Fact.MR Report: What is the impact of Coronavirus on Inhibited Propylene Glycol Market Growth?

Inhibited propylene glycol is propylene glycol added with corrosion resistance, temperature resistance, pH stability as compared to existing propylene glycol which have been utilized in numerous end-use industries.

When the surrounding temperature reaches 250°F or more, propylene glycol begins to become acidic and start to breakdown and attack the metals in contact leading to corrosion. To overcome this issue, inhibited propylene glycol could be used as substitute which is set to propel product demand over medium-run forecast period.

Over the past half-decade, unsaturated polymer resins market has observed a strong growth across the region. Rampant production of the unsaturated polymer resins across the globe has proportionally affected the inhibited propylene glycol market.

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COVID-19 Impact Insights

COVID-19 introduced many restrictions around the globe and hampered the growth of the petrochemical industries as well as inhibited propylene glycol market. The novel virus led to massive disruption in business administration and hit many medium and large scale industries. Petrochemical Industries are shuttered all around the world due to the shortage of feedstocks, logistics sectors, supply chain and materials.

The cycle, manufacturing to sales have been disturbed by the virus and the wide range of chemicals which have been turned as no use in the lockdown. Moreover, due to the unavailability of the industrial logistics sector, the demand for the refined chemicals considerably decreased. Additionally, the instability of the new macroeconomic climate shaped by COVID-19 created a crater across the industries.

The sudden fall of Crude Oil price during the first of 2020, heavily affect the global oil and gas market. With the nonstop production and less demand in the market many more national oil companies and private companies across the globe experienced a severe loss.

As the demand for crude oil has gone down simultaneously the production and demand for downstream products such as unsaturated polymer resins went down. Thus, inhibited propylene glycol which are starting to be used in unsaturated polymer resin manufacturing has also been negatively impacted.

With the arrival of COVID-19, the situation has become more complex by depriving the automobile and building industries (and many other sectors) and undermining the supply chains that already exist. Performance improvements and improved reliability have largely guided the increased use of digital technology by oil, gas and chemicals companies.

Besides, by the following COVID-19 guidelines and alternative rotation of workers can help the major end-user industries to resume manufacturing, and the market is poised to bounce back strongly by the first quarter of 2022.

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Regional Outlook

Considering the regional classification, the report “Inhibited propylene Glycol” delivers a categorical study on six prominent regions which include North America, Europe, Latin America, South Asia & Oceania, East Asia and Middle East & Africa.

The dominant market of inhibited propylene glycol with main macroeconomic metrics, such as high per capita incomes and production output, supports North America’s market growth. Strict rules and the continued advancement of products have increased the demand for inhibited propylene glycol.

Also, the government in North America is increasing investment in the power and energy sector which makes the region attractive for investment in inhibited propylene glycol market .After North America, Asia Pacific is also growing at a faster rate and expected to hold good market potential during the forecast period of 2021-2031.

Market Segmentation by Category

  • On the basis of source, inhibited propylene glycol market is segmented into

    • Petroleum based
    • Bio Based
  • On the basis of grade, inhibited propylene glycol market is segmented into

    • Industrial
    • Pharmaceutical
    • Others
  • On the basis of Function, inhibited propylene glycol market is segmented into

    • Coolant
    • Anti-freeze agent
    • Stabilizing agent
    • Others
  • On the basis of End-Use industry, inhibited propylene glycol market is segmented into

    • Transportation,
    • Building & Construction
    • Food & Beverage
    • Pharmaceuticals
    • Others

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