1,3 Propanediol Market Analysis: Anticipated Growth and Development (2022-2032)
1,3 Propanediol Market
1,3 Propanediol Market: Size & Share by (By Source, By Application and Region) and Forecast Year 2023-2032.
1,3 Propanediol Market + Report Scope (by Share & Size)
The global 1,3 propanediol market is expected to grow significantly in the forecast period of 2023 to 2032. The Market Research analyses that the market is likely to grow with a CAGR of 11.5% during the forecast period of 2023 to 2032 and is expected to reach USD 2777.5 Million by 2032. The rising demand for eco-friendly and bio-based products is a major factor driving the market growth for the 1,3 propanediol market. Global 1,3 Propanediol Market is segmented by Source into Bio-based PDO, Petrochemical-based PDO, and others; by Application into Polytrimethylene Terephthalate (PTT), Polyurethane (PU), Personal Care & Detergents, and Others; and by Region into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
1,3 Propanediol Market Insights
|
Report Metric |
Report Details |
|
Forecast Year |
2023-2032 |
|
Base Year |
2022 |
|
CAGR |
11.5 % |
|
Base Year Market Size |
935.2 Mn |
|
Forecast Year Market Size |
2777.5 Mn |
|
Segmentation |
By Source, By Application and Region |
|
Growth Drivers |
|
|
Regions Covered |
North America Europe Asia-Pacific South America Middle East and Africa |
1,3 Propanediol Market Definition & Overview
1,3- Propanediol is an organic compound that is colorless in nature and has a three-carbon diol. There is a colorless viscous liquid present that is miscible with water. It is a natural alternative to propylene glycol as it is derived from corn sugar. It is used to manufacture carpets, sportswear, and other textile applications.
The KD Market Research team has developed a comprehensive market research report on a global basis on the 1,3 Propanediol Market, with a focus on identifying the market trends and drivers, Key companies, constraints and challenges, competitive landscape, customer insights, future outlook and regulatory environment business owners face. The research report includes market segmentation types and future outlook, a regional perspective, and an analysis of recent 1,3 Propanediol Market developments.
Moreover, it provides detailed information on the base year and forecast year market size, global and regional market share, industry developments, and customer insights, as well as SWOT analysis, Porter's five forces analysis, PESTEL analysis, heat map analysis, market forecast, and major key players operating in the 1,3 Propanediol Market.
1,3 Propanediol Market Dynamics Growth Drivers and Challenges
1,3 Propanediol Market Opportunities that Trigger Market Growth
- Rising demand for eco-friendly and bio-based products
There has been a shift in consumer preference towards eco-friendly and bio-based products. This is because of the strict regulations by the government, growing awareness, and depletion of conventional sources. Due to this, the companies are also increasing their production of bio-based products.
- New application areas of 1,3 PDO
Bio-based PDO utilizes renewable feedstock which is making is more sustainable. This is increasing its demand in the propanediol market. The 1,3-PDO is used in various applications that led to an increase in production and consumption of the consumers.
1,3 Propanediol Market Hurdles and Challenges
- Availability of alternatives
There are several alternatives for 1,3-PDO such as propylene glycol, butylene glycol, and glycerin. These products are used in various applications such as food & flavors, personal care & cleaning products, cosmetics, and pharmaceuticals & dietary supplements.
- Lack of awareness
There is very limited awareness about the usage of PDO in several developing countries such as Chile, Bangladesh, Vietnam, Peru, and others. The usage of PDO is limited to cosmetics, pharmaceutical products, and personal care products in these countries. Even in India, people are not aware of its various other applications such as food & flavors that led to hampering the market growth.
1,3 Propanediol Market Regional Synopsis
North America accounts for the largest market share for the propanediol market in 2022. The market is driven by the rising consumption of personal care products. There has been a rise in consumer spending in the United States and Canada which led to an increase in market growth. The growing use of bio-based products has also been a factor in the market growth. Asia-Pacific is counted as the region for the fastest-growing region for the propanediol market. The market is driven by factors such as the increase in the production and consumption of products in personal care, textile, and cosmetics. India, China, Malaysia, and Indonesia are the significant markets of the region. Asia-Pacific and Latin America region is also growing because of the rising demand for bioplastics. The Middle East and Africa region is growing moderately for the propanediol market.
1,3 Propanediol Market Segmentation, Division, and Categorization
- By Source: Bio-based PDO, and Petrochemical-based PDO
- By Application: Polytrimethylene Terephthalate (PTT), Polyurethane (PU), Personal Care & Detergents, and Others.
- By Region: North America, Europe, Asia Pacific, South America, Middle East & Africa.
1,3 Propanediol Market Industry Developments
Several mergers and acquisitions have taken place in the propanediol market. Companies are adopting various strategies to increase the consumption of bio-based products. The new entrants are dependent on these mergers to stand in front in the industry. The participants in the industry are preferring to collaborate with companies that have access to raw materials, and a wide distribution network by offering technological licensing to them. The key players are boosting their production in order to maintain their foothold in the market.
1,3 Propanediol Market Key Featured Companies
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DuPont
- Metabolic Explorer SA
- Zhangjiagang Glory Biomaterial Co., Ltd.
- Zouping Mingxing Chemical Co., Ltd.
- Shell Chemicals LP
- Merck KGaA
- Tokyo Chemical Industry Co., Ltd.
- Shenghong Group Holdings
- Primient Covation LLC
- Haihang Industry Co. Ltd.
- Others
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- Publication date: 19th September 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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