The mono propylene glycol market is expected to be driven by the its growing use in various end-use industries such as, chemical industry, pharmaceutical industry, cosmetics and others.
Mono propylene glycol (MPG) continues to find application across diverse industries, on the back of its low toxicity and hygroscopic properties. A recent Future Market Insights (FMI) study suggests that the global mono propylene market value will reach US$ 5,159.5 Mn towards the end of 2029, witnessing a moderate CAGR during forecast period (2022 - 2029). Environmental sustainability of bio-based mono propylene glycol will be significantly responsible in upholding its demand in the global market over the course of following years.
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Key Takeaways - Mono Propylene Glycol Market Study
Manufacturers in the mono propylene glycol market can gain substantial profits by targeting long-term supply contracts from prominent end-use industries such as food & beverage, pharmaceutical, building construction, and others, across various developing countries such as India and China.
Manufacturers Moving towards Bio-based Mono Propylene Glycol
Bio-based mono propylene glycol is gaining popularity in the market, as a switch from petrochemical- to renewable-based MPG results in the reduction of climate change impact of 40-60% kg of CO2. Several countries are taking initiatives to increase the adoption of bio-based mono propylene glycol among various end-use industries owing to its significant environmental benefits.
Who Is Winning?
The global mono propylene glycol market is fairly consolidated due to the unavailability of raw materials required for the manufacturing of mono propylene glycol, especially at the regional level, and absence of local manufacturers. Key manufacturers such as Dow Chemical Company, LyondellBasell, BASF SE, and Royal Dutch Shell PLC account for about 40% of the overall market share. North America and Europe are anticipated to account for a significant share of the global mono propylene glycol market, owing to rapid infrastructural development and increasing preference for bio-based mono propylene glycol.
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MONO PROPYLENE GLYCOL MARKET TAXONOMY
The global mono propylene glycol market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
Grade
Application
End Use
Source
Region
North America Leading, with High Demand from Animal Feed Industry
The demand and sales of mono propylene glycol remain significant in North America, despite the presence of stringent regulatory framework. The region accounts for more than one-fourth revenue share of the global market. Leading players in the North American market are targeting animal feed manufacturing companies to boost their sales in the region. While developed markets continue to lead the curve with high consumption of mono propylene glycol, sales in East Asia will also increase at a significantly high CAGR over the next decade.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jan 31, 2023