Frequently Asked Questions
As of 2023, the global demand for propylene glycol was valued at USD 4.13 billion. It is expected to witness significant growth, reaching an estimated market value of USD 6.9 billion by 2032. This growth trajectory represents a compound annual growth rate (CAGR) of 6.2% between 2023 and 2032, highlighting the compound’s increasing importance across various industries.
Propylene glycol (PG) is a versatile synthetic liquid substance that is primarily used as an antifreeze. However, its applications extend far beyond, serving as a solvent, humectant, and preservative across several sectors. In the pharmaceutical industry, it is used in oral, injectable, and topical formulations as a solvent or carrier. The food industry utilizes PG as a food additive to maintain moisture, act as a flavor carrier, and function as an anti-caking agent. Additionally, in the cosmetics industry, propylene glycol is crucial for retaining moisture in products and improving the skin absorption rates of various ingredients.
The shift towards bio-based propylene glycol, derived from renewable resources like glycerol, represents a significant trend within the market, catering to the rising demand for sustainable and eco-friendly products. This movement towards bio-based alternatives is opening new avenues for market expansion, allowing the industry to tap into the growing consumer preference for green products, thus supporting the overall growth trajectory of the propylene glycol market.
Several factors drive the demand for propylene glycol across diverse sectors. The expansion of the pharmaceutical industry, characterized by an increased demand for sophisticated and safe drug formulations, plays a crucial role, with PG serving as an essential solvent in medications. In the food and beverage sector, propylene glycol’s role as a food additive, flavor carrier, and moisture maintainer boosts its consumption.