Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Biobased Propylene Glycol Market Overview
The IUPAC name of Propylene glycol is 1, 2-propane-diol. It is a multifunctional chemical used in numerous fields such as industrial fields, pharmaceuticals, food and cosmetics. The conventionally it is extracted from petroleum based feedstock for industrial scale production. Modern scientific methods have uncovered a new technique to produce propylene glycol from cornstarch. The process involves the production of carbohydrates from starch. Biobased products are accepted on the characteristic that they are environment friendly and renewable in nature. However, environment friendliness of any product depends upon several factors, some of which includes the release of greenhouse gases throughout various steps that involves lifecycle of product starting from raw material production to end use after degradation process. Some biobased products might be environment friendly until they are transformed to finished products but might break down into toxic residual materials.
Market Size and Forecast
The global biobased propylene glycol market is anticipated to reach USD 5.8 Bn by 2027, at a CAGR of over 7% during 2017-2027. The growth of the market is essentially supported by the increasing demand for propylene glycol in automotive coolant, which is added with environment friendly production process of bio-based propylene glycol.The global biobased propylene glycol market is segmented on the basis of application, end use industries and regions. On the basis of end-use industries, the market is segmented into cosmetics, building and construction, automotive, pharmaceutical and household.CLICK TO DOWNLOAD FREE SAMPLE
By region, global biobased propylene glycol market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America and Europe regions are expected to dominate the global market on the account of strict regulations regarding carbon footprint, greenhouse gases emissions and sustainability initiatives.Asia Pacific region is expected to grow rapidly on the account of key initiatives taken by government in various countries to reduce the carbon footprint. China and Japan are main countries, which are shifting their goals towards sustainability of processes while reducing the carbon footprint from various industries in this region. This is expected to increase the growth of biobased propylene glycol in the above mentioned regions.
Market Segmentation
Our in-depth analysis segmented the global biobased propylene glycol market in the following segments:
By Application
By End Use Industries
By Region
Global biobased propylene glycol market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The government regulation to reduce carbon footprint and a general shift towards environment friendly products to improve the sustainability of processes is expected to boost the market for bio based propylene glycol globally. Moreover, increasing disposable income of the rapidly rising population is fueling the demand for personal care and food products. In coming years the demand for bio-based propylene glycol is expected to increasing due to rise in production of automotives in developing regions across the globe. The growing demand for non-ionic surfactant and growing demand for Propylene Glycol Based lubricants, adhesives and emulsifiers are anticipated to drive the market growth. Additionally, significant availability of glycerin is also one of the most important factors that are pushing companies to shift their focus towards biobased propylene production.
However, increasing uses of corn and soy in foods and biofuels might hamper the market growth by causing supply shortages. Furthermore, the supply of raw materials also depends upon the yielding of the crops and the number of farmers involved in the production of corn and soy.
Key Players
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