The Expanding Global 1,3 Propanediol Market is driven by Increasing...

The Expanding Global 1,3 Propanediol Market is driven by Increasing Demand from Polytrimethylene Terephthalate Applications

Posted 2024-04-04 09:27:56

The Global 1,3 Propanediol Market is a versatile chemical intermediate that finds key applications in the production of polytrimethylene terephthalate or PTT. 1,3-Propanediol helps provide PTT with desirable properties like flexibility, elasticity and moisture-wicking ability. PTT fibers are increasingly replacing less sustainable materials in textiles, upholstery and carpets. The growth of the textile industry especially in developing economies of Asia and the strengthening regulations around restricton and ban of single-use plastics are propelling the adoption of bio-based and recyclable PTT.

The Global 1,3 Propanediol Market is estimated to be valued at US$ 424.5 MN in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global 1,3 Propanediol Market Size are Tokyo Chemical Industry Co., Ltd., Shenghong Group Holdings, Primient, Haihang Industry, DuPont, Metabolic Explorer, Zhangjiagang Glory Biomaterial Co., Ltd., Zouping Mingxing Chemical Co., Ltd., Shell Chemicals LP, and Merck KGaA. Key players are investing in research and development of fermentation and chemical processes to lower the production costs of 1,3-Propanediol and make it competitive against petro-based glycols.

The demand for 1,3-Propanediol is experiencing significant growth owing to the expanding applications of PTT in textiles, carpets and furnishings. Properties like moisture wicking, thermoregulation and elasticity offered by PTT fibers have made them a desirable substitute for cotton and polyester. The textile industry is thriving especially in developing Asian countries like India and China boosting the consumption of 1,3-Propanediol.

Geographic expansion of major players in the Global 1,3 Propanediol Market particularly in the Asia Pacific region is expected to drive the market growth during the forecast period. Countries like India, Thailand, Vietnam are emerging as key production hubs for PTT and associated derivatives supported by government incentives for bio-based chemicals industry.

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