to the growth of the global bio-based propylene glycol market:

• Growth in biodiesel production
• Increase in environmental awareness leading to use of bio-based products
• Growth in automobile and construction industries

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Growth in biodiesel production

The US, Germany, Brazil, Indonesia, and Argentina are the largest producers of biodiesel. One of the main by-products of biodiesel production is glycerol, also known as glycerin. It is estimated that for every 100 pounds of biodiesel produced, approximately 10 pounds of crude glycerol are also generated.

Ksham Upadhyay, a lead specialty chemicals research analyst at Technavio, says, “Glycerin is one of the major feedstocks used for the production of bio-based propylene glycol along with soy and corn. Consequently, the growth in biodiesel production will eventually lead to the growth of the bio-based propylene glycerin market.”

Increase in environmental awareness leading to use of bio-based products

Governments, businesses, and individual consumers are all becoming aware of the harmful effects to the environment of using products that are derived from petroleum. They are highly toxic and do not disintegrate in the environment, contaminating the air, soil, and water bodies and eventually causing harm to human health.

“Government bodies and other regulatory authorities, such as ASTM and US Pharmacopeia, are formulating rules to reduce the use of petroleum-based feedstocks. This is promoting the use of bio-based feedstocks, which are biodegradable, non-toxic, non-corrosive, non-carcinogenic, and recyclable, as well as help in reducing ozone depletion. Many large organizations are tying up with R&D companies to conduct research on bio-based feedstocks,” adds Kshama.

Growth in automobile and construction industries

The major applications of bio-based propylene glycol are in the construction and automobile industries, and both these sectors are seeing steady growth. The increase in global population and the rising purchasing power of the consumers in both developed and developing countries are aiding the growth of these sectors. In the automobile sector, the sale of passenger cars is growing at a fast rate every year. China, the US, Germany, and India are the top players in the passenger cars segment.

The construction industry is also driving the global bio-based propylene glycol market with more green constructions being implemented to safeguard the environment and reduce carbon emissions. APAC and North America will be the primary growth drivers in this sector during the forecast period.

Top vendors:

• Ashland
• BASF
• Cargill
• Archer-Daniels-Midland (ADM)
• Oleon

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