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The bio-based propylene glycol market share is expected to increase by USD 110.31 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.06%.
This bio-based propylene glycol market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers bio-based propylene glycol market segmentation by application (unsaturated polyester resins, functional fluids, and antifreeze products, pharmaceuticals, cosmetics, and food, detergents and household products, and other applications) and geography (North America, APAC, Europe, MEA, and South America). The bio-based propylene glycol market report also offers information on several market vendors, including Archer Daniels Midland Co., Ashland Global Holdings Inc., Ayas Renewables Inc., BASF SE, Dow Inc., Global Bio-chem Technology Group Co. Ltd., Hawkins Inc., Huntsman Corp., LAIR LIQUIDE SA, and Oleon NV among others.
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The growth in biodiesel production is notably driving the bio-based propylene glycol market growth, although factors such as seasonality in availability and prices of bio-based propylene glycol may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the bio-based propylene glycol industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Bio-based Propylene Glycol Market Driver
Growth in biodiesel production is a key driver boosting the growth of the bio-based propylene glycol market. Biodiesel production is expected to grow significantly during the forecast period, primarily owing to the growing need for reducing fuel emissions and global carbon footprint globally. The US, Brazil, China, Indonesia, and Argentina are the largest producers of biodiesel. Glycerol, which is also known as glycerin, is one of the major by-products of the biodiesel manufacturing process. For every 100 pounds of biodiesel produced, approximately 10 pounds of crude glycerol is generated. Glycerin is one of the major raw materials used to produce bio-based propylene glycol. Therefore, growth in biodiesel production is expected to increase the glycerin feedstock, which, in turn, will increase the production of bio-based propylene glycol. This will drive the growth of the market during the forecast period.
Key Bio-based Propylene Glycol Market Trend
Increasing environmental awareness leading to use of bio-based products is another important factor driving the growth of the bio-based propylene glycol market. Bio-based propylene glycol is used in the production of unsaturated polyester resins, which are used to make electrical components, paints and coatings, pipes, tanks, and ducts, all important products in the construction industry. The industry and the consumers are becoming more responsible toward the environment, as a result of which the demand for green buildings has grown. The concept of green buildings arose from the need to reduce energy and water intake and to eliminate the production of toxic waste. Green buildings can recycle the water used and reduce the consumption of energy. These buildings use materials that are bio-based and do not leave any residues in water that cannot be recycled or that may contaminate the water. Thus, the use of bio-based products in these buildings will allow users to save on energy and water bills, in turn generating further interest in green buildings.
Key Bio-based Propylene Glycol Market Challenge
Seasonality in availability and prices of bio-based propylene glycol is a major hindrance to the bio-based propylene glycol market growth. The major feedstocks for bio-based propylene glycol are glycerin, corn, and soy. Corn and soy are agricultural products, and their supply is very irregular during the year. There are peak and dull seasons of production, which affect the procurement and production costs and, eventually, the prices of bio-based propylene glycol. During the peak season, product costs are low. In turn, the prices of bio-based propylene glycol also fall, and its supply increases. However, during the dull season, the prices of bio-based propylene glycol are usually high, and supply reduces. This seasonality in its prices and availability has been a hindrance to the growth of the market in focus.
This bio-based propylene glycol market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global bio-based propylene glycol market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the bio-based propylene glycol market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the bio-based propylene glycol market encompasses successful business strategies deployed by the key vendors. The bio-based propylene glycol market is concentrated and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The bio-based propylene glycol market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the bio-based propylene glycol market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global commodity chemicals market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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