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 beyond US$ 5 Billion towards the end of 2029, witnessing a moderate CAGR during the forecast period (2022 – 2029).
The environmental sustainability of bio-based mono propylene glycol will be significantly responsible for upholding its demand in the global market over the following years.
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.
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Key Takeaways – Mono Propylene Glycol Market Study
- The low toxicity of mono propylene glycol, as compared to ethylene glycol, is expected to drive its usage in cosmetics and personal care products on a large scale. As ethylene glycol is poisonous and must be handled with caution to restrict any human or animal exposure, MPG will witness higher demand in the forecast period.
- Being the preferred glycol for manufacturing high-performance, unsaturated polyester resins for several uses such as reinforced plastic laminates for marine construction, gel coats, sheet molding compounds (SMC), and synthetic marble casting, industrial grade mono propylene glycol is projected to witness significant demand. It is also a vital intermediate in the production of alkyd resins for paints and varnishes.
- Substantial demand is anticipated for mono propylene glycol from the pharmaceutical industry as it is a well-known excipient. MPG is used for several purposes in a broad range of pharmaceutical dosage forms, for e.g. as a humectant in topical medication, as a preservative in solutions, or as a co-solvent in aerosols, parenteral, and oral solutions.
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 the absence of local manufacturers. Key manufacturers such as Dow Chemical Company, Lyondell Basell, 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 Market by Category
By Grade:
- Technical
- Food
- Pharmaceutical
By Application:
- Unsaturated Polyester Resin (UPR)
- Polyester Fiber Production
- Food Additive
- Heat Transfer Fluid
- Pharmaceutical Solvents
- Liquid Detergents
- Paints & Coatings
- Other Industrial
By End Use:
- Chemicals
- Cosmetics & personal care
- Pharmaceutical
- Food & Beverage
- Others
By Source:
- Synthetic
- Bio-based
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Learn More About Report Inclusions
The research report analyzes total sales of mono propylene glycols based on volume (KT) and value (US$ Mn). The report includes a competition analysis section that includes market structure analysis, tier structure analysis, competition development, and other crucial information about global and regional players in the market.
Opportunities in the market are projected based on factors such as construction industry growth, food industry outlook, pharmaceutical industry overview, investments in upcoming infrastructure projects, and expansion in production capacity by worldwide manufacturers.
The market is mainly driven by the end-use industry such as the food & beverage, cosmetics & personal care industry market. Due to the Covid-19 pandemic all industries have suffered and witnessed a downfall, but in the coming years market is anticipated to witness significant growth owing to the increase in consumption from end-use industries.
Due to increased environmental concerns, manufacturers in the business are focused on bio-based chemicals for producing mono propylene glycol, which is acting as another growth-inducing element.
Furthermore, as the coronavirus disease (COVID-19) spreads, there is an increase in the need for propylene glycol in the production of hand sanitizers and surface disinfectants. Thus the end-use segment of pharmaceuticals has witnessed a positive outlook in the market.
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Propylene Glycol Market: Propylene glycol is a chemical that is produced by the reaction of propylene oxide with water. It is a colorless, clear, almost odorless, viscous liquid that has a faintly sweet taste.
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