DUBLIN, May 23, 2016 Research and Markets has announced the addition of the "Global Bio-based Propylene Glycol Market 2016-2020" report to their offering.
The global bio-based propylene glycol market to grow at a CAGR of 8.19% during the period 2016-2020.
Global Bio-Based Propylene Glyocol Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Bio-based propylene glycol is considered as an alternative for petroleum-based propylene glycol. It is produced from plant and animal sources and is more reliable and comparatively pure than petroleum-based propylene glycol. The chemical is used in cosmetics, food, pharmaceuticals, unsaturated polyester resins, and antifreeze agents.
There is a definite shift towards bio-based organic products due to demand from the pharmaceutical, cosmetics, and food sectors. Rising concerns regarding health, side effects of synthetic products, and hygiene are the prime factors that are driving demand for bio-based solutions.
According to the report, a key market driver is the rising demand from the automobile industry. Economic recovery in the US and Europe has increased the demand for automotive products. The recovery has also increased employment, increased per capita income, and accessible credit facilities, increasing the buying power of consumers. Bio-based propylene glycol is for different applications in the automobile industry such as sheet molding compounds and antifreeze agent.
Further, the report states that competition from petroleum based products is likely to hinder market growth due to a lack of awareness about available alternatives.
- Archer-Daniels-Midland (ADM)
Other prominent vendors
- Houghton Chemical
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
For more information visit http://www.researchandmarkets.com/research/sfkdzk/global_biobased
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-bio-based-propylene-glycol-market-2016-2020---demand-from-automobile-industry-drives-the-market---research-and-markets-300272900.html
SOURCE Research and Markets