The Bio-Based Propylene Glycol Market Size was valued at USD 4.62 billion in 2023. It is projected to reach USD 6.58 billion by 2031 and grow at a CAGR of 4.35% over the forecast period 2024-2031.
The bio-based propylene glycol market is driven by growing environmental concerns with stringent regulations favoring sustainable alternatives. Growing consumer awareness regarding the benefits of bio-based products is driving demand. Technological advancements in biorefinery processes are enhancing production efficiency and reducing costs, further stimulating market expansion. Additionally, the versatility of bio-based propylene glycol across various industries, including cosmetics, food, and pharmaceuticals, is fueling its adoption and market growth. The increasing focus on reducing dependence on fossil fuels and mitigating climate change is spurring investment in renewable alternatives like bio-based propylene glycol, fostering market expansion.
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Drivers
Regulatory support for sustainable and renewable alternatives.
Growing consumer preference for eco-friendly products.
Increasing awareness of environmental and health benefits.
The rising awareness of environmental and health benefits propels the bio-based propylene glycol market forward as consumers and industries seek sustainable alternatives. Bio-based propylene glycol offers reduced environmental impact and lower toxicity compared to conventional counterparts, aligning with evolving societal values. This heightened awareness drives demand for eco-friendly products, positioning bio-based propylene glycol as a preferred choice and driving market expansion.
Restraint
Limited production capacity and infrastructure for bio-based alternatives.
Initial higher costs of bio-based propylene glycol compared to conventional counterparts.
The higher initial costs of bio-based propylene glycol present a barrier to widespread adoption within the market. This cost disparity stems from factors like the need for specialized equipment and processes in bio-based production, as well as limited economies of scale. Overcoming this restraint requires continued innovation to streamline production processes, reduce costs, and enhance competitiveness against conventional counterparts, ultimately facilitating broader acceptance and market growth.
Opportunities
Emerging applications in pharmaceuticals, cosmetics, paint & Coatings, and food industries.
Rising investment in renewable energy and sustainable manufacturing.
Challenges
Competition from well-established petrochemical-derived propylene glycol.
Variability in feedstock availability and quality
The Russia-Ukraine war disrupts the bio-based propylene glycol market in several ways. Firstly, Ukraine and Russia are major agricultural players who supply feedstock for this product. Disrupted supply chains from the war can lead to raw material shortages and price increases. Secondly, the war has caused a surge in energy prices, including natural gas, a key component in bio-based propylene glycol production. This can inflate production costs and potentially limit capacity. Thirdly, both countries are major fertilizer exporters, and the war restricts fertilizer availability. This impacts crop yields and potentially reduces feedstock for bio-based propylene glycol production. However, the war and its economic repercussions might shift consumer preferences towards sustainable products, potentially benefitting the bio-based propylene glycol market in the long term.
During economic downturns, businesses and consumers tend to reduce their spending habits, leading to decreased demand for various products, including those containing bio-based propylene glycol. This shift in consumer behavior towards cost-saving measures can heighten price sensitivity, particularly concerning bio-based propylene glycol, which often commands a premium compared to its petroleum-derived counterpart. Economic slowdowns may result in reduced investments across industries, potentially affecting research and development efforts for bio-based propylene glycol production technologies. Furthermore, supply chain disruptions stemming from economic downturns can create challenges in sourcing raw materials or delivering finished bio-based propylene glycol products, impacting overall market dynamics and availability.
By Application
Solvent
Chemical Intermediates
Unsaturated Polyester Adhesives
Antifreeze & Coolant
Others
By Application, the Antifreeze & Coolant segment held the largest revenue share of more than 35% in 2023 owing to the essential role of bio-based propylene glycol in safeguarding engine functionality across automotive, industrial, and commercial sectors. Its superior thermal conductivity and corrosion inhibition properties ensure optimal engine performance while meeting stringent environmental regulations. Moreover, the segment's dominance reflects the increasing demand for reliable and eco-friendly solutions in coolant formulations, driving the adoption of bio-based alternatives.
