Increased demand owing to the considerably high petroleum usage has been an important factor in the growth of the market in the past few years. Market focused reports related to the chemicals materials sector among others recently have been made available by Market Research Future which publishes reports on this sector. The bio based propylene glycol is anticipated to demonstrate a high CAGR percent in the forecast period.
The various industrial applications of bio based propylene glycol have been instrumental in the development of the market in the past few years. Non ionic surfactants are among one of the key causes that are shaping the growth trajectory of the market. Its usage in emulsifiers, adhesives, and lubricants has increased the demand for the market at a gradual pace. The automotive sector has contributed in a major way to the market. The growing demand for products resulting from renewable sources is expected to boost the growth of the market over the forecast period.
Competitive Leaderboard:
The prominent competitors that are a part of the industry include BASF SE (Germany), Archer Daniels Midland Company (U.S.), The Dow Chemical Company (U.S.), Huntsman International LLC. (U.S.), DuPont Tate Lyle Bio Products Company, LLC (UK), Oleon (Belgium), Ashland. (U.S.), and others.
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The bio based propylene glycol market globally is segmented on the basis of end use industries, application, and regions. The application based segment of the market is segmented into solvent, unsaturated polyester resin, chemical intermediates, antifreeze coolant and others. The end use industries segmentation includes building construction, pharmaceutical, Cosmetics, automotive, detergent household and others. The regional segmentation of the market comprises of Europe, Latin America, Asia Pacific, North America, and the Middle East Africa.
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Segmentation:-
The bio based propylene glycol market globally is segmented on the basis of end use industries, application, and regions. The application based segment of the market is segmented into solvent, unsaturated polyester resin, chemical intermediates, antifreeze coolant and others. The end use industries segmentation includes building construction, pharmaceutical, Cosmetics, automotive, detergent household and others. The regional segmentation of the market comprises of Europe, Latin America, Asia Pacific, North America, and the Middle East Africa.
Regional Analysis:-
The bio based propylene glycol market is segmented into regions such as Europe, Latin America, Asia Pacific, North America, Middle East and Africa. The Asia Pacific region is projected to develop at a high CAGR during the forecast period due to the incidence of a huge number of fibers manufacturers and unsaturated polyester resins as well as growing demand from the construction sector. The demand for Bio Based Propylene Glycol is expected to develop in emerging countries such as India, China, Japan, and Vietnam owing to the developing commercial as well as institutional construction sector. Additionally, the emerging chemical industries in this region is estimated to increase business opportunities. Moreover, comparatively cheap labor cost, the stable supply of raw material, and increasing development strategies to fulfil the demand for bio-based propylene glycol in the increasing applications are the significant factors for the growth in the regional market.
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