Key players operating in the Global 1,3 Propanediol Market include Tokyo
Chemical Industry Co., Ltd., Shenghong Group Holdings, Primient, Haihang
Industry, DuPont, Metabolic Explorer, Zhangjiagang Glory Biomaterial Co., Ltd.,
Zouping Mingxing Chemical Co., Ltd., Shell Chemicals LP, and Merck KGaA. These
companies are focusing on expanding their production capacities and
strengthening global distribution networks to cater to the growing demand.
The demand for 1,3 Propanediol is anticipated to increase significantly over
the forecast period, driven majorly by its growing application in personal care
and cosmetic products. Skin and hair care formulations infused with
Global
1,3 Propanediol Market Size are gaining immense popularity owing to
attributes like moisturizing and anti-aging properties. Additionally,
continuous expansion of cosmetic industry is further expected to support market
growth over the coming years.
Ongoing advancements in fermentation and biotechnology have paved way for
cost-effective production of 1,3 Propanediol from renewable resources like
sugarcane and corn. This has promoted the replacement of toxic petrochemical-based
glycols with bio-based 1,3 Propanediol in various end-use industries. As
consumers are shifting towards sustainable options, increasing penetration of
bio-1,3 Propanediol is poised to shape new market trends.
Market Trends
Growing Use in Personal Hygiene Products: Manufacturers are exploring new
application areas of 1,3 Propanediol in personal hygiene products like
toothpastes, mouthwashes, as it prevents dental cavities and aids oral care.
Its moisturizing properties further improve efficacy of such products.
Emphasis on Sustainable Raw Materials: Major players are strategizing
technological partnerships and investments to boost capacities of bio-based 1,3
Propanediol utilizing plant-based feedstock. This is driven by globally rising
"eco-friendly" trends and stringent regulations against
petrochemicals.
Market Opportunities
Rising Demand from Asia Pacific: Emerging economies like India and China
exhibit exponential growth potential led by enormous youth populace, rapid
urbanization and expanding middle class. Increasing affluence has augmented
expenditures on personal and skin care in the region.
Expanded Product Portfolio: 1,3 Propanediol producers can capitalize on
opportunities by developing product variants like low viscosity grades for
specific industrial uses such as coatings, flavors & fragrances as per
customer demands.
The aforementioned insights cover key parameters like market overview, key
takeaways consisting of key players analysis, demand drivers, technological
advancements in the given 1,3 Propanediol market and market trends covering
growth areas and opportunities as per the instructions.
Impact of COVID-19 on Global 1,3
Propanediol Market growth:
The COVID-19 pandemic severely affected the global 1,3-Propanediol market
growth in 2020. The lockdowns imposed across countries led to closure of
manufacturing facilities, disruptions in supply chain and decline in overall
demand. This caused a steep decline in market value during the year. Some of
the major challenges faced by market players included shortage of raw
materials, labour issues and disruption in transportation. However, with
lifting of restrictions and resumption of economic activities from mid-2021,
the market started recovering. The demand from end use industries like
polytrimethylene terephthalate and personal care products gradually picked up
pace. Rising health awareness also boosted demand from disinfectants segment
during the pandemic times. Going forward, stable demand from end use industries
and focus on green chemicals may help the market regain pre-COVID levels by
2023-2024. The companies will need to focus on strengthening supply chain and
distribution network while keeping costs competitive to sustain growth in the
long run.
Geographical regions with high concentration of Global 1,3 Propanediol Market
value:
Asia Pacific region accounts for the highest market share in terms of value
contributed to the global 1,3-Propanediol market. This is majorly due to
presence of emerging economies like China and India which are the leading
producers and consumers of 1,3-Propanediol. China dominates the APAC market
with presence of major manufacturing facilities of key players. North America
is another major region due to high demand from polytrimethylene terephthalate
and personal care industry in countries like United States. Europe contributes
significantly owing to developed end use industries and stringent environmental
regulations favoring bio-based chemicals. Going forward, Asia Pacific is
expected to remain the most lucrative region owing to rapid industrialisation
and economic growth.
Fastest growing region for Global 1,3
Propanediol Market:
Currently, Asia Pacific region is growing at the fastest pace for the global
1,3-Propanediol market value owing to rising industrial activities, population
and economic growth in emerging countries. China and India account for bulk of
the regional demand and are expanding production capacities to gain leadership.
India especially is emerging as a promising market due to government
initiatives for development of bio-based chemicals industry. The region
demonstrates high potential for further penetration of 1,3-Propanediol in
packaging, fibers, automotive and other applications. If supportive policies
are in place, Asia Pacific is likely to outpace other regions interms of
incremental growth opportunities during the forecast period.
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