The global chemical industry has been heavily dependent on fossil fuel for producing a variety of petrochemical products. However, growing awareness regarding the benefits renewable chemistry offers, the industry is now shifting its focus towards developing bio-based chemicals. Companies are now striving to achieve sustainability in the long run by developing and commercializing bio-based chemicals. One such chemical which has been attracting the attention of many companies is propylene glycol.
Propylene glycol is traditionally produced from propylene oxide, a petrochemical product and is widely used in various end-use industries, such as plastic, food, electronic, and pharmaceutical. However, the growing environmental concerns related to the production and usage of propylene glycol, major industry participants have been developing bio-based routes for producing propylene glycol. Entering this attractive market will not only give these industry participants’ early movers advantage but will also help them to achieve sustainability in the near future. Some of the major companies eyeing opportunities in this market include ADM, Ashland and Cargill. U.S.-based ADM has been successfully producing bio-based propylene glycol in its Decatur, Illinois plant since 2011 with a capacity of 100 kilotons per year. The agribusiness major has been producing industrial-grade bio-based propylene glycol using refined glycerin as feedstock. ADM has integrated its operations to manufacture bio-based propylene glycol using its self-produced sorbitol/dextrose.
Ashland also tied up with Cargill to produce bio-based propylene glycol using both proprietary and licensed technology. The joint venture uses glycerin to produce bio-based propylene glycol in Europe. Bio-based propylene has been tested to reduce 70% to 80% of GHG emission when compared with petroleum-derived propylene glycol.
In addition, the abundant availability of crude glycerin (obtained as a byproduct of biodiesel) has also been one of the major factors prompting companies to get along with the production of bio-based propylene glycol. Eyeing opportunity in this lucrative market, large multinational corporations such as Huntsman and Dow Chemical have also announced to enter into the market.
Grand View’s market research study takes a closer look at the bio-based propylene glycol industry, providing a holistic perspective on market dynamics, trends, supply, and demand. Our report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro-level. The study aims at providing granular information, regarding estimates and forecasts for key application including unsaturated polyester resins, coolants/lubricants, detergents, pharmaceuticals and food among some other applications. The report also provides the same level of information for key regional markets.
The research report analyzes various factors, which have been driving and inhibiting the global bio-based propylene glycol market in the past. In addition, the research report analyzes the impact of each driver and restraint on the market growth based on which the market is forecasted. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.