Global 1,3-propanediol Market size is set to surpass USD 790 million by 2027

According to a new research report by Global Market Insights Inc., the global 1,3-Propanediol Market size is set to surpass USD 790 million by 2027.
 

1,3-propanediol is a specialty chemical compound used as a building block in production of polymers and in formulation of adhesives, coatings, paints and resins. It is produced by either by petrochemical route (i.e., thought hydroformylation of ethylene oxide or hydration of acrolein) or bio-based pathways i.e. fermentation of glycerol or sugars. Glycerol is a byproduct of the biodiesel production process, thus increasing biodiesel production is expected to positively drive the global 1,3-propanediol market during the forecast period.
 

The paradigm shift of consumer preference towards bio-based and eco-friendly products is witnessed across the globe to reduce the carbon footprint. Moreover, increasingly stringent government regulations, depletion of petroleum sources and growing consumer awareness have led to increased investment by companies for innovative and bio-based product development. 1,3-propanediol is used as building block to produce bio-based polyester and polyurethane, thus is expected to register high demand during the forecast period. Bio-based production through renewable feedstock, such as sugar and glycerin are expected to gain traction during the forecast period.
 

Growing demand for polytrimethylene terephthalate (PTT) in various application to drive the industry growth

PTT application is projected to dominate the overall consumption of 1,3-propanediol in the global market through the forecast period. In 2020, the PTT application segment was valued at over USD 185 million. In textile industry the demand for PTT is increasing owing to high demand for elastic, strong and wrinkle & high abrasion resistance. In engineering applications such as automotive parts, consumer products, and electronic products, PTT is increasingly being used owing to good dimensional stability and high finishing qualities.
 

Browse key industry insights spread across 230 pages 219 market data tables and 16  figures and charts from the report “Global 1,3-Propanediol Market for By Source (Petrochemical-Based, Bio-Based), By Application (Polytrimethylene Terephthalate (PTT), Polyurethane {Textile, Footwear, Automotive, Furniture}, Personal Care & Detergents, Pharmaceutical, Food & Beverages, Heat Transfer Fluid, Inks and Coatings), Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Competitive Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/1-3-propanediol-market
 

Increasing product demand from personal care & cosmetic industry in Europe to boost market growth in the region

In 2020, the Europe market was valued at USD 64.15 million and is set to witness robust growth during the forecast period owing to increasing demand for bio-based products. Favorable government policies and initiatives such as European Green Deal to make Europe’s economy sustainable will foster the market growth during the forecast period. Furthermore, increasing personal care & cosmetic production coupled with growing preference for organic & bio-based products by consumers will drive the 1,3 propanediol market growth in Europe.
 

Industry players are adopting strategies such as capacity expansion, collaborations, and R&D activities in order to increase their market share and to meet the growing product demand. The major players in the 1,3-propanediol industry include Dupont Tate & Lyle, Zouping Mingxing Chemical, Haihang Industry, METabolic Explorer, Hunan Rivers Bioengineering, Zhangjiagang Huamei Biomaterial, and Shangdong Mingxing.