Noxious additives in cosmetics. Laboratory with chemical substances.
The Propylene Glycol Global Market Report 2023 by The Business Research Company, provides propylene glycol market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Propylene Glycol Global Market Report 2023, the global propylene glycol market size is expected to grow from $4.20 billion in 2022 to $4.49 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the propylene glycol market is expected to grow to $5.64 billion in 2027 at a CAGR of 5.8%.
An increase in the consumption of processed foods is expected to propel the growth of the propylene glycol market going forward. Processed food is defined as any food that has been altered during the preparation process. Propylene glycol is used in processed foods as it is used as a preservative, flavor enhancer, and processing aid to enhance the appearance of foods.
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The propylene glycol market is segmented:
1) By Source: Petroleum-Based, Bio-Based
2) By Grade: Industrial Grade, Pharmaceutical Grade
3) By Application: Animal Feed, Inks, Lacquers, Tobacco Humectants, Varnishes
4) By End User: Building And Construction, Consumer Goods, Cosmetics and Personal Care, Electronics, Food And Beverages, Paint And Coatings, Pharmaceuticals, Textile Industries, Tobacco, Transportation
Product innovation is a key trend gaining popularity in the propylene glycol market. Major companies operating in the propylene glycol market are developing innovative products to strengthen their position in the market. Bio-based propylene becomes increasingly important as health concerns increase. For instance, in March 2022, Evonik, a Germany-based chemical manufacturing company, launched its first renewable isophorone-based products by using renewable acetone for the CO2 footprint. The new isophorone products are chemically equivalent to their fossil-based predecessors and share the same processing, formulation, and performance traits. These products can assist the industry in drastically reducing its global warming potential and CO2 footprint compared to conventional isophorone products.
The propylene glycol market report table of contents includes:
1. Executive Summary
2. Propylene Glycol Market Characteristics
3. Propylene Glycol Market Trends And Strategies
4. Propylene Glycol Market – Macro Economic Scenario
5. Propylene Glycol Market Size And Growth
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26. Africa Propylene Glycol Market
27. Propylene Glycol Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Propylene Glycol Market
29. Propylene Glycol Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
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