Bio-based Propylene Glycol Market Size, Share, Growth Analysis, By Type(industrial-grade, bio-based propylene glycol) - Industry Forecast 2024-2031

Bio-based Propylene Glycol Market size was valued at USD 4.12 billion in 2021 and is poised to grow from USD 4.3 billion in 2022 to USD 6.0 billion by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).

The bio-based propylene glycol market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of bio-based propylene glycols. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions. 'Archer Daniels Midland Company - United States', 'Dow Chemical Company - United States', 'BASF SE - Germany', 'Huntsman Corporation - United States', 'LyondellBasell Industries N.V. - Netherlands', 'DuPont de Nemours, Inc. - United States', 'Solvay S.A. - Belgium', 'Royal Dutch Shell PLC - Netherlands', 'Cargill, Incorporated - United States', 'Oleon NV - Belgium', 'Emery Oleochemicals - Malaysia', 'Bio-chem Technology Group Company Limited - China', 'SKC Co., Ltd. - South Korea', 'Matrica S.p.A. - Italy', 'DuPont Tate & Lyle Bio Products Company, LLC - United States', 'Temix Oleo Srl - Italy', 'Croda International PLC - United Kingdom', 'Mitsubishi Chemical Corporation - Japan', 'Shandong Depu Chemical Industry Science and Technology Co., Ltd. – China', 'PTT Chemical Public Company Limited - Thailand'

One driver of the market is the increasing demand for sustainable and eco-friendly products. As consumers become more conscious of their environmental footprint, there is a growing preference for bio-based alternatives to traditional petroleum-based chemicals. Bio-based propylene glycol offers a renewable and biodegradable solution, reducing the reliance on fossil fuels and minimizing environmental impact. This driver is further supported by government initiatives and regulations promoting the use of bio-based products.

One key market trend in the bio-based propylene glycol market is the growing demand for sustainable and eco-friendly ingredients in various industries. As environmental concerns increase, there is a shift towards renewable and bio-based alternatives to traditional chemical ingredients. Bio-based propylene glycol, derived from renewable feedstocks such as biomass and agricultural waste, offers a lower carbon footprint and reduced dependence on fossil fuels. This trend is driven by consumer preferences for sustainable products, government regulations promoting green initiatives, and corporate sustainability goals. The increasing adoption by industries such as cosmetics, pharmaceuticals, food and beverages, and automotive reflects the market's commitment to environmental responsibility and the pursuit of greener solutions.

One dominant region in the market is North America. The region is witnessing significant growth due to the increasing demand for sustainable and bio-based products, coupled with strict regulations promoting the use of eco-friendly ingredients. The presence of key players and technological advancements in bio-based propylene glycol production further contribute to the dominance of this region. North America has a well-established market infrastructure, favorable government policies, and a growing consumer base that emphasizes environmentally friendly products.