CHICAGO, Aug. 19, 2019 /PRNewswire/ -- According to the new market research report "1,3-Propanediol (PDO) Market by Application (Polytrimethylene terephthalate (PTT), Cosmetics, Personal Care & Cleaning Products, Polyurethane (PU)) and Region (Americas, APAC, Europe, Middle East & Africa (EMEA)) - Global Forecast to 2024", published by MarketsandMarkets™, the 1,3-Propanediol Market is projected to reach USD 870 million by 2024, at a CAGR of 12.2% from USD 490 million in 2019. Growing demand for bio-based products to lower greenhouse gas emissions and energy consumption and increasing use in resin application is expected to drive the 1,3-propanediol market. Also, the growing demand for PTT in apparel and carpets is estimated to boost the growth of the 1,3-propanediol market.
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Polytrimethylene terephthalate (PTT) application is the largest consumer of 1,3-propanediol.
Polytrimethylene terephthalate (PTT) is estimated to be the largest application of 1,3-propanediol, in terms of value, in 2019. The demand for PTT is growing in apparel and textiles. The growth of the global textiles and apparels industries is expected to play an important role in augmenting the demand for PTT, which in turn, is expected to bolster the sales of 1,3-propanediol as it is the primary feedstock for PTT. The manufacture of bio-based PTT uses less energy and releases less greenhouse gas compared to nylon 6 and nylon 6,6.
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Americas is estimated to be the largest market for 1,3-propanediol during the forecast period.
The Americas is the largest 1,3-Propanediol Market and is expected to continue its dominance during the forecast period. The market is primarily driven by increasing production and consumption of 1,3-propanediol in PTT, cosmetics, personal care & cleaning products, and polyurethane applications. Also, the presence of DuPont Tate & Lyle Bio Products Company, LLC, the largest manufacturer of bio-based 1,3-propanediol in the region, is driving the market.
The key market players profiled in the report include DuPont Tate & Lyle Bio Products Company, LLC (US), Zhangjiagang Glory Biomaterial Co., Ltd. (China), Zouping Mingxing Chemical Co., Ltd. (China), Haihang Industry Company Ltd. (China), Hunan Rivers Bioengineering Co., Ltd. (China), Merck KGgA (Germany), Tokyo Chemical Industry Co., Ltd. (Japan), METabolic EXplorer (France), Sheng Hong Group Holdings Ltd. (China) and Zhangjiagang Huamei Biomaterial Co., Ltd. (China).
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