Propylene Glycol Market - Forecast(2021 - 2026)
Propylene glycol, also identified as propane 1, 2-diol according to International Union of Pure and Applied Chemistry nomenclature, is a synthetic organic compound. It is produced from petroleum products as well as it is bio-based and equipped with certain peculiar traits such as outstanding stability, high flash and boiling point, as well as low vapor pressure and broad solvency. Owing to such characteristics it has found tremendous scope of industrial application to craft products such as unsaturated polyester resin, coolants and antifreeze, hydraulic and brake fluid, aircraft deicing fluid, and paints and coatings. The analyst in this research report has stated the global propylene market size to be valued at around $3655 million as of 2018 and is estimated to be growing at a CAGR of around3.9% during the forecast period of 2019-2025.
- Deicing and anti-icing fluids performs a vital operation in providing safe, uninterrupted and timely air travel during extreme winter conditions. Federal Aviation Administration “Clean Aircraft Concept,” outlaws takeoff with ice contamination on critical surfaces of an airplane. Thus the replacement of ethylene glycol by propylene glycol as the base fluid for aircraft deicing formulations is driving the market towards abundant opportunities of application. Furthermore, cumulative amount of space exploration agendas amalgamated with the ultimatum for high quality antifreeze & coolant is estimated to raise the demand for bio based propylene glycol.
- According to a 2017 report by Forbes, the top 25 companies in the F&B sector generated $741.2 billion in revenue in 2016 and $86 billion in profit[3]. Another considerable data from Committee for Economic Development states that the food sector accounts for about 5 percent of US GDP and 10 percent of US consumers disposable personal income (DPI)[4]. Now owing to the trend of convenience packaged food for longer shelf life, the employment of propylene glycol as food additives is driving the market and is all set to divert a hefty revenue from the flourishing F&B sector into its own returns pocket.
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