Tripropylene Glycol Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2777
Tripropylene Glycol Market size will witness huge demand in the coming years owing to the its vast industrial applications as a solvent and additive. The product is a colorless, odorless, viscous liquid, completely soluble in water and features low toxicity.
Food & beverage industry is one of the major driver for tripropylene glycol market. Increasing world population is demanding more food by the day making it one of the fastest growing industry. In 2016, the food & beverage industry globally recorded a revenue in excess of 3.5 trillion and is likely to grow with a potential rate in the coming years. Food is one of the most important part in our daily lives without which one cannot live for long. The industry is likely to foresee great shifts in the food trends and eating habits of people worldwide, according to their regions and working lifestyles. These factors are driving the food & beverage industry which in turn is fueling the tripropylene glycol market demand.
The global tripropylene glycol market is substantially driven by the personal care industry. Increasing awareness of grooming and hygiene coupled with purchasing power parity is driving the personal care industry to a great extent. The global beauty & personal care products market vas valued over USD 430 billion in 2017 and is likely to grow with a lucrative CAGR in the upcoming years. In the developing countries of Asia Pacific and Latin America, consumers are demanding more personal care products due to the changing lifestyle and rising disposable incomes. This will surge the personal care products demand in these regions and in turn, boost the tripropylene glycol market growth in the upcoming days.
Due to low toxicity of the product, ethanol and ethylene glycol are being replaced with tripropylene glycol in the cosmetic, food and other industries making it a huge opportunity for the product to gain a substantial industry share in near future.
The product is combustible in nature and needs to be stores and used in certain prescribed manner. The product is also harmful when inhaled and may result in heavy breathing and respiratory infections. These factors may hinder the global tripropylene glycol market growth.
Based on applications, the global tripropylene glycol market can be segmented into additives, solvents, disinfectants, cleaning agents, and others. The product finds its wide use in industrial applications such as, the product is used as a homogenizing agent and solvent in inks and other colorants. Besides these, it also acts as a cooling media and disinfectant in cosmetics. Other industrial uses of the product include, cleaning formulations for hard surface, penetrating oils, manufacturing polyester plastics, varnish remover and as an additive ingredient in hydraulic fluids, emulsifiers and plasticizers. These wide industrial applications rigorously drive the global tripropylene glycol market to a great extent.
According to end-user industries, global tripropylene glycol market has been classified into seven major categories mainly, food & beverages, personal care, plastic, automobile, pharmaceutical, paints & varnish, and cosmetics. In the plastic industry, the product finds its use for alkyd resins and polyester fibers manufacturing. In the automobile industry, the product finds its extensive application as a main ingredient in hydraulic fluids, brake, engine cooling and anti-freezing liquids due to its properties such as low corrosive activity, non-volatility, and low freezing point.
The global tripropylene glycol market is classified on the basis of geography, where, Europe and North America hold a significant share in the market. Industrial and commercial usage of the product in the United States is driving the global tripropylene glycol market hugely. In Asia Pacific region, tripropylene glycol market is said to witness tremendous demand in the coming years owing to vast expansions in the cosmetic, automobile, pharmaceutical, and food & beverages sectors. Latin America is also expected to be the next emerging market owing to industrialization in the automobile and food & beverages sector.
Prominent players in the global tripropylene glycol market are BASF, Dow Chemical Company, Prime Laboratories, Golden Dyechem, India Glycols Limited, Paari Chem Resources, Muby Chemicals, Oleon, Archer Daniels Midland Company, HaiKe Chemical Group, LyondellBasell Industries Holdings, Flavor & Extract Manufacturers Association, Airedale Chemical Company Limited, INEOS, R. M. Chemicals, and Foodchem International Corporation to name some.
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