The global biobased propylene glycol market is on a steady growth trajectory, with an anticipated average compound annual growth rate (CAGR) of 4.40% over the forecast period. In 2022, the market was valued at US$ 4.32 billion, and it is expected to reach a substantial high of US$ 6.65 billion by the year 2032. These promising figures suggest a robust expansion in the biobased propylene glycol market, underscoring the increasing demand for sustainable and environmentally friendly alternatives in various industries.
A historical market valuation of US$ 4.14 billion, as revealed by an analysis conducted by Future Market Insights, highlights the market’s continuous evolution. This growth can be attributed to the rising awareness of the environmental impact of traditional petrochemical-based propylene glycol and the shift towards biobased alternatives, reflecting the global emphasis on sustainability and greener solutions. As the market continues to expand, it presents significant opportunities for both existing and emerging players to innovate and capitalize on the growing demand for biobased propylene glycol in the years to come.
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Propylene glycol, also known as 1,2-propane-diol, is a versatile chemical compound with widespread applications in various industries, including pharmaceuticals, food, and cosmetics. Traditionally, it has been sourced from petroleum-based feedstocks for large-scale production. However, recent innovations have introduced a promising alternative by deriving propylene glycol from corn starch. The process involves the production of carbohydrates from starch.
Biobased propylene glycol is derived from renewable resources, such as plant-based feedstocks. The most common source for its production is glycerin, a byproduct of biodiesel and vegetable oil production. It offers a sustainable and environmentally friendly option to replace petroleum-based propylene glycol.
Key Market Drivers
- Sustainability: As global awareness of climate change and environmental concerns rises, industries are under increasing pressure to reduce their carbon footprint. Biobased propylene glycol aligns with these goals by significantly reducing greenhouse gas emissions compared to its petroleum-based counterpart.
- Regulatory Initiatives: Many governments and regulatory bodies are enacting policies to incentivize the use of biobased chemicals. Tax breaks, subsidies, and sustainability certifications have created a favorable environment for the growth of the biobased propylene glycol market.
- Consumer Demand: Consumers are becoming more conscious of the products they use and are actively seeking eco-friendly alternatives. This demand has led to a surge in biobased ingredients in various consumer products, further driving the market.
Some of the key players producing biobased propylene glycol include
- Archer Daniels Midland Company
- Ashland Incorporation
- Cargill
- Dow Chemical Company.
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Key Questions Addressed in the biobased propylene glycol market Report
1. What are headwinds and tailwinds shaping the growth curve of the global biobased propylene glycol market?
2. Which factors will continue to influence the growth of the regional biobased propylene glycol market?
3. What are the recent technological developments in the biobased propylene glycol market?
4. What are the key challenges and competition threats faced by biobased propylene glycol market players?
5. How will evolving regulatory policies impact the market growth?
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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