Propylene Glycol Market Projected to Witness Robust Growth Amid Increasing Industrial Applications
Propylene Glycol Market Expected to Experience Strong Growth Driven by Expanding Industrial Applications
The global propylene glycol market is projected to grow steadily, with a compound annual growth rate (CAGR) of 6.1% from 2023 to 2030, reaching a market value of USD 6.98 billion by 2030, according to a recent report by Grand View Research. This growth is primarily fueled by the increasing demand for propylene glycol across various industries, including construction, food and beverages, personal care, and pharmaceuticals.
Known for its versatility as a solvent, humectant, and emulsifier, propylene glycol is becoming more integral across numerous industrial sectors. In the construction industry, it is widely used in the production of building materials, resins, plastics, paints, coatings, and industrial coolants. Its ability to enhance freeze-thaw resistance makes it a vital ingredient in latex paints and coatings.
In the food and beverage sector, propylene glycol is FDA-approved for direct addition to food, serving as a humectant to maintain moisture and extend shelf life. It also acts as a solvent for food colors and flavorings. Similarly, in pharmaceuticals and personal care products, it is commonly used as a solvent in liquid medications and as a moisture-retaining ingredient in cosmetics.
The transportation industry also depends on propylene glycol, using it as a deicing agent for aircraft and as a coolant in automotive systems, where it helps prevent corrosion. Moreover, the bio-based propylene glycol segment is expected to grow at the fastest rate, with a CAGR of 6.4% during the forecast period, driven by its eco-friendly characteristics and a significant reduction in greenhouse gas emissions compared to petroleum-based alternatives.
