New York, Aug. 15, 2023 (GLOBE NEWSWIRE) — The global propylene glycol market size is predicted to expand at ~7.4% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 12.5 billion by the end of 2035, up from a revenue of ~USD 5.2 billion in the year 2022. The growth of this market is attributed to the rise of the automotive industry as propylene glycol finds diverse applications in the automotive industry for brake fluids, antifreeze, polyester compounds, hydraulic fluids and others. The automotive sector is growing due to increasing transportation activities coupled with increasing industrialization and an established manufacturing base. According to the data, there were 101,233 new vehicle registrations in Australia in March 2022 compared to in March 2021, an increase of 1.2%. With the improving outlook for the automotive sector, the application of propylene glycol is increasing which is expected to boost the propylene glycol market during the forecast period.
(GlobeNewsWire)