- Bio-based PDO
- Petrochemical-based PDO
1,3-Propanediol (PDO) Market size was valued at USD 985.1 million in 2022 and is poised to grow at a CAGR of 10.8% over 2023-2029. 1,3-Propanediol is a three-carbon diol compound derived from both petroleum-based and bio-based sources and has several desirable properties, including its ability to serve as a building block for various chemicals and materials and is used in various industrial applications, including as a bio-based alternative to traditional petrochemical-derived chemicals. The increased awareness and concerns about sustainability addressed by bio-based PDO made from renewable sources, a more environmentally friendly option than conventional compounds made from petrochemicals drive the market.
Furthermore, the stringent regulations and policies adopted by various countries to reduce carbon emissions and promote sustainable practices by encouraging the adoption of bio-based PDO are also anticipated to propel the market growth. Utilizing PDO, biobased polymers and bioplastics are being developed, providing an opportunity to meet the rising need for environmentally friendly packaging and products. The alignment of PDO with the concept of a circular economy that encourages recycling, resource conservation, and less waste production is currently popular in the market. But the high cost of PDO compared to other conventional petrochemicals and the stringent regulatory policies might hinder the market growth. However, the increased demand in various applications such as polytrimethylene terephthalate (PTT), polyurethane (PU), cosmetics, personal care, and cleaning products, shift in consumer preference toward bio-based products, and increase in consumer acceptability for bio-based products is anticipated to burgeon the market during forecast years.
Fastest Growing Market
The market is expected to rise owing to the domination of the industry by Bio-based PDO owing to the shift in consumer preference towards bio-based products. Recently, DuPont Tate & Lyle's production methods claim to use 40% less energy and 20% less greenhouse gas while producing bio-based products. The development of affordable bio-based PTT has increased the demand for and credibility of bio-based PDO. Additionally, it is projected that the market will be driven by the rising focus on fossil-free resources due to the fact that petroleum is a limited resource and contributes to global warming, making natural gas and shale gas some of the short-term solutions to the problem. Moreover, 1,3-propanediol has proved to be a valuable alternative to petrochemical diols, such as 1,6-hexanediol and neopentylglycol, which are currently used as diols in most resin applications.
The 1,3-Propanediol (PDO) market valued at USD 985.1 million in 2022 and is expected to grow at 10.8% CAGR over the forecast period 2023 – 2029.
DuPont, Metabolic Explorer SA, Zhangjiagang Glory Biomaterial Co., Ltd., Zouping Mingxing Chemical Co., Ltd., Shell Chemicals LP, Merck KGaA, Tokyo Chemical Industry Co., Ltd., Shenghong Group Holdings, Primient Covation LLC, Haihang Industry Co. Ltd are a few companies operating in 1,3-Propanediol (PDO) market.
The base year is 2018-2022 and the forecast year is 2023-2029.