Global 1,3 Propanediol Market is Anticipated to Witness High Growth...

Global 1,3 Propanediol Market is Anticipated to Witness High Growth Owing to Rising Application in Polytrimethylene Terephthalate Production

Сообщение 2024-05-02 11:24:36

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The global 1,3 propanediol market comprises products such as industrial grade and pharmaceutical grade 1,3 propanediol. 1,3 propanediol is predominantly used in the manufacturing of polytrimethylene terephthalate which finds application in various industries such as textiles, automotive interiors among others. The rising demand for lightweight and high-performance materials from end-use industries is propelling the consumption of polytrimethylene terephthalate. 1,3 propanediol provides properties like flexibility and mechanical strength to polytrimethylene terephthalate. Additionally, 1,3 propanediol is utilized as a humectant in cosmetic and personal care products owing to its moisture retaining ability.

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 1,3 propanediol market 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.

The rising demand for polytrimethylene terephthalate from end-use industries like textiles and automotive interiors is opening new avenues of growth for 1,3 propanediol manufacturers. Additionally, the increasing utilization of Global 1,3 Propanediol Market Size in cosmetic formulations owing to its humectant properties is fueling market opportunities.

Key players are focusing on geographical expansion plans to consolidate their presence across high growth regions. For instance, Shell Chemicals expanded its 1,3 propanediol production facility in Geismar, Louisiana to cater to the burgeoning demand from North America.

Market Drivers
- Increasing PTMEG consumption: The rising application of polytrimethylene terephthalate (PTMEG) in various end-use industries like textiles, packaging and automotive interiors is the major growth driver for 1,3 propanediol market. PTMEG is lighter and more flexible than polyethylene terephthalate.

Market Restraints
- Availability of substitutes: Alternatives like monoethylene glycol and triethylene glycol that are manufactured from non-renewable feedstock pose competition to 1,3 propanediol.