The mono propylene glycol market size is projected to be worth USD 3,974 million in 2023. The market is likely to reach USD 6,473 million by 2033. The market is further expected to surge at a CAGR of 5% during the forecast period 2023 to 2033.
Key Market Trends and Highlights
| Attributes | Key Insights |
|---|---|
| Mono Propylene Glycol Market Estimated Size in 2023 | USD 3,974 million |
| Projected Market Value in 2033 | USD 6,473 million |
| Value-based CAGR from 2023 to 2033 | 5% |
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The scope for mono propylene glycol rose at a 4.4% CAGR between 2018 and 2022. The global market for mono propylene glycol is anticipated to grow at a moderate CAGR of 5% over the forecast period 2023 to 2033.
| Report Attribute | Details |
|---|---|
| Market Value in 2018 | USD 3,113.9 million |
| Market Value in 2022 | USD 3,785 million |
| CAGR from 2018 to 2022 | 4.4% |
Mono propylene glycol sales expanded with growing uses, accounting for a significant percentage of the worldwide market. Sales potential were affected by the COVID-19 pandemic, which decreased demand for mono propylene glycol in 2020, but growth is expected to continue in the next months.
The industry is primarily driven by end-use industries such as food and beverage, cosmetics, and personal care. Many sectors have suffered as a result of the COVID-19 epidemic, but the market is expected to rise significantly in the next years due to greater usage from end-use industries.
Forecasting the mono propylene glycol market from 2023 to 2033 anticipates continued growth driven by diverse applications. Demand is projected to rise steadily, with increased use in food, pharmaceuticals, cosmetics, and automotive sectors. Bio-based mono propylene glycol adoption may grow due to sustainability concerns.
Key market players will expand production capacity, and mergers and acquisitions may reshape the competitive landscape. Market projections should consider evolving economic conditions, regional variations, and emerging trends like bio-based alternatives over the forecast period.
Challenges in the Mono Propylene Glycol Market
The below table showcases revenues in terms of the top 5 leading countries, spearheaded by the United States and China. These two countries are expected to lead the market through 2033, with sizes of USD 480 million and USD 500 million.
Expected Market Values in 2033
| The United States | USD 480 million |
|---|---|
| China | USD 500 million |
| The United Kingdom | USD 375 million |
| Japan | USD 480 million |
Forecast CAGRs from 2023 to 2033
| The United States | 5.1% |
|---|---|
| China | 5.3% |
| The United Kingdom | 4.9% |
| Japan | 4.5% |
The United States is poised to reach USD 480 million by 2033, growing at a CAGR of 5.1%. The United States is expected to account for a sizable portion of the worldwide mono propylene glycol sector.
The United States is predicted to increase steadily due to the substantial consumption of food and beverages, as well as cosmetics. The country is anticipated to control a large portion of the North American region.
Substantial investment in the building and infrastructure sectors, along with substantial growth in the pharmaceutical, food, and beverage sectors, are projected to stimulate demand for mono propylene glycol in the country. Customers in the country have been raising their average annual investment on personal and beauty care products in recent years, which has fueled the rise of the mono propylene glycol industry.
In the United States, there is a growing consumer knowledge of product element options, as well as wellness and health developments.
The mono propylene glycol market in China is anticipated to reach a value of USD 500 million. The market in China is poised to expand at a CAGR of 5.3% through 2033.
Owing to the existence of significant production companies, consuming units, and several growing end-use sectors in the country, China is one of the main producers in addition to customers of mono propylene glycol in the global market.
China is expected to lead the global construction market by 2033. The construction industry's evolution is also increasing the requirement for propylene glycol for multiple industrial chemicals including de-icing fluids, automobile coolants, building panels, washroom fittings in the building sector, and so on. The growing medical sector, which uses mono propylene glycol as a drug solubilizer, is also driving market expansion.
Expected to reach USD 480 million by 2033, the mono propylene glycol market in United Kingdom is set to experience positive growth. From 2023 to 2033, the country is likely to register a 4.9% CAGR.
The mono propylene glycol market in the United Kingdom is poised for steady growth. mono propylene glycol, a versatile chemical, found applications in various sectors, including food and beverage, pharmaceuticals, cosmetics, and industrial processes, driving consistent demand.
Environmental sustainability and stringent regulations are influencing the market. Companies are increasingly exploring eco-friendly alternatives and sustainable production processes to align with evolving environmental norms in this country.