By End-User Industry
Food Processing
Building & Construction
Cosmetics
Pharmaceuticals
Transportation
Detergent & Household
Marine
Others
The pharmaceuticals segment dominated the end-user industry segment of the bio-based propylene glycol market in 2023. This is attributed to propylene glycol's widespread utilization as a pharmaceutical excipient. Its versatility in formulations such as oral solutions, topical creams, and injectable drugs enhances drug stability and bioavailability. Moreover, the pharmaceutical industry's stringent quality standards and increasing preference for sustainable ingredients drive the adoption of bio-based propylene glycol, consolidating its position within this segment.
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Regional Analysis
North America dominated the Bio-Based Propylene Glycol Market with the highest revenue share of more than 40% in 2023. The region boasts advanced technological infrastructure and significant investments in research and development, facilitating widespread production and adoption of bio-based propylene glycol. Secondly, stringent environmental regulations and growing consumer awareness drive the demand for sustainable alternatives, further fueling market growth. Additionally, North America's diverse industrial landscape and strong presence of key market players contribute to its substantial revenue share in the bio-based propylene glycol market.
Asia Pacific is expected to grow at the highest CAGR in the Bio-Based Propylene Glycol Market during the forecast period. The region's burgeoning population and rapid industrialization drive increased demand for eco-friendly products. Secondly, supportive government initiatives promoting sustainable practices and investments in renewable technologies further propel market expansion. Additionally, rising consumer awareness and changing lifestyles contribute to the escalating adoption of bio-based propylene glycol in various end-user industries across the Asia Pacific region.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
BASF SE, The Dow Chemical Company, Huntsman International LLC., Oleon, Cargill, Temix International S.R.L., Ineos Oxide, Archer Daniels Midland Company, DuPont, Tate & Lyle, Ashland, Global Bio-Chem Technology Group Co., Ltd., ADM, SKC Co., Ltd., and Others.
Oleon-Company Financial Analysis
In September 2023, Dow introduced a new line of propylene glycol (PG) solutions in Europe. These solutions are made from alternative, lower carbon, bio-based, and circular feedstocks. This innovation allows customers to produce end-products for various industries, including pharmaceuticals, agriculture, and food, while also providing validated sustainability benefits through a mass balance approach.
In September 2022, INEOS successfully launched its first sales of Propylene Glycol n-butyl Ethers (PnBs) in Antwerp after making a significant investment in its Antwerp facility. PnBs are widely used across multiple sectors due to their exceptional physical properties.
| Report Attributes | Details |
| Market Size in 2023 | USD 4.62 billion |
| Market Size by 2031 | USD 6.58 billion |
| CAGR | 4.35% |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Application (Solvent, Chemical Intermediates, Unsaturated Polyester Adhesives, Antifreeze & Coolant, and Others) • By End-User Industry (Food Processing, Building & Construction, Cosmetics, Automotive, Pharmaceuticals, Transportation, Detergent & Household, Marine, and Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | BASF SE, The Dow Chemical Company, Huntsman International LLC., Oleon, Cargill, Temix International S.R.L., Ineos Oxide, Archer Daniels Midland Company, DuPont, Tate & Lyle, Ashland, Global Bio-Chem Technology Group Co., Ltd., ADM, SKC Co., Ltd. |
| Key Drivers | • Regulatory support for sustainable and renewable alternatives. • Growing consumer preference for eco-friendly products. • Increasing awareness of environmental and health benefits. |
| Market Restraints | • Limited production capacity and infrastructure for bio-based alternatives. • Initial higher costs of bio-based propylene glycol compared to conventional counterparts. |
Ans. The Compound Annual Growth rate for the Bio-Based Propylene Glycol Market over the forecast period is 4.35%.
Ans. The projected market size for the Bio-Based Propylene Glycol Market is USD 6.58 billion by 2031.
