Monopropylene Glycol (MPG) Market

Updated On : 03 May 2024

MONOPROPYLENE GLYCOL (MPG) MARKET REPORT OVERVIEW

The global Monopropylene Glycol (MPG) Market size was valued at USD 4.62 billion in 2023 and is forecast to a readjusted size of USD 5.98 billion by 2031 with a CAGR of 3.2% during review period.

MPG has many applications therefore it is known as an industrial chemical. MPG is a transparent, scentless and solvent liquid which used in pharmaceutical, cosmetic, food etc. industries. It has hygroscopic properties which make it a good humectant and antifreeze agent with low toxicity that qualify it for multiple uses. MPG is significant in the production of some resins and solvents and as a medium for fluid power hydraulics. The demand in the MPG market is expanding as it has multiple applications across diverse processes used by industries today.

COVID-19 IMPACT: MARKET GROWTH RESTRAINED BY PANDEMIC DUE TO SUPPLY CHAIN DISRUPTIONS

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The lockdown associated with COVID-19 had a major impact on the Monopropylene Glycol (MPG) market growth. Industrial lockdown and interrupted commodities lowered the MPG used at autos, clothes, and medicine. Uncertainties pertaining to fluctuating raw material prices made matters worse%. However, recovery of economies in most countries and normalization of industrial operations will boost demand for various MPG applications thereby stabilizing this market.

 LATEST TRENDS

"Increasing demand and positive market dynamics to Drive Market Growth"

The increased demand for MPG in industries like pharmaceuticals, food and beverages, and personal care were of great importance. Eco-friendly and bio-based substitutes were also affecting the MPG market share by their rising awareness. Moreover, the application of MPG in car ant freezing and deicer industry was boosting the growth of the market. Key trend was continuous R&D for new, green applications and processes. 

MONOPROPYLENE GLYCOL (MPG) MARKETSEGMENTATION

By Type

Based on type the global market can be categorized into industrial grade, food grade, and pharmaceuticals grade.

• Industrial Grade: This grade of MPG is primarily used in industrial applications such as antifreeze, de-icing solutions, hydraulic fluids, and as a solvent in various industrial processes. Industrial-grade MPG may not have the same level of purity as grades intended for food or pharmaceutical use.
• Food Grade: Food-grade MPG is produced with a higher level of purity and is suitable for use in the food and beverage industry. It is commonly employed as a humectant, solvent, and preservative in food products, pharmaceuticals, and cosmetics.
• Pharmaceutical Grade: The pharmaceutical-grade MPG is manufactured to meet strict standards required for use in pharmaceutical and healthcare products. It is utilized in the production of medications, topical formulations, and other pharmaceutical applications where a high level of purity is essential.

By Application

Based on application the global market can be categorized into Food & Beverages, cosmetics& personal care, Pharmaceuticals, industrial and others.

• Food & Beverages: Due to this, MPG is often added into foods as an organic preservative, more particularly as a humectant for food products. It also helps keep moisture in food products like drinks, bakery, and confectionery etc.
• Cosmetics & Personal Care: MPG commonly exists into cosmetics and other hygiene needs such as ointments, shampoos and detergents. It acts as a humectant to keep the texture intact for the product, avoiding desiccation.
• Pharmaceuticals: MPG plays a key role in the manufacture of numerous medications in the health care and pharmaceutics market. The component can be used as a solvent, humectant, and stabilizer in pharmaceutical mixes.
• Industrial: In the automotive industry, it is utilized as a coolant and antifreeze. This solvent is also used in industrial fluids, de-icing solutions, and in resin, plastic and textile manufacture. Others Examples of other uses may include, house-hold products or cleaning agent and carriers’ fluids for different industries.

DRIVING FACTORS

"Antifreeze Properties to Propel the Market Growth" In this respect, its application as part of the antifreeze formulas is crucial for the auto industry and especially in cold regions thus creating constant demand.

"Non-Toxic Nature to Drive the Market Growth"

The chemical is safe hence preferred for pharmaceutical, cosmetic and food products, which are governed by strict health regulations.

RESTRAINING FACTOR

"Environmental Concerns to Hamper the Market Growth" Although MPG is itself relatively non-toxic, some of the ways it is produced involve environmentally harmful processes. Traditional MPG manufacturing process could be complicated by growing sustainability awareness and associated regulations.

MONOPROPYLENE GLYCOL (MPG) MARKETREGIONAL INSIGHTS

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"Asia Pacific dominating the Market due to Industrialization and Growing Awareness of Consumers"

There is supremacy in the Monopropylene Glycol (MPG) market share of the Asia Pacific region as a result of high level industrialization as well as increasing demand from major areas. Increased awareness of greener solutions and rapid expansion of the automotive industry pushes the market ahead. MPG in the region is high due to burgeoning pharma and food industries. Strict regulation concerning environmental sustainability is responsible for the formulation of bio-MPG. The Asia Pacific area is one of the major players that drive the direction where MPG market may head with its expanding economy and various downstream users.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Some of the major participants of MPG market include the dominant companies which influence its functioning. These industry leaders pave the way for improvements, implement environment-friendly techniques, and broaden manufacture outputs in order to match up with an expanding consumer demand for MGP. They influence the MPG global competitiveness through their strategic initiatives such as research and development, mergers, and acquisition. These key players continue to play a crucial role in tackling issues in innovation and sustainability as the sector undergoes transformation in the MPG market.

List of Market Players Profiled

• BASF ( Germany)
• Huntsman(U.S.)
• ADM (Archer Daniels Midland) (U.S.)
• OLEON(Belgium)
• Polioles (Grupo IDESA)MexicoRepsol (Spain)
• INEOS(U.K.)
• AGC Chemicals( Japan)
• ADEKA( Japan)
• PJSC Nizhnekamskneftekhim(Russia)
• PCC Rokita(Poland)
• Shandong Depu Chemical(China)

INDUSTRIAL DEVELOPMENT

April 2022: The collaboration between MOL (MOL Group) and HELM in April 2022 for the marketing of propylene glycols. This collaboration has taken place.MOL and HELM are working together to market a range of propylene glycols, including technical as well as higher-value-added grades such as monopropylene glycol and dipropylene glycol. Propylene glycols are versatile chemicals used in various industries, including pharmaceuticals, food, cosmetics, and industrial applications.

REPORT COVERAGE

The growing MPG market stems from its diverse use in numerous fields of industry. The need for MPG as an important component in products like antifreeze, solvents and plastics is still unremitting. Market growth is driven by automobile industry’s expansion and increased acceptance of environment friendly formulations. Furthermore, the pharmaceutical and food industries also utilize it considering its safety levels. The strict regulations on sustainability is pushing for the production of bio-based MPG and thus also shaping the market dynamics. The overall outlook of the MPG market is for continued growth in a broad range of end user industries with emphasis on “green” alternatives.