Bio-Based Propylene Glycol Market Growth Outlook Through 2024-2033

Overview and Scope

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.

Sizing and Forecast

The bio-based propylene glycol market size has grown steadily in recent years. It will grow from $4.34 billion in 2023 to $4.53 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to increased environmental awareness, growth in bio-based industry investments, increased crude oil prices, increased focus on carbon footprint reduction, and growth in the global economy.

The bio-based propylene glycol market size is expected to see steady growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to increasing awareness and demand for sustainable and eco-friendly ingredients, increasing disposable income, increasing its use in the automotive and general industry, demand for green buildings has grown, growing need for reducing fuel emissions. Major trends in the forecast period include technological advancements, improved bio-refineries, a growing focus on sustainable products, rising demand for renewable goods, and advancements in cosmetics.

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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

The rising investment in renewable energy is expected to propel the growth of the bio-based propylene glycol market going forward. Investment in renewable energy refers to the financial allocation towards sustainable energy sources such as wind, solar, hydro, and biomass. Rising investment in renewable energy signifies a global shift towards sustainable and environmentally friendly power generation. Investment in renewable energy has enhanced the production of bio-based propylene glycol by enabling the development of sustainable processes utilizing bio-based feedstocks. For instance, in May 2023, according to the International Energy Agency, a France-based intergovernmental organization, global clean energy investment increased from $1,617 billion in 2022 to $1,740 billion in 2023, reflecting a modest shift in financial allocation towards sustainable energy solutions. Therefore, the rising investment in renewable energy is driving the growth of the bio-based propylene glycol market.

Key Industry Players

Major companies operating in the bio-based propylene glycol market are Shell Chemicals, Cargill Incorporated, Archer Daniels Midland Company, Repsol SA, ORLEN Południe 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

The bio-based propylene glycol market report table of contents includes:

1. Executive Summary
2. Bio-Based Propylene Glycol Market Characteristics
3. Bio-Based Propylene Glycol Market Trends And Strategies
4. Bio-Based Propylene Glycol Market – Macro Economic Scenario
5. Global Bio-Based Propylene Glycol Market Size and Growth
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32. Global Bio-Based Propylene Glycol Market Competitive Benchmarking
33. Global Bio-Based Propylene Glycol Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bio-Based Propylene Glycol Market
35. Bio-Based Propylene Glycol Market Future Outlook and Potential Analysis
36. Appendix

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