Bio-Based Propylene Glycol: Increasing Petroleum Consumption towards Renewable Chemistry Industries - Market Growth 2016 - 2024
Global Bio-Based Propylene Glycol Market: Overview
Propylene glycol has a very high demand due to the significantly high petroleum consumption globally. In addition, propylene glycol can be found in diverse products such as fiberglass resins, foods, antifreezes, cosmetics, and pharmaceuticals. This broad range of applications has a considerable influence on the global bio-based propylene glycol market. The ubiquity of the product augur well for its increasing demand. With the global petroleum consumption increasing by a thousand metric ton every year, the market stands profound chances of exhibiting robust growth over the course of the forecast period between 2013 and 2019.
All the recent developments that have occurred in the global bio-based propylene glycol market is accounted in the report. In many ways it is all en-compassing as it compiles detailed assessment of the various factors influencing the market’s trajectory between 2013 and 2019. It provides market insights based on results obtained from Porter’s five forces analysis. The analysis factors bargaining position of suppliers and buyers, threat from substitutes and new entrants, and degree of competition in the market to uncover opportunities for both new and existing market participants.
Global Bio-Based Propylene Glycol Market and Opportunities
The chemical industry makes various petrochemical products using fossil fuel. However, the industry is slowly shifting towards renewable chemistry realizing the benefits it offers. The demand for bio-based chemicals has thus increased as the chemical industry aims for sustainability and commercialization of their products. Bio-based propylene glycol is obtained from renewable sources and can be put to diverse application, which is a key factor fuelling its demand in the chemical industry.
Besides helping the industry successfully address emission concerns, bio-based propylene glycol also coheres with the government regulations. This is a key factor fuelling its demand across industries. Furthermore, bio-based propylene glycol is used in nearly all cosmetics applications and it offers a fruity fragrance, which provides big advantage to the industry producing perfumes and colognes.
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There is rising demand for products derived from renewable sources, which provides a wide opportunity to bio-based chemicals. Furthermore, the increasing use of bio-based propylene glycol across industries and recent developments in biotechnology hold significant growth opportunities for the market.
Global Bio-Based Propylene Glycol Market: Regional Outlook
Regionally, the global bio-based propylene glycol market can be segmented into North America, Europe, Asia Pacific, and Rest of the World. Among these, the market will witness rising demand from Asia Pacific. The growth of end-user industries such as construction, transportation, and marine will aid the expansion of the bio-based propylene glycol market in the region.
Global Bio-Based Propylene Glycol Market: Vendor Landscape
In order to study the vendor landscape, the report includes profiles of some of the leading companies, whose strategies have a profound impact on the market. For instance, SWOT analysis is conducted on Dow Chemicals, Ashland, Cargill, BASF, ADM, and others to gauge their strengths and weaknesses. The analysis also provides details pertaining to the threats and opportunities that these companies are expected to witness over the course of the forecast period.
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