In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Monopropylene glycol is a colorless and odorless compound which is generally known as propane-1, 2-diol. It is an artificial organic compound and a derivative of propylene oxide. The low toxicity of the monopropylene glycol enables its use in different end user industries. Monopropylene glycol is used in the antifreezes, industrial coolants and others. The food grade monopropylene glycol is used in the food industry as food coloring and food additives. The other primary use of the monopropylene is in paints and varnishes such as bath tubs and small boats. It also used as liquid engine coolants. The increasing use of the monopropylene glycol for various end-use industries is anticipated to drive the monopropylene glycol market.
The global monopropylene glycol market is anticipated to expand at a significant CAGR during 2018-2027. The extensive application of the monopropylene glycol by various end-use industries is anticipated to expand the market growth of the global monopropylene glycol market during the forecast period. The global monopropylene glycol market can be segmented on the basis of grade, production method, end-use industries and region. On the basis of grade, it is sub-segmented into food grade and industrial grade. Industrial grade is anticipated to be the largest sub-segment of the grade segment. The increasing application of the industrial grade of the monopropylene glycol by the various end-use industries is anticipated to be the primary reason for the sub-segment to lead the segment. Industrial grade of the monopropylene glycol is used in the manufacturing of unsaturated polyester which is used to make industrial items. On the basis of production method, it is sub-segmented into catalytic and non-catalytic. On the basis of end-use industries, it is sub segmented into paints & coatings, chemical, pharmaceutical, food industry, cosmetics & personal care and aerospace. Food industry is anticipated to be the leading sub-segment in the end-use industries. The increasing use of the monopropylene glycol as food additives for food flavoring and coloring is anticipated to be the primary reason for the food industry sub-segment to lead the end-use segment.
By region, global monopropylene glycol market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to be the leading region for the global monopropylene glycol market. The increasing use of the monopropylene glycol in different end-use industries such as food industry, pharmaceutical industry is anticipated to be the primary reason for region to lead the global monopropylene glycol market. Asia-Pacific region is anticipated to be the fastest developing region for the global monopropylene glycol market. This is attributed to the increasing industrialization which leads to the expansion of the various end-use industries such as pharmaceutical, food industry and cosmetics & personal care.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis segmented the global monopropylene glycol market in the following segments:
Global monopropylene glycol market is further classified on the basis of region as follows:
The increasing expansion of the food and beverage industry across the globe is leading to extensive application of the monopropylene glycol which is anticipated to be the major growth driver for the global monopropylene glycol market. Additionally, the increasing expansion of the automotive industry across the various developing region is driving the market growth of the monopropylene glycol globally. Moreover, the growing population leads to rising demand for the food and beverage which in turn expected to propel the demand for the monopropylene glycol.
However, the storage and transportation issues related to monopropylene glycol as it requires transportation system to be fortified with drying devices. This is predicted to hinder the growth of the global monopropylene glycol market throughout the forecast period.