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1,3-Propanediol Market worth $691 million by 2025, at a CAGR of 11.4%

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1,3-Propanediol Market worth $691 million by 2025, at a CAGR of 11.4%

August 05
17:46 2021
1,3-Propanediol Market worth $691 million by 2025, at a CAGR of 11.4%
Browse 148 market data Tables and 32 Figures spread through 140 Pages and in-depth TOC on “1,3-Propanediol (PDO) Market”
1,3-Propanediol (PDO) Market by Application (Polytrimethylene terephthalate (PTT), Cosmetics, Personal Care & Cleaning Products, Polyurethane (PU)) and Region (Americas, APAC, Europe, Middle East & Africa (EMEA))

The global 1,3-propanediol market size is projected to reach USD 691 million by 2025, at a CAGR of 11.4% from USD 402 million in 2020. Growing demand for bio-based products to lower greenhouse gas emissions and energy consumption and increasing use in resin applications is expected to drive the 1,3-propanediol market. Also, the growing demand for PTT in apparel and carpets is estimated to boost the growth of the 1,3-propanediol industry.

Market Dynamics

Driver: High Demand for Environment Friendly, Bio-Based Products

A gradual paradigm shift in consumer preference for bio-based products is witnessed across the world. The growing awareness of consumers, increasingly stringent government regulations, and depletion of conventional sources have prompted companies to innovate and market sustainable products. PDO is one such biochemical which is estimated to have high demand. Bio-based PDO utilizes renewable feedstock, such as corn sugar and crude glycerin, making it more sustainable.

Restraint: Availability of substitute at comparatively lower cost

1,3-PDO is used as a replacement for petroleum-based glycols such as propylene glycol, butylene glycol, and glycerin. These products are available at a comparatively lower price than PDO, which is used in cosmetics, personal care & cleaning products, pharmaceutical & dietary supplements, and food & flavor applications. Moreover, the promotion of bio-based PDO is difficult in countries where there are no regulations regarding the adoption of bio-based products in various end-use applications.

To know about the assumptions considered for the study download the pdf brochure

Opportunities: New Application Area of 1,3-PDO

The growing use of PDO as feedstock in various potential applications will drive the growth of the market. It will lead to an increase in the production and consumption of PDO. PDO has the potential to replace glycols such as propylene glycol, butylene glycol, and glycerin in applications such as cosmetics, personal care, and food & flavors.

Challenges: Lack of awareness about benefits of 1,3-PDO in Industrial applications

In developing economies like Pakistan, Sri Lanka, Iraq, Iran, Indonesia, Taiwan, Bangladesh, Malaysia, Maldives, Chile, Colombia, Peru, the Philippines, Vietnam, and Romania, there is still very limited awareness about the usage of PDO. In these countries, the use of PDO is mostly limited to cosmetics, personal care products, and pharmaceutical products. In countries such as India, it is mainly used in cosmetics & personal care products, and people are not aware of its usage in applications such as PU and food & flavors.

Polytrimethylene terephthalate (PTT) application is the largest consumer of 1,3-propanediol.

Polytrimethylene terephthalate (PTT) is estimated to be the largest application of 1,3-propanediol during the forecast period. The demand for PTT is growing in apparel and textiles. The growth of the global textiles and apparel industries is expected to play an important role in augmenting the demand for PTT, which in turn, is expected to bolster the sales of 1,3-propanediol as it is the primary feedstock for PTT. The manufacture of bio-based PTT uses less energy and releases less greenhouse gas compared to nylon 6 and nylon 6,6.

Americas is estimated to be the largest market for 1,3-propanediol during the forecast period.

The Americas is the largest 1,3-propanediol market and is expected to continue its dominance during the forecast period. The market is primarily driven by increasing production and consumption of 1,3-propanediol in PTT, cosmetics, personal care & cleaning products, and polyurethane applications.  Also, the presence of DuPont Tate & Lyle Bio Products Company, LLC, the largest manufacturer of bio-based 1,3-propanediol in the region, is driving the market.

The key market players profiled in the report include DuPont Tate & Lyle Bio Products Company, LLC (US), Zhangjiagang Glory Biomaterial Co., Ltd. (China), Zouping Mingxing Chemical Co., Ltd. (China), Haihang Industry Company Ltd. (China), Merck KGgA (Germany), Tokyo Chemical Industry Co., Ltd. (Japan), METabolic EXplorer (France), and Sheng Hong Group Holdings Ltd. (China).

Speak to Analyst: https://www.marketsandmarkets.com/requestsampleNew.asp?id=760

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