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.
Key Market Segment
Bio-Based Propylene Glycol market Analysis is segmented on the basis of applications and geographies.
Market by Application
Market by Geography