LONDON--(BUSINESS WIRE)--The 1,3-propanediol (PDO) market is expected to grow by USD 292.42 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The global demand for polyester is anticipated to increase significantly during the forecast period owing to its versatile physical properties. Polyester is also one of the most used and preferred material in the textile industry because of its low price, and recyclability. Apart from the textile industry, these polyesters are used in other industries such as home furnishing, automotive, construction, filtration, and personal care and hygiene.
Polyesters, such as PTT, which are made from PDO, exhibit certain properties that make them stand out of all other polyesters. They provide superior impact resistance and flexibility as compared with polyester that does not contain 1,3-propanediol. They are used in various applications such as in carpet and textile fibers, films, monofilaments, and nonwoven fabrics. Thus, the growing applications of polyester across various industries will drive the growth of the market.
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As per Technavio, the increasing biodiesel production will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
1,3-Propanediol (PDO) Market : Increasing Biodiesel Production
Manufacturers are shifting toward the bio-based production process of PDO in a bid to reduce the dependence on petroleum products due to the growing environmental concerns. This is expected to drive the demand for biodiesel, which will boost the production of PDO and fuel the global market growth. The growth of the global biodiesel market is driven by the positive government outlook to support the biofuel sector in developing markets such as India, Columbia, and Argentina, coupled with the introduction of global biofuel mandates. Moreover, the volatility of petroleum-based product prices is also prompting the demand for biodiesel, which will positively impact the growth of the global PDO market.
“Factors such as the production of bio-based PDO from renewable raw materials, and augmented investment in R&D of PDO will have a positive impact on the growth of the 1,3-propanediol (PDO) market value during the forecast period,” says a senior analyst at Technavio.
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1,3-Propanediol (PDO) Market: Segmentation Analysis
This market research report segments the 1,3-propanediol (PDO) market by application (PTT, polyurethane, personal care and detergents, and others), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the 1,3-propanediol (PDO) market in 2019, followed by APAC, Europe, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as large consumption of PTT, high demand for polyurethane foam and increased biodiesel production.
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Some of the key topics covered in the report include:
- Personal care and detergents
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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