Global 1,3-Propanediol Market Propelling into New Trends by...

Global 1,3-Propanediol Market Propelling into New Trends by Emerging Applications

نشر بتاريخ 2024-05-14 10:40:13

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The global 1,3-propanediol market has been growing steadily owing to the increasing demand for specialty polymers and performance polymers across various end-use industries such as construction, automotive, aerospace, and others. 1,3-propanediol is predominantly used in the manufacturing of polytrimethylene terephthalate, which is a specialty polyester resin. It has excellent strength, abrasion resistance, dimensional stability, and other performance properties making it suitable for a variety of applications including carpets, textiles, sportswear, and automotive parts.

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 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 increasing demand for polytrimethylene terephthalate from various end-use industries such as automotive, textiles, and medical is a major factor driving the growth of the global 1,3-propanediol market. Polytrimethylene terephthalate provides high mechanical strength, elasticity, biocompatibility, hydrolysis resistance, and recyclability.

The major players in the 1,3-Propanediol Market Size are focusing on expanding their production capacities and global footprint to cater to the growing demand from emerging economies such as China, India, Brazil, and others. For instance, in 2021, Shell Chemicals announced the expansion of its 1,3-propanediol production facility in Geismar, Louisiana, United States.

Market key trends

The increasing R&D activities focused on developing innovative and sustainable production technologies for 1,3-propanediol is a key trend in the global market. At present, 1,3-propanediol is predominantly produced from crude oil as a petrochemical. However, with the growing focus on environmental sustainability, various companies are developing bio-based production methods using renewable feedstock such as sugarcane, corn, and lignocellulosic biomass. This is expected to provide opportunities for cost-effective and greener production of 1,3-propanediol over the forecast period.