The global 1,3-propanediol market size was USD 896.9 Million in 2022 and is expected to register a rapid revenue CAGR of 11.4% during the forecast period. High demand for 1,3 Propanediol in industrial chemical processing and Polytrimethylene Terephthalate (PTT) in the fabric industry, increasing use in resin applications, and substantial growth in the Cosmetics personal care applications are key factors driving market revenue growth.
1,3-Propanediol is an organic compound where 3-carbon diol is a colorless viscous liquid that is miscible with water. In addition, rising demand for poly-trimethylene terephthalate from industries, such as personal care, cosmetics, and cleaning products, is also expected to drive revenue growth of the market during the forecast period. Acceptability for bio-based products across a range of end-use verticals would further be expected to rise demand for this product in the market. Also, more recent bioprocessing production processes are followed by some of the prominent players in the market to manufacture this chemical.
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Some Key Highlights from the Report
- Over the forecast period, the bio-based segment is estimated to account for the biggest revenue share in the worldwide 1,3-propanediol market. Bio-based polymers are long-lasting polymers made from renewable resources such as biomass (e.g., plant waste, algae) rather than traditional petroleum feedstocks such as oil and gas. These have several benefits over ordinary plastics. Glycerol is becoming a more important raw ingredient in the production of 1,3-propanediol. Glycerol is a byproduct of biodiesel production. Increasing biodiesel production is expected to benefit market revenue growth. Demand for biodiesel is increasing as a consequence of a transition away from reliance on petroleum products as a result of increased environmental concerns and price instability.
- The process solvent segment is expected to experience the fastest revenue growth rate in the global 1,3-propanediol market during the forecast period. 1,3-Propanediol is utilized as a process solvent in a variety of chemical reactions and manufacturing processes, including PTT (polytrimethylene terephthalate), cleaning, degreasing, laundry, dishwashing, and construction materials. Process solvents play a critical role in chemical processes, assisting in reactions, extractions, and separations. They are vital for ensuring the quality and efficiency of chemical processes. 1,3-Propanediol (PDO) is an excellent choice for process solvents due to its low toxicity, high boiling point, and exceptional solubility properties. It finds widespread application in the production of various chemicals, including polyesters, acrylics, and polyurethanes.
- The bioprocess segment is anticipated to demonstrate a moderately fast revenue growth rate in the global 1,3-propanediol market throughout the forecast period. This can be attributed to the relatively new and advanced nature of the production process. Crude glycerol, which is a significant byproduct of the biodiesel industry, plays a crucial role in this segment. The abundance of crude glycerol in the market results in its low price, which negatively impacts the biodiesel industry. However, the microbial production of 1,3-propanediol (1,3-PD) offers a promising approach for utilizing and adding value to glycerol. The bioprocesses involved in the production of 1,3-propanediol from crude glycerol hold great potential and contribute to the growth of this segment in the market.
- In 2022, the PTT manufacturing sector accounted for a sizable revenue proportion of the worldwide 1,3-propanediol market. This is owing to increased demand for PTT in a wide range of applications, including upholstery, garments, specialty resins, consumer products, and industrial usage. PTT offers stretch recovery capabilities, is less expensive to create utilizing bio-based 1,3 PDO, and has a smaller environmental effect than other polymers.
- The North America market is projected to hold the largest revenue share in the global 1,3-propanediol market during the forecast period. This growth can be attributed to the increasing demand for 1,3-propanediol in key industries such as the paint and coating industry, cosmetics and personal care, and fabric products. The United States, in particular, has the highest market share in this region due to the presence of major market players and advancements in technology, which further boost the demand for 1,3-propanediol. These factors make North America a significant player in the global market for 1,3-propanediol.
- Some of the prominent players profiled in the global 1,3-propanediol market include DuPont, Shell, Haihang Industry, Merck KGaA, Tokyo Chemical Industry Co., Ltd., Cargill, Incorporated, Godrej Industries Limited, Sheng Hong Group Holdings Limited, Metabolic Explorer, Primient, huafeng group, and Covation
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