by The global 1,3 propanediol market is a highly lucrative industry primarily due to its widespread applications in the production of polytrimethylene terephthalate (PTT). 1,3 propanediol acts as a monomer in the manufacture of PTT which is a lightweight, flexible and durable polyester used to make carpets, apparel & packaging materials among others. Rising demand for PTT from the textile industry along with its superior properties compared to traditional polyesters like polyethylene terephthalate is propelling consumption of 1,3 propanediol globally.
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. These players account for a significant share of the market.
The key opportunities in the global 1,3 Propanediol Market Size include growing demand for polyester resins, fibers and films from end-use industries like textiles, packaging and automotive. Developing nations in Asia Pacific and Latin America offer abundant opportunities for market players owing to rising industrialization and per capita incomes in these regions.
Globally, the market is witnessing an expansion in production capacities as key players ramp up investments to cater to the growing demand majorly from China, India and Southeast Asia. Domestic players from China are also enhancing their production through strategic collaborations, further strengthening the country’s position as the leading producer and consumer of 1,3 propanediol globally.
Market Drivers
One of the major drivers propelling the global 1,3 propanediol market growth is its increasing use in manufacturing polytrimethylene terephthalate (PTT). PTT has superior properties compared to PET such as excellent elasticity, softness and moisture absorption. This makes PTT fiber an ideal substitute for cotton & polyester in the textile industry. Consequently, the rising demand for PTT from the textile sector is auguring well for the sales of 1,3 propanediol.
PEST Analysis
Political: The changes in government policies and regulations related to product quality standards could impact the global 1,3 Propanediol market. An important factor will be the regulations related to the production and usage of this chemical.
Economic: The global economic conditions influence the demand trends in end-use industries like construction, automotive, etc. which utilize 1,3 Propanediol. Market fluctuations due to economic cycles could affect the revenue growth of players in this industry.
Social: Growing health awareness among consumers regarding harmful chemicals creates opportunities for bio-based production of 1,3 Propanediol using renewable feedstock. The demand may rise from end-users focusing on sustainability.
Technological: Advancements in fermentation processes help producers lower manufacturing costs and reduce dependence on petrochemical sources. Research on genetic engineering and synthetic biology approaches can boost product yields.
Geographical Regions with High Market Concentration
Asia Pacific region accounts for a significant share of the global 1,3 Propanediol market value owing to large production capacities and presence of major petrochemical companies in countries like China, Japan, and South Korea. The mature market in North America and Europe also contribute substantially to the revenue figures led by technical applications in end-user industries.
Fastest Growing Regional Market
The 1,3 Propanediol market is projected to witness rapid expansion in its value in the Latin America region during the forecast period. Factors such as rising industrialization, growth in the construction and textile sectors coupled with government incentives for bio-based chemicals are strengthening the market prospects across countries like Brazil and Argentina.
*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
