What Is The Scope Of The Global Bio-Based Propylene Glycol Market?
Bio-based propylene glycol is a sustainable alternative to traditional propylene glycol derived from renewable biomass feedstocks such as plants, agricultural byproducts, or waste materials. It shares the chemical features and capabilities of its petroleum-derived counterpart while reducing reliance on fossil resources.
Bio-Based Propylene Glycol Global Market Report 2024 provides data on the global bio-based propylene glycol market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Bio-Based Propylene Glycol market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Bio-Based Propylene Glycol?
The bio-based propylene glycol market grew steadily from $4.34 billion in 2023 to $4.53 billion in 2024 at a CAGR of 4.2%, driven by environmental awareness, investments in bio-based industries, and crude oil price increases. Projected to reach $5.36 billion by 2028 at a CAGR of 4.3%, growth will stem from demand for sustainable products, automotive applications, and green building trends. Key advancements include improved bio-refineries and renewable product development.
What Are The Leading Drivers Of Growth In The Bio-Based Propylene Glycol Market?
The rising investment in renewable energy is expected to drive the growth of the bio-based propylene glycol market. Investment in renewable energy includes financial allocations towards sustainable energy sources such as wind, solar, hydro, and biomass. This growing investment signifies a global shift towards sustainable and environmentally friendly power generation. Increased investment in renewable energy has facilitated the production of bio-based propylene glycol by supporting the development of sustainable processes using bio-based feedstocks. For instance, the International Energy Agency reported that global clean energy investment rose from $1,617 billion in 2022 to $1,740 billion in 2023, reflecting a modest shift towards sustainable energy solutions. Therefore, the rising investment in renewable energy is driving the growth of the bio-based propylene glycol market.
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How Are The Segments Defined Within The Global Bio-Based Propylene Glycol Market?
The bio-based propylene glycol market covered in this report is segmented –
1) By Type: Bio-Based 1, 2- Propylene Glycol, Bio-Based 1,3- Propylene Glycol
2) By Application: Solvent, Chemical Intermediates, Unsaturated Polyester Adhesives, Antifreeze And Coolant, Other Applications
3) By End-User Industry: Food Processing, Building And Construction, Cosmetics, Automotive, Pharmaceuticals, Transportation, Detergent And Household, Marine, Other End-User Industries
How Are New Trends Expected To Influence The Growth Of The Bio-Based Propylene Glycol Market?
Leading companies in the bio-based propylene glycol market are prioritizing the development of propylene glycol REN with Ecolibrium bio-circular technology to improve sustainability and lower carbon footprints. Propylene Glycol REN, which features Ecolibrium bio-circular technology, is a sustainable type of propylene glycol produced from renewable, bio-based feedstocks through an eco-friendly process. For example, in March 2024, Dow Inc., a US-based materials science company, introduced bio-circular and circular feedstocks, two new sustainable varieties of propylene glycol (PG) solutions in North America. These innovative solutions aim to minimize the environmental impact of the company's operations and products by utilizing renewable resources and reducing waste. The bio-circular feedstocks are intended to replace traditional fossil-based feedstocks, thereby promoting a more sustainable and environmentally friendly manufacturing approach.
Which Region Drives The Highest Growth In The Bio-Based Propylene Glycol Market?
Asia-Pacific was the largest region in the bio-based propylene glycol market in 2023. The regions covered in the bio-based propylene glycol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
