Bio Glycol Market Size, Share, Analysis & Forecast [2031]

Report Description

Bio Glycol Market Outlook

The global Bio Glycol market was estimated at USD 4,192.2 Million in 2022 and is anticipated to reach USD 7,613.0 Million by 2031, expanding at a CAGR of 7.0% during the forecast period.

Bio Glycols are chemical molecules from the alcohol family with two hydroxyl groups attached to different carbon atoms. Bio ethylene glycol is produced commercially from ethylene oxide, which is obtained from ethylene. It is primarily utilized for two applications, as a raw ingredient in the production of polyester fibers and in antifreeze compositions. It is an odorless, colorless, combustible, and viscous liquid. It has a sweet taste but is dangerous in excessive doses.

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Bio propylene glycol is an ecological and renewable product, made of distilled glycerin, obtained from sustainable biodiesel production, where vegetable oils are used in the transesterification process. It is a chemically neutral, safe, semi-viscous chemical liquid used in many foods, cosmetic, and industrial applications. It has high boiling and flash points, stability, and low-vapor pressure. It is known for its properties of reducing greenhouse gas emissions. It has a fruity aroma, which is used in cologne and perfume making. It has low toxicity and comes under the Generally Recognized as Safe (GRAS) for food and pharmaceutical use. Furthermore, bio-based propylene glycol has applications in waste heat recovery, solar systems, and more.

Macro-economic Factors

Sustainability and Environmental Concerns

Biobased products are accepted with the assumption that they are environmentally friendly due to their renewable nature. However, the environmental friendliness of any product is determined by a variety of factors, including the emission of greenhouse gases at various stages of the product's lifecycle, that is from raw material production to the degradation of after-use residues during production, distribution, and end-use. Growing consumer and marketing concerns about the environment have compelled companies to offer environmentally friendly goods and services. Propylene glycol is a versatile chemical that has use in a variety of industries, including pharmaceutical, food, and cosmetics. Traditionally, it is derived from a petroleum-based feedstock for industrial-scale manufacture. Recent advances have shown an innovative technique for producing propylene glycol from corn starch. The process involves the synthesis of carbohydrates from starch. Bio-based propylene glycol is more environmentally friendly than traditionally acquired glycols. They are derived from renewable sources, boast a low carbon footprint, and can help reduce environmental impact and move toward a green and sustainable future.

Industrialization

Industrialization influences the demand for Bio Glycol, which has various applications such as polyester resins, antifreeze and automotive coolants, heat transfer fluids, and liquid detergents that come under food and beverage, construction, transportation, pharmaceutical, and other industries. For instance, Bio Glycol is used in hydraulic fluids and fire-resistant brakes, as a coolant in the transportation industry for engine cooling applications. According to the Netherlands Bureau for Economic Policy Analysis (CPB), global industrial production increased by 3.3% in 2022. This reflects an increase in output to the 2.8% annual average for the previous 10 years. China, the US, Japan, Germany, India, South Korea, Italy, France, the UK, and Indonesia are the top 10 manufacturing nations across the globe. In advanced economies, industrial production exceeded pre-pandemic levels in 2022. The European Union’s industrial production went up 8% in 2021 as compared to that in 2020 and has continued its upward trend with a 5% increase in 2022 as compared to that in 2021. Industrial production globally has increased by 4% in 2022 as compared to that in 2021. Rapid industrialization is expected to propel the Bio Glycol market.

Government Policies and Regulation

Supportive government policies, such as subsidies and tax breaks are expected to boost the production and adoption of Bio Glycol, fostering the market growth. Governments promote sustainable and environment-friendly products. Governments across the world have regulations regarding the application of Bio Glycol, such as its use in polyester resins, antifreeze and automotive coolants, heat transfer fluids, liquid detergents, and others. Depending on the specific Bio Glycol production process and its intended use, existing environmental regulations come into play. These can involve regulations on emissions, waste disposal, and potential environmental impact assessments, overseen by agencies such as the Environmental Protection Agency (EPA) in the US or their equivalents in other countries.

Bio Glycol Market Dynamics

Market Driver- Increase in the Demand for Sustainable Products

Growing environmental concerns have led companies and consumers to search for alternatives to conventional materials. The shift in consumer preference is driving the demand for bio-based products across various industries. The use of Bio Glycol has been accelerated by growing customer demand in various industries such as food and beverage, construction, transportation, pharmaceutical, and others, as it is environmentally friendly and sustainable. Bio Glycol is an appealing option in a world where people are becoming conscious of environmental issues due to their recyclable nature and use of renewable resources. As a result, the Bio Glycol market is anticipated to grow due to a surge the demand for sustainability.

