What are the Historical Developments and Current Growth Metrics of the Bio-Based Propylene Glycol Market?
The bio-based propylene glycol market has seen considerable growth due to a variety of factors.
• The bio-based propylene glycol market has steadily increased in recent years. It will grow from $4.53 billion in 2024 to $4.73 billion in 2025, at a CAGR of 4.5%.
This growth can be attributed to rising environmental awareness, more investments in the bio-based industry, increasing crude oil prices, a stronger focus on reducing carbon footprints, and the global economic expansion.
What is the Forecasted Market Size and CAGR for the Bio-Based Propylene Glycol Market?
The bio-based propylene glycol market is expected to maintain its strong growth trajectory in upcoming years.
• The bio-based propylene glycol market is expected to reach $5.58 billion by 2029, growing at a CAGR of 4.2%.
This growth is fueled by increasing awareness and demand for sustainable, eco-friendly ingredients, higher disposable incomes, wider use in automotive and general industries, and the demand for green buildings and reduced fuel emissions. Key trends include technological advancements, improvements in bio-refineries, a focus on sustainable products, rising demand for renewable goods, and developments in cosmetics.
What Key Factors and Trends Are Driving The Growth Bio-Based Propylene Glycol Market?
Increased investment in renewable energy is anticipated to accelerate the growth of the bio-based propylene glycol market. Financial investments directed toward renewable sources like wind, solar, and biomass contribute to more sustainable energy production, facilitating the development of bio-based processes. For instance, the International Energy Agency reported that clean energy investments grew from $1,617 billion in 2022 to $1,740 billion in 2023, signaling a stronger commitment to sustainable energy solutions. As a result, these investments are boosting the production of bio-based propylene glycol.
What Are The Market Segments In The 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
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What Trends Are Reshaping The Future Of The Bio-Based Propylene Glycol Market?
Companies in the bio-based propylene glycol market are focusing on developing sustainable solutions like propylene glycol REN with Ecolibrium bio-circular technology. For instance, in March 2024, Dow Inc., a US-based materials science company, launched two new bio-circular propylene glycol solutions in North America. These solutions aim to reduce environmental impact by using renewable, bio-based feedstocks, replacing traditional fossil-based resources.
Who Are the Key Players In The Bio-Based Propylene Glycol Market?
Major companies operating in the bio-based propylene glycol market are:
• Shell Chemicals
• Cargill Incorporated
• Archer Daniels Midland Company
• Repsol SA
• ORLEN Poludnie SA
• BASF SE
• Dow Inc
• LyondellBasell Industries N.V.
• Braskem SA
• Huntsman Corporation
• Clariant AG
• Ashland Global Holdings Inc
• Tate & Lyle Bio PLC
• Global Bio-chem Technology Group Company Limited
• Oleon NV
• Houghton Chemical Corporation
• Ayas Renewables Inc
• Rennovia Inc.
• Vertec Biosolvents Inc.
• NexantECA
What Are The Regional Insights Into 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.
