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 glycol market value will reach US$ 5,159.5 Million 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 the following years.
The global mono propylene glycol market has seen consistent growth and is expected to continue expanding in the coming years. Several factors contribute to this growth, including increasing demand in industries such as food and beverage, pharmaceuticals, cosmetics, and automotive. MPG is primarily used as a chemical intermediate, solvent, and humectant, but its versatility extends to antifreeze and de-icing fluids, making it indispensable in colder climates.
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Key Takeaways – Mono Propylene Glycol Market Study
- 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 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 Segmentation
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
- Technical
- Food
- Pharmaceutical
Application
- Unsaturated Polyester Resin (UPR)
- Polyester Fiber Production
- Food Additive
- Heat Transfer Fluid
- Pharmaceutical Solvent
- Liquid Detergent
- Paints & Coating
- Other Industrial
End Use
- Chemicals
- Cosmetics & personal care
- Pharmaceutical
- Food & Beverage
Region
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East
- Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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