Inhibited Propylene Glycol Market: Overview and dynamics
Inhibited propylene glycol is propylene glycol added with corrosion resistance, temperature resistance, pH stability as compared to existing propylene glycol which has been utilized in numerous end-use industries.
When the surrounding temperature reaches 250°F or more, propylene glycol begins to become acidic and starts to break down and attack the metals in contact leading to corrosion. To overcome this issue, inhibited propylene glycol could be used as a substitute which is set to propel product demand over the medium-run forecast period.
Over the past half-decade, the unsaturated polymer resins market has observed strong growth across the region. Rampant production of the unsaturated polymer resins across the globe has proportionally affected the inhibited propylene glycol market.
Additionally, the use of inhibited propylene glycol as the major component in coolants for engine operations, liquid deicing, antifreeze, and base fluids will also improve the global market demand.
Owing to the varied advantages offered by inhibited propylene glycol, it is used as a safeguard in solar water heating systems. Its localized utilization in the formerly mentioned application is mainly driven by its properties such as low volatility, corrosion inhibition, and high-temperature resistance.
The inhibited propylene glycol market is witnessing growth with the rising demand coming from food manufacturers. They are preferring to setup enhanced production facilities and utilizing newer efficient chemicals in their manufacturing capabilities, with improved focus towards manufacturing efficiency and reducing downtime.
Furthermore, inhibited propylene glycol is increasingly being adopted by numerous end-users to replace existing propylene glycol and this is poised to impact the market growth during the forecast period.
Additionally, the manufacturing process of inhibited propylene glycol is quite eco-friendly and this is acting towards strengthening the market demand. In addition to this, growing demand from numerous end-use industries of inhibited propylene glycol such as transportation, oil and gas, chemicals, pharmaceuticals, food and beverages is supposed to drive the market forward during the forecast period 2021-2031.
These chemical property advantages over the conventional propylene glycol are supposed to drive the demand of inhibited propylene glycol during the forecast period.
COVID-19 Impact Insights
COVID-19 introduced many restrictions around the globe and hampered the growth of the petrochemical industries as well as inhibited propylene glycol market. The novel virus led to massive disruption in business administration and hit many medium and large scale industries. Petrochemical Industries are shuttered all around the world due to the shortage of feedstocks, logistics sectors, supply chain and materials.
The cycle, manufacturing to sales have been disturbed by the virus and the wide range of chemicals which have been turned as no use in the lockdown. Moreover, due to the unavailability of the industrial logistics sector, the demand for the refined chemicals considerably decreased. Additionally, the instability of the new macroeconomic climate shaped by COVID-19 created a crater across the industries.
The sudden fall of Crude Oil price during the first of 2020, heavily affect the global oil and gas market. With the nonstop production and less demand in the market many more national oil companies and private companies across the globe experienced a severe loss.
As the demand for crude oil has gone down simultaneously the production and demand for downstream products such as unsaturated polymer resins went down. Thus, inhibited propylene glycol which are starting to be used in unsaturated polymer resin manufacturing has also been negatively impacted.
With the arrival of COVID-19, the situation has become more complex by depriving the automobile and building industries (and many other sectors) and undermining the supply chains that already exist. Performance improvements and improved reliability have largely guided the increased use of digital technology by oil, gas and chemicals companies.
Besides, by the following COVID-19 guidelines and alternative rotation of workers can help the major end-user industries to resume manufacturing, and the market is poised to bounce back strongly by the first quarter of 2022.
Considering the regional classification, the report “Inhibited propylene Glycol” delivers a categorical study on six prominent regions which include North America, Europe, Latin America, South Asia & Oceania, East Asia and Middle East & Africa.
The dominant market of inhibited propylene glycol with main macroeconomic metrics, such as high per capita incomes and production output, supports North America’s market growth. Strict rules and the continued advancement of products have increased the demand for inhibited propylene glycol.
Also, the government in North America is increasing investment in the power and energy sector which makes the region attractive for investment in inhibited propylene glycol market .After North America, Asia Pacific is also growing at a faster rate and expected to hold good market potential during the forecast period of 2021-2031.
Additionally, APAC is projected to account for a higher market share in terms of both volume and value in global inhibited propylene glycol market. The growing population of the area is projected to make this region an ideal destination for the inhibited propylene glycol sector, along with rising construction spending in China, India and South Korea’s developing markets.
Mounting demand from several end-use applications such as oilfields, coatings, electronics, chemicals, adhesives, cosmetics and fragrances will increase the demand for specialty chemicals, which in turn will drive inhibited propylene market growth. Owing to the growth of industrial and construction activities in the future the market for inhibited propylene glycol will also remain steady.
However, regions like Asia & Africa encouraging and supporting the local manufacturers somehow hamper the inhibited propylene glycol for global players in the region. As the global players offer the product at a higher price due to tax and tariff but the local player gets benefitted from that and able to offer less price than the global players.
Inhibited Propylene Glycol Market: Key players
The key players in this market are
- Dow chemical company
- Guardian Chemical
- Solvents and Petroleum Service Inc.
- Chemtex Specialty Ltd.
- Huntsman Chemical
- Houghton Chemical
- Mid-South Chemical
- SKC Co. Ltd.
Key market players in inhibited propylene glycol market have adopted a blend of organic and inorganic strategies including strategic product launches, partnership, collaborations, capacity expansions and investment in research and developments to improve their product offerings in the inhibited propylene glycol market and offer competitive products to its customers.
For instance, one of the leading producers of inhibited propylene glycol is the Dow Chemical Company has formed an exclusive technical alliance with Evonik. They intend to synthesize propylene glycol directly from propylene and hydrogen peroxide with a special HYPROSYN process. Such initiatives from the manufacturer’s side is supposed to drive the overall market growth in the longer run.
Market Segmentation by Category
On the basis of source, inhibited propylene glycol market is segmented into
- Petroleum based
- Bio Based
On the basis of grade, inhibited propylene glycol market is segmented into
On the basis of Function, inhibited propylene glycol market is segmented into
- Anti-freeze agent
- Stabilizing agent
On the basis of End-Use industry, inhibited propylene glycol market is segmented into
- Building & Construction
- Food & Beverage
On the basis of region, inhibited propylene glycol market is segmented into
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
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