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Global 1,3 Propanediol Market to Witness High Growth owing to Growing Demand in Polytrimethylene Terephthalate Production
The Global 1,3 Propanediol market is a developing sector that deals in the production and sales of 1,3 Propanediol. 1,3 Propanediol, also known as trimethylene glycol or propanediol, is a colorless hygroscopic viscous liquid primarily used in the production of polytrimethylene terephthalate (PTT). PTT is increasingly being used in manufacturing textiles like carpets and apparel as it provides advantages like resistance to wrinkles, creases and improved elasticity. With growing environmental concerns, PTT is replacing polyethylene terephthalate (PET) owing to its recyclability. Rising demand for performance textiles and advancements in bio-based production of 1,3 Propanediol are fueling the growth of this market.
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.
Key Takeaways
Key players operating in the Global 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. Tokyo Chemical Industry and Shenghong Group Holdings are two of the leading 1,3 Propanediol producers in the world.
There is huge potential for growth in Asia Pacific region due to rising demand for polyester resins and fibers from textile and PET bottle manufacturing industries in China, India and other developing nations. 1,3 Propanediol Market Size Major players are focusing on expanding their production capacities in this region through partnerships, acquisitions or new plant establishment to leverage the opportunities.
Global expansion of key players through partnerships and acquisitions has resulted in a competitive landscape. Licensing agreements for production technologies and forward integration into PTT manufacturing are common strategies adopted by players to gain competitive advantage.
Market Drivers:
Growing demand for polyester polymers such as PTT from textile industry is a major market driver. PTT offers wrinkle resistant, elastic and easy care properties preferred for performance fabrics. Rising environmental concerns are also shifting demand from PET to eco-friendly PTT boosting 1,3 Propanediol consumption.
Market Restraints:
Volatility in raw material prices impacts the overall production cost. Major raw materials include corn and sugarcane for bio-based production. Fluctuations in agricultural commodity prices pose challenge. Also, availability of substitute products poses competition to some extent restraining market growth.
Segment Analysis
The global 1,3 propanediol market is segmented by application into polytrimethylene terephthalate (PTT), cosmetics and personal care, polyurethane, lubricants, and others. The PTT sub segment dominates the market and is expected to continue its dominance during the forecast period. PTT is a synthetic polymer that is increasingly replacing polyester for textiles due to its superior moisture absorbing properties. It is also used in manufacturing carpet fibers, apparel, home furnishings, and packaging.
Regional Analysis
North America is expected to account for the largest share of the global 1,3 propanediol market during the forecast period. This is attributed to the presence of major automotive, textile and polymer manufacturing companies in the US and Canada. The growing demand for PTT in carpets and apparels are driving market growth in the region. Asia Pacific is projected to be the fastest growing regional market by 2031, led by China, India and other developing nations. Increasing automotive production and cheap labor have made countries like China and India preferred manufacturing hubs. Growth is also supported by favorable government policies to promote bio-based chemicals.
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Ravina Pandya, 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, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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