Propylene glycol or 1,
2-propane-diol is one of the universal product that is used in modern life and
is practically everywhere. It is derived industrially by processing petroleum
products and has a very high demand due to which the global consumption of petroleum
has increased by thousand metric tons per year. Propylene Glycol (PG) is used
in a broad range of products; it can be found in fiberglass resins,
antifreezes, foods, pharmaceuticals and cosmetics.
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Propylene glycol has been prepared
by petroleum stocks but now days it is derived from corn starch and a special
carbohydrate which is processed to make glycols. This processed and green derived
propylene glycol is having a very high quality. The synthetic ingredient is
derived from a renewable source which meets the requirement of the consumers
and it also offers additional advantage of a pleasant and fruity odor.
The chemical industry is highly dependent on fossil fuel for making
variety of petrochemical products. As there are many benefits of renewable
chemistry so the entire industry is shifting towards it, companies are
demanding bio-based chemicals to achieve sustainability by commercializing
bio-based chemicals. One of the elements which are in high demand and
attracting attention to be generated from renewable source is propylene
glycol.
The bio-based propylene glycol is
in high demand due to its effective quality. These products have same area of
applications as that of propylene glycol. Moreover it is a renewably derived
product and helps in reducing the green house gas emissions. These
products meet the standards of bio-preferred purchasing programs and also the
specifications given by the government which makes it an efficient product to
be used by industries. The bio-based propylene glycol is used for all
cosmetics applications and offers fruity odor and equivalent feature as that
of the traditional chemical.
The pleasant smell of bio PG is a
big advantage for the industry producing perfumes and colognes and driving the
demand abundantly. Reduced green house gas emission by its production,
better and benchmarked environmental performance and reduced dependency on petrochemical
feedstock are some of the main drivers of this market. The derivation of
bio-based propylene glycol has a limitation of low catalyst stability and high
reaction pressure during the production process which can be controlled by
proper observation. There is growing demand for renewable products which gives
a wide opportunity to renewable chemistry and bio-based chemicals.
The increase in demand by the
industries for the bio-based products has improved energy security and reduced
the dependence on imports for energy. The growing technology and advancement
in biotechnology to develop industrial bio-based products have given several
opportunities to this market. Moreover the growing demand for product derived
from renewable raw materials has brought several opportunities for this
market.
The bio based propylene glycol is
used as an antifreeze, secondary refridgerant and coolant in many industries.
It is used in several applications such as waste heat recovery,
chillers, HVAC and solar systems. Bio based propylene glycol is used as
anti- freeze because it has low freeze point and high boiling point, in
hydraulic brake fluids, deicing fluids, paints &coatings, pharmaceuticals,
cosmetics, personal care products and food. Bio based chemicals has
continues steady growth in past few years with majors markets including
countries such as the U.S. and Europe.
The agribusiness has been widely
producing bio-based propylene glycol using refined glycerin as the feedstock
which has several applications in industries. Some of the key market players
in this market include Ashland, Cargill, ADM, Dow Chemicals and BASF amongst
others.
This research report analyzes this
market depending on its market segments, major geographies, and current market
trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive
analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for
upcoming years
This report is a complete study of
current trends in the market, industry growth drivers, and restraints. It
provides market projections for the coming years. It includes analysis of
recent developments in technology, Porter’s five force model analysis and
detailed profiles of top industry players. The report also includes a review
of micro and macro factors essential for the existing market players and new
entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point
analysis for changing competitive dynamics
- It provides a forward looking
perspective on different factors driving or restraining market growth
- It provides a technological
growth map over time to understand the industry growth rate
- It provides a seven-year
forecast assessed on the basis of how the market is predicted to
grow
- It helps in understanding the
key product segments and their future
- It provides pin point analysis
of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed
business decisions by having complete insights of market and by making
in-depth analysis of market segments
- It provides distinctive
graphics and exemplified SWOT analysis of major market segments
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