Monopropylene
Glycol Market Overview
The Monopropylene Glycol Market size is estimated to reach more
than US$4.2 billion by 2027, after growing at a CAGR of 4.6% during the
forecast period 2022-2027. Monopropylene Glycol is a clear and viscous liquid,
which is obtained by hydrating the propylene oxide and is miscible in water and other liquids
including acetone
or chloroform. Monopropylene
glycol has a high demand for utilization as polyester resins, shampoos, paints, solvents, varnishes, anti-freezing
agents and others. The surging demand for monopropylene glycol in the food
processing sector for pigments, additives and flavoring, acts as a driving
factor in the monopropylene glycol industry. According
to the National Bureau of Statistics of China, China's national food industry
made a total profit showing an increase of 5.5% year-on-year from January to
December 2021. In addition, increasing utilization of bio-based sources
across major industries is fuelling its growth scope. Further, the major
disruption caused by the covid-19 outbreak impacted the growth of the Monopropylene Glycol Market due to disturbance in manufacturing, supply chain disruption,
falling demand from major end-use industries and other lockdown restrictions.
However, significant recovery is boosting the demand for monopropylene glycol
for a wide range of applicability and utilization in food & beverage, construction,
cosmetics and other sectors. Thus, the monopropylene glycol industry is
anticipated to grow rapidly and contribute to the Monopropylene Glycol Market size during the forecast period.
Monopropylene
Glycol Market Report Coverage
The “Monopropylene Glycol Market
Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis
of the following segments in the Monopropylene Glycol Industry.
By Source: Synthetic and
Bio-based.
By Grade: Food Grade and
Technical Grade.
By Application: Food Pigment,
Antifreezers, Industrial Coolants, Additive, Paints & Coatings, Liquid
Detergents, Hand Sanitizers, Building Panels and Others.
By End-use
Industry: Automotive (Passenger Vehicles [PVs], Light Commercial Vehicles
[LCVs] and Heavy Commercial Vehicles [HCVs]), Food & Beverage, Medical
& Pharmaceutical, Building & Construction (Residential, Industrial,
Commercial and Infrastructural), Cosmetic & Personal Care (Skin Care, Hair
Care, Nail Care and Others), Chemicals and Others.
By Geography: North
America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy,
Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan,
India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and
Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of
South America), Rest of the World [Middle-East (Saudi Arabia, UAE, Israel and
Rest of the Middle-East) and Africa (South Africa, Nigeria and Rest of Africa)].
Key
Takeaways
- Asia Pacific dominates the Monopropylene
Glycol Market, owing to growth factors such as the flourished base for the food
& beverage sector, flourishing construction projects, growing personal care
base and fast-paced industrialization, thereby boosting growth in this region.
- The flourishing food & beverage industry sector
across the world is propelling the demand for monopropylene glycol for major
utilization in food flavoring, food pigment, food preservation and others,
thereby influencing the growth in the Monopropylene Glycol Market size. According
to the Food & Drink Federation, the output from the food industry in the UK
accounted for US$30 billion in 2021, marking a rise of 4.2% over the previous
year.
- The hazardous impacts associated with
monopropylene glycol act as a challenging factor in the Monopropylene Glycol
industry.
Figure: Monopropylene Glycol Market Revenue Share by Geography, 2021 (%)
Monopropylene
Glycol Market Segment Analysis – by Source
The bio-based segment held a significant Monopropylene Glycol Market
share in 2021 and is projected to grow at a CAGR of 5.2% during the forecast
period 2022-2027. The bio-based type has growing demand over the synthetic
source type due to its renewability and preference over petroleum-based
sources. Further, the utilization of bio-based sourced monopropylene glycol due
to the scarcity of fossil-based sources and demand for biodegradable MPG is
propelling the growth scope across major end-use industries. Thus, with
flourished base for renewable and bio-based MPG, the bio-based source type
segment is anticipated to grow rapidly in the Monopropylene Glycol Market over
the forecast period.
Monopropylene
Glycol Market Segment Analysis – by Application
The paints & coatings segment held a significant Monopropylene
Glycol Market share in 2021 and is expected to grow at a CAGR of 4.1% during the forecast period 2022-2027. The building & construction sector is
significantly growing owing to growth factors such as rising residential
housing projects, infrastructural development and industrialization. According to Oxford Economics, the global construction output in
2020 accounted for US$ 10.7 trillion and is projected to grow by 42% to reach
USD 15.2 trillion between 2020 and 2030. With the flourished base for the building & construction sector, the
applicability of paints & coatings in building structures, polyester
resin, composites, pipes and others is projected to rise, which, in turn, is
anticipated to boost the growth scope for paints & coatings application in
the Monopropylene Glycol Market over the forecast period.
