1,3-Propanediol Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is 1,3-Propanediol Industry Hit Worst due to Russia-Ukraine War Impact?
The global 1, 3-propanediol (PDO) market is set to gain traction from its extensive applications in the formation of polymers such as cosmetics, polyurethane, terephthalate, and polytrimethylene. Fortune Business Insights™ provided this information in an upcoming report, titled, “1, 3-Propanediol (PDO) Market Size, Share & Industry Analysis, By Application (Polytrimethylene Terephthalate (PTT), Polyurethane (PU), Cleaning Products, Cosmetics, Personal Care, Others)and Regional Forecast, 2022-2029.” The report further states that 1, 3-propanediol is a colorless viscous liquid that is miscible in water.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the 1,3-Propanediol Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global 1,3-Propanediol Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
This Report Answers the Following Questions:
- What are the current trends propelling the sale of 1, 3-propanediol?
- What are the developments & innovations done by renowned companies?
- What are the challenges, opportunities, growth drivers, and hindrances for the market?
- Which are the new segments to focus over the coming years for prioritizing investments & efforts?
Drivers & Restraints-
Rising Shift of People towards Bio-based Products to Aid Growth
The high demand for bio-based products worldwide is set to boost the 1, 3-propanediol market growth in the near future. Nowadays, consumers are rapidly inclining towards organic or natural on account of the slow depletion of natural resources, as well as the favorable government laws. Apart from that, the usage of bio-based products helps in controlling pollution and low energy consumption.
However, the lack of awareness amongst people about the industrial applications of 1, 3-propanediol may hamper growth. This would mainly occur in the emerging countries where PDO is increasingly used in the personal care and cosmetics industry. In some countries, the implementation of stringent governmental rules to prevent harming the environment would also restrain growth.
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Increasing Demand for Cosmetics to Favor Growth in Europe
Regionally, North America is anticipated to dominate throughout the forthcoming years by generating the largest 1, 3-propanediol market growth. This is set to occur because of the increasing demand for bio-based products and the rising usage of 1, 3-propanediol in cosmetics and personal care products. Asia Pacific, on the other hand, is set to be the fastest growing region stoked by the increasing demand for 1, 3-propanediol from South Korea, India, and China.
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Europe is projected to exhibit a considerable growth backed by the increasing number of novel product launches. Coupled with this, the surging demand for cosmetics in this region would accelerate growth. Rapid urbanization and increasing disposable incomes of people would affect growth in the Middle East and Africa and Latin America positively.
Key Players Aim to Gain Competitive Edge by Expanding Production Facilities
The market for 1, 3-propanediol is highly fragmented with the presence of several companies renowned organizations. They are persistently striving to compete with their rivals by increasing production capacity across the globe, as well as by opening new warehouses. Below are two industry developments:
- March 2018: DuPont broadened its annual production of bio-based 1, 3-propanediol in the U.S. It now produces 35 million pounds of the product. This would further expand its reach in flavors, fibers, cosmetics, and personal care segments.
- October 2018: Tate & Lyle Bio Products Company and DuPont opened a new warehouse and distribution centre in the U.S. to offer delivery services of package goods, namely, totes, pails, and drums worldwide.
Fortune Business Insights™ lists out the names of all the 1, 3-propanediol manufacturers present in the global market. They are as follows:
- DuPont Tate & Lyle Bio Products Company
- Zhangjiagang Glory Biomaterial Co., Ltd.
- ZoupingMingxing Chemical Co., Ltd.
- Tokyo Chemical Industry Co., Ltd.
- Haihang Industry Company Ltd.
- Other key market players
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