In 2023, the propylene glycol market in Asia experienced fluctuations due to low-cost raw materials initially, followed by growth in the pharmaceutical and cosmetic sectors. However, India's restrictions on imports impacted prices negatively. In Europe, prices declined due to falling feedstock prices, surplus availability, and reduced demand from pharmaceuticals and cosmetics. North America saw initial struggles with fluctuating market sentiments but later stabilized with consistent demand, leading to a price increase. However, a downturn occurred in the second quarter due to challenges in maintaining demand dynamics in the downstream market. Overall, global propylene glycol prices were influenced by various regional factors throughout the year.
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Definition
Propylene glycol is a colorless, odorless, and hygroscopic organic compound with the chemical formula C3H8O2. It is a synthetic liquid alcohol that belongs to the class of diols. Propylene glycol is widely used in various industries due to its versatile properties. It has excellent solvency, allowing it to dissolve a wide range of substances, and it is considered safe for human consumption, making it a common food additive. Moreover, its low toxicity and ability to retain moisture make it valuable in personal care products, pharmaceuticals, antifreeze solutions, and as a humectant in food and cosmetics.
Key Details About the Propylene Glycol Price Trends:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Propylene glycol in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The propylene glycol price trends, including India Propylene glycol price, USA Propylene glycol price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Propylene Glycol Price Trends:
Propylene glycol is a versatile chemical compound with various industrial applications. Its main use lies in the production of antifreeze and de-icing solutions for vehicles, aircraft, and other equipment. In the food and beverage industry, propylene glycol acts as a humectant, solvent, and preservative in various products. It is a crucial component in the manufacturing of pharmaceuticals, cosmetics, and personal care products, serving as a solvent and stabilizer. Additionally, propylene glycol finds application in the production of resins, plastics, and polyester compounds. Its ability to act as a carrier for flavors and fragrances also makes it valuable in the fragrance industry and e-liquids for vaping devices.
Key Players:
- Lyondell Basell Industries Holdings B.V.
- INEOS
- BASF SE
- Repsol
- Dow
News and Recent Developments:
The Indian government ordered pharma producers to stop using propylene glycol obtained from the Delhi-based company that provided the component to Marion Biotech, whose cough syrups were connected to the deaths of 18 children in Uzbekistan. (March 10, 2023)
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