Bangladesh Propylene Glycol Market (2022-2028) | Outlook, Revenue, Forecast Size, Trends, Share, Analysis, Value, Segmentation, Industry & COVID-19 IMPACT

Bangladesh Propylene Glycol Market Synopsis

Bangladesh Propylene Glycol Market is projected to gain momentum during the upcoming years. Propylene glycol is an organic compound with the chemical formula CH3CH(OH)CH2OH. It is a clear, colorless, and hygroscopic liquid with a characteristic sweet taste. Propylene glycol is miscible with water and many organic solvents. Commercially, propylene glycol is produced viaoutehyde reduction or fermentation of carbohydrates such as glucose or lactose.

According to 6wresearch, the Bangladesh Propylene Glycol Market Size is expected to grow during 2022-2028. The major applications of propylene glycol are as an antifreeze in coolant mixtures for automotive radiators and as a raw material for the production of unsaturated polyester resins. Propylene glycol is also used as a humectant, preservative, and solvent in foodstuffs, pharmaceuticals, and cosmetics. In addition, it finds application in heating, ventilation, and air conditioning (HVAC) systems due to its ability to absorb large amounts of moisture.

Propylene glycol is an organic compound with molecular formula CH3CH(OH)CH2OH. It occurs naturally in many foods such as fruits and vegetables; however it can also be produced artificially. Propylene glycol has a wide range of applications in food & beverages industry as a food additive due to its properties such as humectant (moisture-carrying), emulsifier (helps oil and water mix together), solvent (dissolves other substances), and preservative (prevents spoiling). Moreover, rising demand for propylene glycol from end-use industries such as pharmaceuticals & cosmetics owing to its properties such

The major drivers for the growth of Bangladesh Propylene Glycol Market are the growing demand for polyurethane foam in the construction and automotive industries, and the increasing use of propylene glycol as an antifreeze agent and coolant in the refrigeration industry.

Key Players in Bangladesh Propylene Glycol Market 

The major players operating in Bangladesh's propylene glycol market are BASF SE (Germany), The Dow Chemical Company (US), SABIC (Saudi Arabia), LG Chem Ltd. (South Korea), Huntsman Corporation (US), and LyondellBasell Industries N.V. (Netherlands).

Bangladesh Propylene Glycol Market Trends

The Bangladesh Propylene Glycol Market is forecast to grow during the upcoming years. Growing demand for propylene glycol from the textile and automotive industries is expected to drive the market growth in Bangladesh. Propylene glycol is widely used as a coolant and lubricant in the textile industry, and as an antifreeze agent in the automotive industry.

Rapid industrialization and urbanization in Bangladesh are projected to create significant demand for propylene glycol from various end-use industries, such as construction, packaging, and electronics. Increasing foreign investments in the country's economy are also anticipated to fuel market growth over the forecast period.

Drivers and Restraints of the Bangladesh Propylene Glycol Market 

The Bangladesh Propylene Glycol Market is anticipated to grow during the forecast period. The major drivers for the growth of the market are the rising demand from end-use industries and the growing domestic production of propylene glycol. The major restraints for the market growth are the high cost of propylene glycol and the fluctuating raw material prices.

The rising demand from end-use industries such as automotive, construction, and electronics is expected to drive the growth of the Bangladesh Propylene Glycol Market. Propylene glycol is used as an antifreeze in automotive coolants and as a heat transfer fluid in electronic cooling systems. It is also used as a humectant in cosmetics and as a moisture-retaining agent in food products.

The growing domestic production of propylene glycol is another major driver for the Bangladesh Propylene Glycol Market. Propylene glycol is produced from propylene, which is a by-product of ethylene production. The growing ethylene production in Bangladesh is expected to increase the domestic production of propylene glycol in the country.

The high cost of propylene glycol is a major restraint for the growth of the Bangladesh Propylene Glycol Market. Propylene glycol is manufactured through a process called catalytic dehydrogenation, which uses expensive catalysts such as platinum or palladium. This makes propylene glycol one of the

Challenges

1. The challenges faced by the Bangladesh Propylene Glycol Market are:

2. Lack of awareness about propylene glycol and its benefits among the general population

3. Limited local production of propylene glycol and lack of import facilities

4. High cost of propylene glycol due to taxes and duties

5. Limited applications for propylene glycol in Bangladesh

The automotive industry is the major consumer of propylene glycol in Bangladesh. The growing demand for propylene glycol from the automotive industry is attributed to its use as an antifreeze and coolant in automotive radiators. Propylene glycol is also used as a lubricant in automotive engines. The textile industry is another major end-user of propylene glycol in Bangladesh. Propylene glycol is used as a textile finishing agent and helps to improve the strength and durability of fabrics. The construction industry is another significant consumer of propylene glycol in Bangladesh. Propylene glycol is used as a concrete curing agent and helps to improve the strength and durability of concrete.

COVID-19 Impact on Bangladesh Propylene Glycol Market 

The outburst of the pandemic has boosted the growth of the industry. The Bangladesh Propylene Glycol Market is expected to experience significant growth as the usage of propylene glycol in manufacturing of hand sanitizer.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2018 to 2021.
• Base Year: 2021.
• Forecast Data until 2028.
• Key Performance Indicators Impacting the Market.

Key Highlights of the Report

• Bangladesh Propylene Glycol Market Outlook
• Market Size of Bangladesh Propylene Glycol Market, 2021
• Forecast of Bangladesh Propylene Glycol Market, 2028
• Historical Data and Forecast of Bangladesh Propylene Glycol Revenues & Volume for the Period 2018 - 2028
• Bangladesh Propylene Glycol Market Trend Evolution
• Bangladesh Propylene Glycol Market Drivers and Challenges
• Bangladesh Propylene Glycol Price Trends
• Bangladesh Propylene Glycol Porter's Five Forces
• Bangladesh Propylene Glycol Industry Life Cycle
• Historical Data and Forecast of Bangladesh Propylene Glycol Market Revenues & Volume By Application for the Period 2018 - 2028
• Historical Data and Forecast of Bangladesh Propylene Glycol Market Revenues & Volume By Unsaturated Polyester Resins, Functional Fluids , Food, Drug, and Cosmetics , Liquid Detergent, Paints and Coating, Others for the Period 2018 - 2028
• Bangladesh Propylene Glycol Import Export Trade Statistics
• Market Opportunity Assessment By Application
• Bangladesh Propylene Glycol Top Companies Market Share
• Bangladesh Propylene Glycol Competitive Benchmarking By Technical and Operational Parameters
• Bangladesh Propylene Glycol Company Profiles
• Bangladesh Propylene Glycol Key Strategic Recommendations

Markets Covered

The report offers a broad study of the subsequent market segments:

By Application

• Unsaturated Polyester Resins
• Functional Fluids
• Food
• Drug and Cosmetics
• Liquid Detergent
• Paints and Coating
• Others

Bangladesh Propylene Glycol Market: FAQs