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1, 3-Propanediol Market to 2023 | Evolving Technology, Trends and Industry Analysis
1, 3-Propanediol Market to 2023 | Evolving Technology, Trends and Industry Analysis 1, 3-Propanediol Market to 2023 | Evolving Technology, Trends and Industry Analysis
Synopsis of 1, 3-Propanediol Market
1, 3-propanediol is a class of specialty compounds, a colorless liquid that is miscible in water. These compounds can be produced either by hydration of acrolein or by hydroformylation of ethylene oxide. 1, 3-propanediol is mainly used as a feedstock in the production of various chemicals and materials. These high specialty compounds find its applications in the production of polytrimethylene terephthalate (PTT), polyurethane, cosmetics & personal care, and household cleaners. The other niche applications include engine coolants, de-icing fluid, and heat transfer fluid among others.
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DuPont Tate & Lyle Bio Products Company, LLC (U.S.), Metabolic Explorer SA (France) Zhangjiagang Glory Biomaterial Co. Ltd (China) and Zouping Mingxing Chemical Co., Ltd (China), Royal Dutch Shell (Netherland), Shanghai Jinjinle Industry Co., Ltd (China), Zouping Mingxing Chemical Co.,Ltd (China), Salicylates And Chemicals Pvt. Ltd (India), and Chongqing Kunlun Chemical Co., Ltd (China) among others.
The growing demand for polytrimethylene terephthalate (PTT) in various end-use industries is anticipated to be the major factor driving the global 1, 3-propanediol market during the assessed period. Glycerol is a byproduct of the biodiesel production process, which is a prominent raw material in the production of 1, 3-propanediol. Hence, the growing production of biodiesel is expected to positively affect the growth of the global 1, 3-propanediol market. The volatility in crude oil prices along with the growing environmental regulations has resulted in investment in the research and development activities for the production of bio-based 1, 3-propanediol. This is anticipated to be a major opportunity for the market growth. Biobased 1, 3-propanediol is a FDA certified biobased product, which can be used in many applications such as functional & deicing fluid, coatings, cosmetic & personal care, home care, polymers, and fibers among others.
The 1,3 propanediol market is segmented across five regions: Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa. Among these, North America was the leading region in 2016 and is expected to retain its dominance over the forecast period. The growing demand for PTT in the developed end use industries is expected to fuel the market growth during the review period. Moreover, the growing inclination towards the use of biobased products along with the prevalence of stringent environmental regulations has increased the production of biodiesel mainly in the U.S. and Canada, which, in turn surging the market growth of 1,3-propanediol. For instance, according to the U.S. Energy Information Administration, the production of biodiesel in the U.S. was 144 million gallons in 2016, and it increased to 148 million gallons in December 2017.
The European market is anticipated to show a steady CAGR during the forecast period . The developed automobile and cosmetic & personal care industry is expected to be the key factor driving the market in this region. Moreover, the growing inclination towards the production of biodiesel is another factor increasing the demand for 1,3 propanediol in the region.
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The global 1,3 propanediol market is segmented into application and region. On the basis of the application, the global market of 1, 3-propanediol is further segmented into polytrimethylene terephthalate, polyurethane, cosmetic & personal care, household, engine coolants, heat transfer fluid, de-icing fluid and others. On the basis of the region, the global 1, 3-propanediol market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa.
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