Propylene Glycol Market Updates

Global Propylene Glycol Market size was valued at USD 4.62 Billion in 2023 and is poised to grow from USD 4.90 Billion in 2024 to USD 7.86 Billion by 2032, growing at a CAGR of 6.1% in the forecast period (2025-2032).

The global propylene glycol market is highly competitive. Some of the prominent firms in the industry are Dow Chemical Company, BASF SE, LyondellBasell Industries, Archer Daniels Midland Company, and LG Chem Ltd., who are presently diversifying the product portfolios to improve production and environmental initiatives. R&D, acquisitions, and strategic alliances are key strategies for gaining market share. In addition, the growing need for bio-based products is driving the key players in the market to be innovative and different from others. 'Dow Chemical Company', 'BASF SE', 'LyondellBasell Industries', 'Archer Daniels Midland Company', 'LG Chem Ltd.', 'ExxonMobil Corporation', 'Reliance Industries Ltd.', 'INNOSPEC Inc.', 'Cargill, Inc.', 'Huntsman Corporation', 'SKC Co., Ltd.', 'Global Bio-Chem Technology Group Company Limited', 'PCC SE', 'UPL Limited', 'SABIC (Saudi Basic Industries Corporation)'

Increasing use due to construction industry growth in countries such as China and India, a lot of investment has been directed to the sector for infrastructure creation and housing and as such growth has been so tremendous. Being extensively used by industries to develop coolants, resins, plastics, coatings etc. of construction requirements in propylene glycol, hence expected that rapid infrastructural developmental activity in both will require propylene glycol significantly to further enhance this market.

Transition to Propylene Glycol Using Biotechnology: Bio-based propylene glycol is increasingly becoming the alternative to petroleum-based goods, driven by the growing need for environmentally friendly and sustainable solutions. Bio-based propylene glycol used is derived from renewable feedstocks, so as such it cuts the emissions 61% compared with petroleum-derived. Consumers show great demand due to company demands for creating the sustainable world society requires.

Asia Pacific remained the largest in the propylene glycol market in 2024, capturing more than 44% of the revenue share. The construction sector has been growing robustly in key countries of the region such as China, India, and Indonesia. China alone contributes to around 26.1% of global growth in the construction industry with its massive infrastructure projects and efforts at urbanization. Infrastructure-related activities accounted for 13% of the total inflows of FDI in India in 2021. This adds to the growth in the construction sector. In such rapidly developing economies, there will be a growing demand for building materials and industrial products, which should increase the consumption of propylene glycol by a considerable amount in the coming years.