Propylene Glycol Market Size (2024 - 2029)

Propylene Glycol Market Analysis

The Propylene Glycol Market size is estimated at 4.09 Million tons in 2024, and is expected to reach 5.75 Million tons by 2029, growing at a CAGR of greater than 7% during the forecast period (2024-2029).

The COVID-19 pandemic had negatively impacted the market due to nationwide lockdowns, strict social distancing measures, and disruption in supply chains, which negatively affected the transportation, building, and construction end-user industries, thereby affecting the market for propylene glycol. However, the market recovered well after the restrictions were lifted. The market recovered significantly, owing to the rise in consumption of propylene glycol transportation and pharmaceuticals end-user industries.

• The increasing demand from the food-processing and additives industry, the growing demand from the automotive industry, and the rising demand for solvents from various end-user industries are expected to drive the market for propylene glycol.
• The health issues created by the high consumption of propylene glycol are expected to hinder the market's growth.
• The development of industrial-scale direct synthesis methods for propylene glycol production is expected to create opportunities for the market during the forecast period.
• The Asia-Pacific region is expected to dominate the market due to rising demand for propylene glycol in transportation, building and construction, and pharmaceutical end-user industries.

Propylene Glycol Industry Segmentation

Propylene glycol is a viscous, colorless liquid classed as a diol. It is miscible with a broad range of solvents, including water, acetone, and chloroform, and thus finds application across a vast range of industries. Further, polypropylene glycol is a major component in the production of polymers.

The propylene glycol market is segmented by grade, application, end-user industry, and geography. By grade, the market is segmented into industrial, food and beverage, and pharmaceutical. By application, the market is segmented into flavoring agents, antifreeze and deicer agents, unsaturated polyester resins, chemical intermediates, and other applications (antioxidants, household care, etc.). By end-user industry, the market is segmented into transportation, building and construction, food and beverages, personal care, pharmaceuticals, and other end-user industries (electronics, paints and coatings, etc.). The report also covers the market sizes and forecasts for the propylene glycol market in 15 countries across the major region. For each segment, the market sizing and forecasts have been done based on volume (Tons).