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Propylene Glycol Market Forecast: What Value Will The Market Reach By 2030?
The propylene glycol market size has demonstrated significant expansion in recent years. This market is projected to increase from $4.94 billion in 2025 to $5.3 billion by 2026, recording a compound annual growth rate (CAGR) of 7.3%. The historic period’s growth can be attributed to several factors, including the expansion of polyester resin production, an increase in food and beverage processing activities, its growing application in antifreeze formulations, a surge in demand from personal care products, and the availability of petroleum-based feedstocks.
The propylene glycol market is projected to experience substantial expansion over the coming years. By 2030, its valuation is set to reach $6.9 billion, demonstrating a compound annual growth rate (CAGR) of 6.8%. This anticipated expansion throughout the forecast timeframe stems from various factors, including a heightened move towards bio-based chemicals, increased pharmaceutical production, the widening reach of cold-chain logistics, a greater need for environmentally friendly deicing alternatives, and expanding uses in fluids for electronics cooling. Key developments foreseen during this period encompass a surge in the embrace of bio-based propylene glycol, its heightened application in food-safe antifreeze, rising demand within pharmaceutical and cosmetic preparations, an increase in its use for deicing in the transport sector, and a stronger emphasis on chemical solutions with reduced toxicity.
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Propylene Glycol Market Growth Catalysts And Demand Drivers
The future growth of the propylene glycol market is anticipated to be driven by the expanding cosmetic and personal care sectors. These industries encompass companies that produce skincare, hair care, makeup, fragrances, toiletries, and personal hygiene items, all aimed at enhancing appearance and maintaining human health. Propylene glycol finds application as a humectant and solvent in diverse cosmetic and personal care items, such as skin care, hair care, and body care products. This is attributed to its capacity to hold moisture, refine texture, and boost the stability of product formulations. As an illustration, data from Circana, Inc., a US-based media firm, indicated that prestige beauty product sales in the US hit $14 billion in the first half of 2023, showing a 15% increase compared to the corresponding period in 2022. Simultaneously, the mass beauty market achieved $28 billion in sales, experiencing 9% growth. Consequently, the expansion of the cosmetic and personal care industries is propelling the propylene glycol market’s growth.
Propylene Glycol Market Breakdown By Product Type And Application
The propylene glycol market covered in this report is segmented –
1) By Source: Petroleum-Based, Bio-Based
2) By Grade: Industrial Grade, Pharmaceutical Grade
3) By Application: Animal Feed, Inks, Lacquers, Tobacco Humectants, Varnishes
4) By End User: Building And Construction, Consumer Goods, Cosmetics And Personal Care, Food And Beverages, Paint And Coatings, Pharmaceuticals, Textile Industries, Tobacco, Transportation
Subsegments:
1) By Petroleum-Based: Conventional Propylene Glycol, High Purity Propylene Glycol
2) By Bio-Based: Glycerol-Based Propylene Glycol, Fermentation-Based Propylene Glycol
Propylene Glycol Market Trends Shaping Long-Term Demand
Leading companies within the propylene glycol market are concentrating on developing innovative solutions, such as the hydrogen-peroxide-to-propylene-glycol (HPPG) production technology, to address the increasing demand for more sustainable and cost-efficient PG manufacturing. This HPPG technology, branded as HYPROSYN, enables the direct synthesis of propylene glycol from hydrogen peroxide and propylene in a single reactor, bypassing the traditional intermediate propylene oxide. Unlike conventional processes, which involve multiple steps and higher water and energy consumption, HYPROSYN reduces operational costs, improves yield, and can be integrated into existing PG plants. The technology offers environmental benefits, operational flexibility, and scalability for industrial applications like food additives, pharmaceuticals, and personal care products. For instance, in October 2023, Dow, a US-based chemical company and the world’s largest producer of propylene glycol, partnered with Evonik Industries, a Germany-based specialty chemicals company and hydrogen peroxide manufacturer, to launch a pilot HPPG plant at Evonik’s Hanau site. The plant demonstrates the direct synthesis route, highlighting lower water usage, reduced energy consumption, and the elimination of propylene oxide, making the process more sustainable and efficient.
Propylene Glycol Market Company Landscape And Competitive Strategy
Major companies operating in the propylene glycol market are Dow Inc., LyondellBasell Industries, BASF SE, Shell plc, Exxon Mobil Corporation, Huntsman Corporation, SKC Co. Ltd., Asahi Kasei Corporation, LG Chem Ltd., Repsol S.A., PCC Group, Manali Petrochemicals Ltd., Reliance Industries Limited, PetroChina Company Limited, Shandong Shida Shenghua Chemical, Archer Daniels Midland Company, Cargill Incorporated, Oleon NV, Mitsui Chemicals, Inc., Formosa Plastics Corporation
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Propylene Glycol Market Leading Geography: Which Region Contributes The Most Revenue?
Asia-Pacific was the largest region in the propylene glycol market in 2025 and is expected to be the fastest-growing region in the forecast period. The regions covered in the propylene glycol market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
