Propylene Glycol Market Projected to Witness Robust Growth Amid Increasing Industrial Applications

Propylene Glycol Market Projected to Witness Robust Growth Amid Increasing Industrial Applications

The global propylene glycol market is forecasted to exhibit a resilient expansion, with a compound annual growth rate (CAGR) of 6.1% from 2023 to 2030, reaching a valuation of USD 6.98 billion by 2030, according to a recent report by Grand View Research . This growth is primarily driven by the escalating demand for propylene glycol in various industries, including construction, food and beverages, personal care, and pharmaceuticals.

Propylene glycol, recognized for its diverse applications as a solvent, humectant, and emulsifier, is gaining traction in numerous industrial segments. In the construction industry, it is widely used in the manufacturing of building materials, resins, plastics, paints, coatings, and industrial coolants . The product's effectiveness in improving freeze-thaw capabilities makes it an indispensable component in latex paints and coatings.

In the food and beverage sector, propylene glycol is approved by the FDA for direct addition to food, serving as a humectant to retain moisture and extend shelf life. It is also used as a solvent for food colors and flavorings . Similarly, in the pharmaceutical and personal care industries, it plays a crucial role as a solvent in liquid medications and a moisture-carrying ingredient in cosmetics .

The transportation industry also relies on propylene glycol as a deicing agent for aircraft and as a coolant in automotive systems, where it prevents corrosion in cooling systems . Furthermore, the bio-based segment of propylene glycol is anticipated to expand at the highest CAGR of 6.4% during the forecast period, due to its environmentally friendly nature and the significant reduction in greenhouse gas emissions compared to petroleum-based products .