Published Date : Jun 07, 2016
ALBANY, NY, June 07, 2016: MarketResearchReports.biz has added a new research report to its repertoire on the global chemicals industries. The report, titled “Global Bio-Based Propylene Glycol Market 2016-2020,” considers the macro and the micro functionalities of this market while highlighting the various growth opportunities, market restraints, and overall flow of trends and how they will shape up in the near future.
Bio-based propylene glycol is being touted as a positive replacement to its petroleum-based counterpart. It is manufactured from plant and animal sources and can therefore be a cleaner source than the latter.
According to this report, the global bio-based propylene glycol market is being driven by a high demand reported by the automotive industry. It is a key ingredient for the manufacturing of polymers used widely in the automotive industry. Additionally, bio-based propylene glycol can also be used in a more environmental friendly and non-toxic version of antifreeze for cars. Therefore, the global boom in automobile production and consumption is directly responsible for the current growth rate of the global bio-based propylene glycol market.
The global bio-based propylene glycol market is expected to expand at a CAGR of 8.19% during the forecast period from 2016 to 2020. For the calculation of this growth rate and its components, the report shows the use of an in-depth market reports based on inputs and opinions provided by industry experts.
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The global bio-based propylene glycol market is, however, expected to be restrained to a certain degree, by the presence of a market competitor, which is the conventional petroleum-based global propylene glycol. As time progresses, more efficient methods of producing bio-based propylene glycol should be devised, allowing the industry end users to approach the concerned players. This can happen while the global reserves of crude oil reduce.
The present scenario as well as the future prospects of growth in the global bio-based propylene glycol market are deduced through the application segments of the market, including food and beverages, automotive, cosmetics, and pharmaceuticals. Each of these industries is responsible for the growth of the global bio-based propylene glycol market.
The global bio-based propylene glycol market is also expected to benefit from the ongoing industry trend of preferring bio-based products over conventional ones derived from fossil fuels and nonrenewable sources. This is also propelled by the environmental concern expressed by governments and environment protection organizations.
A regional reports of the global bio-based propylene glycol market is provided in the report. It provides a segmented reports of the key regional markets: North America, Europe, APAC, and the Rest of the World.
The report also provides a detailed explanation of the competitive landscape of the global bio-based propylene glycol market. To do so, the report provides profiles of the key players in this market, including Oleon, Cargill, BASF, Ashland, and ADM. It also mentions several other prominent players in the global bio-based propylene glycol market, such as Orison and Houghton Chemical.
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