by 1,3 Propanediol is a versatile organic compound that finds use as a raw material in the production of several industrial and consumer goods including unsaturated polyester resins, polytrimethylene terephthalate, which is a biodegradable polyester, and polyurethanes. It is known to impart strength and durability to end products while being cost effective and eco-friendly.
The Global 1,3 Propanediol Market is estimated to be valued at US$ 799.3 Mn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.
The increasing popularity of biodegradable and sustainable polymers across industries is driving the demand for 1,3 propanediol as a key feedstock. Major players in the polyurethanes market are strategizing to replace petroleum-derived polyols with bio-based 1,3 propanediol to manufacture greener polyurethane products like foams and coatings.
Key Takeaways
Key players operating in the 1,3 Propanediol market are Tokyo Chemical Industry Co., Ltd., Shenghong Group Holdings, Primient, Haihang Industry, DuPont, Metabolic Explorer, Zhangjiagang Glory Biomaterial Co., Ltd., Zouping Mingxing Chemical Co., Ltd., Shell Chemicals LP, and Merck KGaA. These companies are investing in R&D to develop advanced production technologies for 1,3 propanediol and expand their global footprints.
The growing demand for sustainable and bio-based materials from industries like automotive, furniture, construction is fueling the adoption of 1,3 propanediol. Various properties of 1,3 propanediol such as biodegradability and renewable sourcing make it an attractive substitute for petroleum-derived inputs.
Leading 1,3 Propanediol Market Size producers are actively exploring opportunities in Asia Pacific and Latin American markets where end-use industries are rapidly expanding. Strategic partnerships with regional polyurethane manufacturers help these companies establish distributed manufacturing of polyurethane products based on 1,3 propanediol.
Market Key Trends
The increasing focus on green chemistry and circular bioeconomy principles across manufacturing sectors is one of the key trends shaping the future of 1,3 propanediol market. Government incentives and regulations towards sustainability are prompting industry players to invest in cost-competitive bio-based processes for 1,3 propanediol production from renewable feedstock. This is expected to make 1,3 propanediol more accessible and help accelerate its substitution of petro-derived chemicals over the forecast period.
Porter’s Analysis
Threat of new entrants: Low cost barriers for new players to enter the market.
Bargaining power of buyers: Large presence of established buyers reduces their bargaining power against producers.
Bargaining power of suppliers: The threat is moderate as switching costs are low due to availability of multiple suppliers.
Threat of new substitutes: Threat is low as 1,3 propanediol has unique properties compared to its substitutes making it difficult to replace.
Competitive rivalry: Intense competition exists among the key players to gain maximum market share.
Geographical Regions
Asia Pacific accounts for the major share in terms of value owing to presence of key emerging economies like China, India and Southeast Asian countries where demand is concentrated for use in hygroscopic polymers, unsaturated polyester resins, cosmetics, personal care products and food & beverages.
North America is projected to be the fastest growing region during the forecast period. This is attributed to increasing research & development activities in the region along with rising applications in paints & coatings, personal care, polymers and automotive industries which is fueling the demand.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