Market Driver- Growth in the Transportation Industry

Bio Glycol is used in hydraulic fluids and fire-resistant brakes, as a coolant in the transportation sector for engine cooling, as a raw material for de-icing planes, and as a heat transfer fluid in high-temperature applications. It can serve as a solvent, connect, and stabilize insoluble fluids as an emulsifier, and help in binding and transportation of other substances as an excipient. Ethylene glycol is widely used in commercial and industrial applications, including antifreeze and coolant. This chemical prevents a vehicle's engine from freezing in the winter and functions as a coolant in the summer, reducing overheating. This presents a profitable development potential for glycol in the automotive and transportation industries. The growth of the transportation industry is boosting the Bio Glycol market.

Market Restraint- Health Concerns Related to the Usage

The primary challenge that bio propylene glycol producers have faced is health concerns related to the usage of propylene glycol. Numerous health problems related to propylene glycol might impede the market. However, the World Health Organization (WHO) has determined that the recommended daily consumption of propylene glycol as an additive in food is no more than 25 mg/kilogram of weight. The primary market restraint that is anticipated to slow the industry's development rate is health concerns caused by increased Bio Glycol use.

Market Opportunity- Innovation in product development

Manufacturers have the opportunity to develop innovative Bio Glycol products with improved functionality and performance to cater to specific industry needs. This can involve tailoring Bio Glycol properties through various processes. Bio Glycol finds applications in various sectors, including food and beverage, construction, transportation, and pharmaceuticals. As these industries continue to evolve, there is ample room for innovation and expansion. Companies can explore applications and tailor Bio Glycol formulations to meet specific industry needs.

Scope of Bio Glycol Market Report

The report on the Global Bio Glycol Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Bio Glycol Market Segmental Outlook

On the basis of type, the Bio Glycol market is divided into bio ethylene glycol, bio propylene glycol, and others.

The bio propylene glycol segment held a market share of XX% in 2022 and is expected to hold XX% share by 2031. Bio propylene glycol has various applications, including industrial applications such as coolants and antifreeze, heat transfer fluids, hydraulic and brake fluid, unsaturated polyester resins, aircraft de-icing fluid, paints, and coatings. High grade propylene glycol is used in fragrance, cosmetics, personal care, food, animal feed, and pharmaceuticals. The growing demand for bio propylene glycol for various application is expected to propel the Bio Glycol market.

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In terms basis of application, the Bio Glycol market is divided into aircraft deicing fluid, polyester resins, coolants and automotive antifreeze, heat transfer fluids, liquid detergents, baked and dairy products, and others.

The coolants and automotive antifreeze segment held a market share of XX% in 2022 and is expected to hold XX% share of the market by 2031. Bio Glycol is extensively used in the automotive industry, as an environmentally friendly and potentially safer alternative to traditional, and petroleum-based antifreeze and coolants. Bio Glycol exhibits better freezing point depression and boiling point elevation properties than traditional coolants, ensuring adequate engine protection against extreme temperatures.

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Based on end-use industry, the market is segregated into food and beverage, chemical, transportation, pharmaceutical, and others.

The transportation segment held XX% share of the market in 2022 and is expected to hold XX% share of the market by 2031. Bio Glycol is making a significant mark in the transportation industry, driving progress toward sustainability. Its applications are diverse such as environmentally friendly antifreeze and coolants that are derived from renewable sources. Bio Glycol offers a sustainable alternative to traditional options. Additionally, specific Bio Glycol types, such as bio propylene glycol, boast low toxicity, making them a safe choice, especially relevant for electric vehicles. Bio Glycol's low freezing point and ability to reduce water's freezing point make it ideal for de-icing and anti-icing vehicles. Bio Glycol plays a role in the production of unsaturated polyester resins used in lightweight vehicle components, contributing to improved fuel efficiency and durability. The properties of Bio Glycol help in developing bio-based lubricants with enhanced sustainability profiles. Additionally, it finds use in brake fluids. Bio Glycol's expanding role in the transportation industry signifies a positive shift toward sustainability and global Bio Glycol market growth.

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On the basis of distribution channel, the market is fragmented into manufacturers (direct sales) and distributors.

The manufacturers (direct sales) segment held XX% market share in 2022 and is expected to hold XX% in 2031. The direct distribution channel of Bio Glycol does not use any intermediaries. Manufacturers sell products directly to the end consumers. The direct distribution channel is used by manufacturers to build trust with customers and to create a brand image. A significant amount of Bio Glycol gets distributed through distributors.

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Regional Outlook

On the basis of region, the Bio Glycol market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific is a significant consumer of Bio Glycol. The market in the region is expected to grow rapidly with initiatives being taken toward sustainability and reduced carbon footprint. China and Japan are leading in shift toward sustainable processes and reduction in carbon footprint of the industries in the region. This is anticipated to fuel the market in these countries. The market in these countries is likely to grow at a fast pace during the forecast period, due to the increasing demand for Bio Glycol from end-user industries such as food and beverage, construction, transportation, and pharmaceutical in countries such as China, India, South Korea, Japan, and countries in Southeast Asia.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Bio Glycol Market
• Historical, Current, and Projected Market Size in terms of Value
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Bio Glycol Market Performance