Bio-based propylene glycol is product that is derived from plants by catalytic process, having high boiling and flash point, stability, and low vapor pressure. Bio-based propylene glycol helps in reducing greenhouse gas emissions. It offers fruity odor and is used in the manufacturing of colognes and perfumes. It has very low toxicity and is listed in generally recognized as safe (GRAS) for use in food and pharmaceuticals. The bio-based propylene glycol finds applications in waste heat recovery, solar system, and others.
Eco-friendly methods of manufacturing of propylene glycol is a major factor driving growth of the global bio-based propylene glycol market. It is used as a coolant in automobile industry due to its lower freezing point property. The coolant helps in preventing corrosion in the cooling system and also carries away the engine's waste heat. Significant growth in automotive industry due to increasing middle class and young population is expected to boost growth of the bio-based propylene glycol market during the forecast period. According to the U.S. International Trade Organization (ITA) 2017, China is the world’s largest vehicle market, reporting sales of over 28 million units in 2016, which is expected to reach 35 million units by 2025.
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The low stability of catalyst, and high reaction risk during manufacturing are the major factors that would restrict the growth of anionic surfactants market. The increasing demand of renewable products and bio-based methods is expected to create lots of opportunity for bio-based propylene glycol market.
Asia Pacific is expected to be the fastest growing region in the bio-based propylene glycol market during the forecast period. This is mainly due to growing construction industry in this region, especially in China, India, Malaysia, and other countries. Products made from bio-based propylene glycol are used to make building panels, bathroom components, corrosion resistant tanks, and others. According to India Brand Equity Foundation (IBEF), number of Indians living in urban area is expected to increase from 434 million in 2015 to 600 million by 2031. According to IBEF, India’s real estate market size is expected to reach US$ 853 billion by 2028, increasing from US$ 126 billion in 2015. Significant growth in construction industry is expected to boost growth of the bio-based propylene glycol market in the region during the forecast period.
Key players operating in the global bio-based propylene glycol market include Archer Daniels Midland Company, BASF SE, Huntsman International LLC., Oleon, The Dow Chemical Company, Ashland, DuPont Tate & Lyle Bio Products Company, and others.
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On the basis of application, the global bio-based propylene glycol market is segmented into:
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