1,3-Propanediol (PDO) Market Size to Grow USD 419.6 Million by 2029 at a CAGR of 6.7% | Valuates Reports
BANGALORE, India, April 19, 2023 /PRNewswire/ -- The Global 3-Propanediol (PDO) Market is Segmented by Type (Technical Grade PDO, Pharmaceutical Grade PDO), by Application (PTT & Polyurethane, Food & Pharmaceutical, Cosmetic): Global Opportunity Analysis and Industry Forecast, 2022-2029. It is published in Valuates Reports under the Chemicals Industry.
The global 1, 3-Propanediol (PDO) market was valued at US$ 265.1 million in 2022 and is anticipated to reach US$ 419.6 million by 2029, witnessing a CAGR of 6.7% during the forecast period 2023-2029.
Major Factors Driving the Growth of 1,3-Propanediol (PDO) Market:
Although challenges including a lack of awareness of environmentally friendly products could restrain market expansion, increasing polyester uses across numerous sectors are clearly driving 1, 3 Propanediol Market growth.
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TRENDS INFLUENCING THE GROWTH OF THE 1,3-PROPANEDIOL MARKET
Due to its diverse physical characteristics, polyester is anticipated to have rising demand over the projected period. Because of its adaptability, affordability, and ability to be recycled, polyester is the most popular and commonly used material in the textile industry. No other natural or synthetic fiber can compare to the advantages offered by these characteristics. These polyesters are utilized in industries outside the textile sector, including home furnishings, automotive, construction, filtration, personal care, and hygiene. Polyester 1,3-PDO is used to create PTT. This factor is expected to drive the growth of the 1, 3 Propanediol Market.
During the projection period, it is anticipated that demand for 1,3-PDO from a variety of end-users, including the textile, construction, and automotive industries, would rise.
Consequently, a few of the larger businesses are making investments in cutting-edge, effective technologies. The market's suppliers are making significant R&D investments in order to provide cutting-edge, bio-based, and recyclable 1,3-PDO.
In order to manufacture more bio-based raw materials and technologies, suppliers are also spending money on research and development. Because using bio-based technologies has a number of benefits over using traditional products, including low cost, reduced energy needs, biodegradability of the product, and non-toxic processing. New applications for 1,3-PDO are anticipated to be made possible by investments in research & development, which is anticipated to boost 1, 3 Propanediol Market expansion over the forecast period.
Globally, consumers' preferences for items made from bio-based materials are slowly changing. Companies have been forced to invent and promote sustainable products as a result of rising consumer awareness, more government requirements, and the depletion of traditional resources. One such molecule with a predicted high demand is PDO. Bio-based PDO is more sustainable because it uses renewable feedstock, including maize sugar and crude glycerin.
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1,3-PROPANEDIOL MARKET SHARE
The biggest market is North America, with a market share of over 70%, followed by China and Europe, with shares of roughly 18% and 5%, respectively.
Manufacturers of 1,3-propanediol around the world include Shangdong Mingxing and DuPont.
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Key Companies:
- DuPont
- Shangdong Mingxing
- Glory Biomaterial
- Metabolic-explorer
- Shell
- Degussa
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SIMILAR REPORTS:
- 2-Phenyl-1,3-Propanediol Market
- 3-Mercapto-1, 2 Propanediol Market
- 2-Amino-1,3-Propanediol Market
- PTFE Seals market size is estimated to be worth USD 717.3 Million in 2021 and is forecast to a readjusted size of USD 1156.8 Million by 2028 with a CAGR of 8.29% during the forecast period 2022-2028.
- Polyurethane market size is estimated to be worth US$ 76600 million in 2021 and is forecast to be a readjusted size of US$ 97740 million by 2028 with a CAGR of 3.5% during the forecast period 2022-2028.
- Polyester Forming Fabric market was valued at US$ 778.9 million in 2022 and is anticipated to reach US$ 973.6 million by 2029, witnessing a CAGR of 3.2% during the forecast period 2023-2029.
- Alkoxylated 2-methyl-1,3-propanediol Market
- Bio-based 1,2-Propanediol Market
- Pharmaceutical Grade 3-Chloro-1,2-Propanediol Market
- Propanediol Butyl Ether Market
- Butyl Ethyl Propanediol (BEPD) Market
- Reagent Grade Methyl Propanediol Market
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