Ans: The United States dominated the North America region in the Bio-Based Propylene Glycol Market with the highest revenue share in 2023.
Ans: The Bio-Based Propylene Glycol Market is primarily driven by increasing consumer preference for eco-friendly products and stringent regulations promoting sustainability.
Ans: One key challenge for the Bio-Based Propylene Glycol Market is competition from well-established petrochemical-derived propylene glycol, which may hinder market penetration and adoption.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.4 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine War
5.2 Impact of Economic Slowdown
5.2.1 Introduction
5.2.2 Impact on major economies
5.2.2.1 US
5.2.2.2 Canada
5.2.2.3 Germany
5.2.2.4 France
5.2.2.5 United Kingdom
5.2.2.6 China
5.2.2.7 Japan
5.2.2.8 South Korea
5.2.2.9 India
6. Value Chain Analysis
7. Porter’s 5 forces model
8. PEST Analysis
9. Average Selling Price
9.1 North America
9.2 Europe
9.3 Asia Pacific
9.4 Latin America
9.5 Middle East & Africa
10. Bio-Based Propylene Glycol Market Segmentation, By Application
10.1 Introduction
10.2 Trend Analysis
10.3 Solvent
10.4 Chemical Intermediates
10.5 Unsaturated Polyester Adhesives
10.6 Antifreeze & Coolant
10.7 Others
11. Bio-Based Propylene Glycol Market Segmentation, By End-User Industry
11.1 Introduction
11.2 Trend Analysis
11.3 Food Processing
11.4 Building & Construction
11.5 Cosmetics
11.6 Automotive
11.7 Pharmaceuticals
11.8 Transportation
11.9 Detergent & Household
11.10 Marine
11.11 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Eastern Europe
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 Rest of Western Europe
12.4 Asia-Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Vietnam
12.4.6 Singapore
12.4.7 Australia
12.4.8 Rest of Asia Pacific
12.5 The Middle East & Africa
12.5.1 Middle East
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of the Middle East
12.5.2 Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 Rest of Africa
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Colombia
12.6.4 Rest of Latin America
13 Company Profile
13.1 BASF SE
13.1.1 Company Overview
13.1.2 Financials
13.1.3 Product/Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 The Dow Chemical Company
13.2.1 Company Overview
13.2.2 Financials
13.2.3 Product/Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Huntsman International LLC.
13.3.1 Company Overview
13.3.2 Financials
13.3.3 Product/Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Oleon
13.4 Company Overview
13.4.2 Financials
13.4.3 Product/Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Cargill
13.5.1 Company Overview
13.5.2 Financials
13.5.3 Product/Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Temix International S.R.L.
13.6.1 Company Overview
13.6.2 Financials
13.6.3 Product/Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Ineos Oxide
13.7.1 Company Overview
13.7.2 Financials
13.7.3 Product/Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Archer Daniels Midland Company
13.8.1 Company Overview
13.8.2 Financials
13.8.3 Product/Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 DuPont
13.9.1 Company Overview
13.9.2 Financials
13.9.3 Product/Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Tate & Lyle
13.10.1 Company Overview
13.10.2 Financials
13.10.3 Product/Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
13.11 Ashland
13.11.1 Company Overview
13.11.2 Financials
13.11.3 Product/Services Offered
13.11.4 SWOT Analysis
13.11.5 The SNS View
13.12 Global Bio-Chem Technology Group Co. Ltd.
13.12.1 Company Overview
13.12.2 Financials
13.12.3 Product/Services Offered
13.12.4 SWOT Analysis
13.12.5 The SNS View
13.13. ADM
13.13.1 Company Overview
13.13.2 Financials
13.13.3 Product/Services Offered
13.13.4 SWOT Analysis
13.13.5 The SNS View
13.14 SKC Co., Ltd.
13.14.1 Company Overview
13.14.2 Financials
13.14.3 Product/Services Offered
13.14.4 SWOT Analysis
13.14.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. USE Cases and Best Practices
16. Conclusion
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