Monopropylene
Glycol Market Segment Analysis – by Geography
Asia-Pacific held the largest Monopropylene Glycol Market share in
2021 up to 39%. The lucrative growth scope for monopropylene glycol in this
region is influenced by the rise food sector, flourishing base for construction
activities, growing cosmetic & personal care industry and urbanization. The
food & beverage industry is rapidly growing in APAC owing to growth factors
such as high consumption of ready-to-eat food items, growth of retail food
outlets and urbanization. According to the India Brand Equity
Foundation (IBEF), the food processing sector in India is expected to reach
US$535 billion by the year 2025-26. According to the China Chain Store & Franchise Association,
the food & beverage industry in China reached US$595 billion in the year
2019, marking a 7.8% growth over the previous year. With the
robust scope for the food & beverage sector, the utilization of monopropylene
glycol and others is rising, which, in turn, is projected to boost its
growth prospects in the North American region during the forecast period.
Monopropylene
Glycol Market Drivers
Bolstering
Growth of Cosmetics & Personal Care Industry :
Monopropylene Glycol, obtained through
propylene oxide, has growing application in the cosmetics & personal care
sector for moisturizers, solvents, shampoos, bubble baths, beauty products and
others. The cosmetic & personal care sector is significantly growing owing
to factors such as the rise in luxury and premium beauty production, the presence
of large cosmetic manufacturers, demand for color cosmetics and lifestyle
trends. According to the L’OREAL Annual Report 2021, the beauty
sector of L’OREAL rose by 8.2% in the year 2021, after a sharp decline of 8% in
2020. According to the International Trade Administration (ITA), the beauty and
personal care sector in Thailand increased from US$6.2 billion in 2018 to
US$8.0 billion in 2022, marking a projected growth rate of 7.8% from 2019 to
2022. With the robust expansion of beauty and personal care products, the
applicability of MPG in moisturizers, shampoos and others is
rising, thereby driving the monopropylene glycol industry.
Flourishing
Growth of the Food & Beverage Sector:
Monopropylene Glycol, which is miscible in water and other liquids
including acetone or chloroform, has flourished base in the food & beverage
industry for food coloring, flavoring, additives and humectants food ingredients
in pet and animal feed items. The food & beverage sector is rapidly growing
owing to growth factors such as high
demand for ready-to-eat food items and rising production for dairy, meat,
fruits and vegetables and others and rising income. For
instance, according to the Food &
Drink Federation, food & beverage in the UK contributed US$35.60 billion to
the economy and marked a growth of 4.3% in 2021 compared to 2020. With the robust
growth scope for the food & beverages sector, the applicability of monopropylene
glycol as a food additive, pigment, flavoring and others is growing, which, in
turn, is driving the monopropylene glycol industry.
Monopropylene
Glycol Market Challenge
Harmful
Impacts Associated with Monopropylene Glycol:
The
hazardous impacts associated with monopropylene glycol act as a challenging
factor in the Monopropylene Glycol Market. Monopropylene glycol takes a long
time to decompose and can lead to harmful effects on the environment and
human health such as skin irritation, eye irritation and others. Further, it
can lead to toxic effects in the kidneys and liver and others. Other potential
symptoms include cardiovascular problems, neurological systems, allergic
reactions and others associated with propylene glycol hindering growth
prospects. Thus, owing to such hazardous impacts and poor decomposition, the Monopropylene Glycol Market anticipates a major slowdown.
Monopropylene
Glycol Industry Outlook
Technology launches, acquisitions and R&D activities are key
strategies adopted by players in the Monopropylene Glycol Market. The top 10 companies
in the Monopropylene Glycol Market are:
- Royal Dutch Shell PLC
- LyondellBasell Industries N.V.
- Huntsman Corporation
- Chemtex Specialty Limited
- Solventis Ltd
- Banner Chemicals Limited
- The Dow Chemical Company
- Airedale Chemical
- The Archer Daniels Midland Company
- INEOS
Recent Developments
- In March 2022, Sojitz Corporation and Braskem S.A. signed an agreement to establish a joint venture Company, which produced biomass-derived monoethylene glycol
(bioMEG) and monopropylene glycol (bioMPG), intending to establish networks in
industries including chemicals, food & beverage, apparel and others.
- In April 2022, MOL and HELM joined forces in the marketing of propylene glycol in Western Europe. The product range included
both higher value-added monopropylene glycol and dipropylene glycol grades.
- In October 2019, Dow Chemicals and a German
specialty chemical firm named Evonic collaborated to bring the latest process for
synthesizing propylene glycol from propylene and hydrogen peroxide.
Relevant
Reports
Report Code: CMR 0633
Report Code: CMR 0127
Report Code: CMR 1457
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