Propylene Glycol Procurement Intelligence 2024-2030: A Closer Look
The procurement of propylene glycol usually entails the sourcing of this synthetic organic compound, primarily for applications such as polyurethane production, cosmetics, anti-freeze, pharmaceuticals, and food additives. The global propylene glycol market is predicted to grow at a CAGR of 6.1% from 2024 to 2030. Key factors driving the growth of this industry include rising demand from food & beverages, growing usage in cosmetics and personal care products such as skin care and toiletries, expanding applications in pharmaceuticals, rising demand for petroleum-based propylene glycol, and a recent drop in crude oil prices. For instance, recently, the crude oil (brent) prices dropped from USD 91 / barrel in October 2023 to USD 80 / barrel in February 2024. This reduced production costs for propylene glycol suppliers, drove down its prices, and improved its demand from downstream industries. Market sentiment for propylene glycol also improved in this period. Key trends impacting the ...