Propylene Glycol (PG) is a multifunctional organic molecule that is produced from petroleum products, mainly propylene oxide. It is used in various industries such as electronic, food, pharmaceutical, cosmetics and fiberglass resins. Bio-Based Propylene Glycol is a product, which is derived renewably and it reduces emission of the greenhouse gases. It has relatively high boiling point and low freezing point. Bio-Based Propylene Glycol offers fruity odor and can be used efficiently in the industries that manufacture perfumes and colognes. It has a broad spectrum of applications such as antifreeze, waste heat recovery, coolants, solar system, etc. Due to soaring concern for environment, industries are finding their way out in the bio-based routes for developing propylene glycol.
The various factors that are driving the growth of the Bio-Based Propylene Glycol market are eco-friendly methods of manufacturing, reduced usage of petrochemical feedstock, and reduced emission of the greenhouse gases. The major restraints for the expansion of the market are high reaction risk during the process of manufacturing and low stability of catalyst. The increased demand for bio-based methods and renewable products is expected to create lot of opportunity for Bio-Based Propylene Glycol market.
Bio-Based Propylene Glycol Application Market Analysis
Bio-Based Propylene Glycol application market is segmented into Unsaturated Polyester Resins, Fluids and Coolants, Detergents, Food, Pharmaceuticals and others. Fluids and Coolants segment is the largest revenue-generating segment due to bio-based PG’s physical properties such as high boiling point and low freeze point.
Bio-Based Propylene Glycol Geography Market Analysis
Geographically, Market is segmented into North America, Europe, Asia Pacific and RoW. North America followed by Europe is the largest revenue-generating segment due to its increasing adoption of eco-friendly methods.
The key strategies adopted by the companies to expand in the Bio-Based Propylene Glycol market are product launches, mergers & acquisitions and agreements & collaborations. These strategies would provide efficient products and yield strong performing products that support the market regulations and finally, exhibit better customer satisfaction. The companies profiled in this report are BASF, Dow Chemicals, Cargill, Ashland and ADM.
High Level Analysis
The report analyzes various macro environment of the Bio-Based Propylene Glycol market using porter’s analysis. According to porter’s analysis, the bargaining power of the supplier is high due to high cost of switching. The bargaining power of buyer is low due to the specialized products of Bio-Based Propylene Glycol market and threat of substitute is low due to unavailability of alternate products. The report provides various winning strategies adopted by the top companies.
Analysis of the Bio-Based Propylene Glycol market on the basis of various segments is expounded in the report, and segmental analysis is done to identify the largest revenue generating segment
To study the various factors that are enhancing and restraining the growth of the market that would help the market players in deeply understanding the market
Study of SWOT and analysis of the captivating strategies adopted by the players in the market is conducted and that would help in assisting the stakeholders to take actionable decisions
Analysis of the current market scenario, forecasts of the future transition trends and projected revenue of the market are expounded in the report. Thus, help stakeholders analyze the market
The analysis focuses on the wide variety of opportunities for the growth and expansion of the market
Bio-Based Propylene Glycol Market Report Highlights
Key Market Players
Stepan Company, ExxonMobil Corporation, Mitsubishi Chemical Corporation, Akzo Nobel N.V., Huntsman International LLC, Dow Chemical Company, Corbion N.V., DuPont de Nemours, Inc., China Petroleum & Chemical Corporation (Sinopec), BASF SE