Competition among domestic and international suppliers remained robust, necessitating a focus on quality, innovation, and cost-efficiency.
Overall, the mono propylene glycol market in the United Kingdom is expected to experience moderate growth, primarily driven by expanding applications and growing awareness of sustainability.
The mono propylene glycol market in Japan is characterized by stable demand from diverse industries such as pharmaceuticals, cosmetics, food and beverage, and industrial applications. Its versatility and widespread use are contributing to consistent market growth.
Japan, like many other countries, is increasingly focused on sustainability and environmental regulations. This emphasis on eco-friendly practices influenced the mono propylene glycol market, leading to a growing interest in bio-based and green alternatives. Companies are likely to invest in cleaner and more sustainable production processes to align with these trends.
Competition is strong among both domestic and international mono propylene glycol suppliers in this country. To maintain a competitive edge, companies in Japan had to prioritize product quality, innovation, and cost-efficiency.
The market's growth trajectory depends on various factors, including economic conditions, technological advancements, and evolving regulatory frameworks.
The mono propylene glycol market in Japan is expected to see stable demand with potential growth opportunities in eco-friendly and sustainable mono propylene glycol production. From 2023 to 2033, the mono propylene glycol market in Japan is poised to rise at a 4.5% CAGR. By the end of the said forecast period, a valuation of USD 375 million is expected.
Technical grade is expected to continue to be one of the industry's most important grade divisions. The increasing adoption of technical grade mono propylene glycol by different end-use sectors is likely to be the primary driver of the sub-segment's dominance in the segment.
Industrial grade mono propylene glycol is used as an intermediate in numerous business-oriented paints and finishes, as well as a stabilizer in laundry and cleaning detergents. The low toxicity and minimal vapor pressure of industrial-grade mono propylene glycol make it suitable for a variety of usages in end-use industries.
Because of mono propylene glycol characteristics, mono propylene glycol is widely utilized in the production of unsaturated polyester resins, which can then be used to make objects like boats, water/chemical tanks, and pipes.
Unsaturated polyester resins are used to make a variety of building components in construction sectors, including cooker hobs, roof shingles, building panels, residential structure composite material, restroom fittings, glass fiber reinforced plastic building materials and pipes, ducts and tanks.
Unsaturated polyester resins are also used in sealants and layers, primarily in wood finishing and composition. Therefore, unsaturated polyester resins segment to witness major growth over the upcoming years.
| Category | CAGR from 2023 to 2033 |
|---|---|
| Technical Grade | 5.2% |
| Unsaturated Polyester Resin | 5% |
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To address the increasing demand for mono propylene glycol, manufacturers' focus has shifted toward emerging markets during the last few years. Several significant businesses are also concentrating on collaborations, boosting manufacturing capabilities, mergers and acquisitions, and increasing R&D spending.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Mono Propylene Glycol Market Estimated Size in 2023 | USD 3,974 million |
| Projected Market Value in 2033 | USD 6,473 million |
| Value-based CAGR from 2023 to 2033 | 5% |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value and Tons for Volume |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Segments Covered | Grade, Application, End Use, Source, Region |
| Key Companies Profiled | BASF SE; Royal Dutch Shell PLC; LyondellBasell Industries N.V.; Sumitomo Chemical Co., Ltd.; The Dow Chemical Company; Huntsman Corporation; Archer Daniels Midland Company; Adeka Corporation; AGC Inc.; Oleon NV; Repsol; Foodchem International Corporation; SKC Korea; Sadara Chemical Company; INEOS Group of Holdings S.A. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The mono propylene glycol market is expected to reach USD 3,974 million in 2023.
The market for mono propylene glycol is set to expand by a CAGR of 5% by 2033.
The mono propylene glycol industry is forecast to reach USD 6,473 million by 2033.
China is likely to be the top performing market, accounting for USD 500 million in 2033.
Technical grade is the most preferred in the market.
| Market Estimated Size in 2023 | USD 3.3 billion |
|---|---|
| Projected Market Value in 2033 | USD 4.7 billion |
| Value-based CAGR (2023 to 2033) | 3.6% |
| Market Size (2022) | USD 328.94 million |
|---|---|
| Market Size (2032) | USD 594.6 million |
| Market CAGR (2022 to 2032) | 6.1% |
| Market Value (2022) | USD 4.32 Billion |
|---|---|
| Market Anticipated Value (2032) | USD 6.65 Billion |
| Projected CAGR (2022 to 2032) | 4.40% |
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Mono Propylene Glycol Market
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