[Latest] Global Polypropylene Glycol Market Size/Share Worth USD 6.30 Billion by 2034 at a 4.9% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth Rate, Value, SWOT Analysis)
Austin, TX, USA, July 17, 2025 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled 'Polypropylene Glycol Market Size, Trends and Insights By Grade (Industrial Grade, Pharmaceutical Grade, Food Grade), By Application (Polyurethane Production, Cosmetics & Personal Care, Pharmaceuticals, Lubricants & Hydraulic Fluids, Adhesives & Sealants, Food & Beverage), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2025–2034' in its research database.
'According to the latest research study, the demand of global Polypropylene Glycol Market size & share was valued at approximately USD 3.85 Billion in 2024 and is expected to reach USD 4.05 Billion in 2025 and is expected to reach a value of around USD 6.30 Billion by 2034, at a compound annual growth rate (CAGR) of about 4.9% during the forecast period 2025 to 2034.'
Click Here to Access a Free Sample Report of the Global Polypropylene Glycol Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=71106
Overview
According to industry analysts at CMI, the U.S. market for Polypropylene Glycol (PPG) witnesses growth more for the increase in demand for polyurethane foams used in construction, automotive work, and insulation. Ramped-up utilization in the cosmetics and personal care industry or pharmaceutical applications begs for the same.
Higher industrial automation with lubricant demands also keeps the market free to expand. Plus, the diligence toward high-purity and bio-based grades echoes along regulatory and sustainability lines. Fast-paced industrialization and infrastructure development constitute the key regional growth engines in the Asia-Pacific region, boosting PPG production and consumption in myriad end-use industries.
Key Trends & Drivers
Expanding Polyurethane Applications: Polyurethane manufacturing continues to be the foremost market for PPGs, particularly in flexible and rigid foams used for insulation, furniture, automotive interiors, and construction materials. Worldwide infrastructure developments, improvements in standards of energy efficiency, and lightweighting of vehicles are supporting the rise in polyurethane consumption. Demand for spray foams for both residential and commercial insulation further accelerates this growth. As PPGs form a core polyol system used in polyurethane formulations, the consumption of PPGs is directly dependent on the growth of construction and automotive industries, especially in Asia-Pacific, North America, and emerging markets in Africa, where construction and housing activities are picking up pace.
Growth of Personal Care and Cosmetic Market: Being a humectant, emollient, and solvent, PPG finds application in many cosmetic and personal care formulations. Since the post-pandemic period, with an awareness of skincare and hygiene rising, demand for lotions, creams, hair conditioners, and grooming products has been on the rise worldwide. Consumers are demanding better multifunctional and skin-friendly products, resulting in manufacturers turning to high-purity grades of PPG. Growth of e-commerce, premium personal care brands, and a shift in consumer demand toward sulfate-free and clean-label formulations are some of the current growing opportunities in the market. The Asia-Pacific and North America markets are the growth engines provided by urbanization, increasing disposable incomes, and the proliferation of consumer segments focusing on beauty and wellness.
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Increasing Demand in Pharmaceutical Formulations: Pharmaceutical-grade PPGs are widely used in drugs of oral, topical, and injectable forms. Being non-toxic and non-irritant, it is one of the best excipients, allowing the solubilization of various active ingredients in regulated healthcare applications. Treatment of chronic diseases, OTC drugs, and demand for safe excipients are some of the driving forces behind the segment. Another trend favoring the pharmaceutical segment for sustainable long-term demand is the growth of pharmaceutical manufacturing in emerging markets such as India and Brazil. This is further favored by strict global regulatory standards of the USFDA and EMA for medicines.
Increasing Demand for Industrial Lubricants and Fluids: It is used as synthetic lubricants, hydraulic fluids, and heat transfer fluids, where the need for biodegradability and non-toxicity is paramount. Increasing industrial automation and the sophistication of machinery will drive demand for high-performance lubricants. Manufacturing, energy, and automotive sectors require thermally stable and durable fluids, and this is precisely what PPG-based formulations offer. The advancement of electric vehicles and clean energy applications presents newer fronts for advanced coolant and lubricant technologies. Europe and North America lead the adoption front owing to stringent environmental regulations; however, Asia-Pacific is fast emerging as a center for growth.
Shift Toward Bio-Based and Sustainable Grades: Environmental regulations and consumer preferences are boosting the demand for sustainable and bio-based PPG substitutes. Made from renewable feedstocks such as glycerin, bio-based PPG curtails fossil resource dependency and subscribes to green chemistry. Companies are investing in the development of bio-based polyols to fulfill their regulatory binding targets and corporate sustainability goals. The downside is that it's presently more expensive; however, incentives and brand positioning are fueling the traction of bio-based grades in cosmetics, pharmaceuticals, and specialty applications. Europe and North America lead in adoption, while Asia-Pacific producers are slowly entering this space through strategic joint ventures and technology transfers.
Regional Manufacturing Expansion and Integration: Investment in chemical manufacturing infrastructure, including for PPG, continues on a grand scale in Asia-Pacific, especially China and India. Cheaper labor, good sources of feedstock, and favorable government policies are luring manufacturers, both local and foreign, to expand their operations. Regional growth is expected to improve the efficiency of the supply chain, reduce dependency on imports, and enable much cost-effective production. On the other hand, vertical integration strategies enable big players to secure their feedstock, integrate operations, and increase margins. This backdrop strengthens the global supply base while ensuring timely delivery for downstream industries, especially construction, automotive, and personal care.
Report Scope
Feature of the Report
Details
Market Size in 2025
USD 4.05 Billion
Projected Market Size in 2034
USD 6.30 Billion
Market Size in 2024
USD 3.85 Billion
CAGR Growth Rate
4.9% CAGR
Base Year
2024
Forecast Period
2025-2034
Key Segment
By Grade, Application and Region
Report Coverage
Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options
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(A free sample of the Polypropylene Glycol report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
Introduction, Overview, and in-depth industry analysis are all included in the 2024 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2025
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology
(Please note that the sample of the Polypropylene Glycol report has been modified to include the COVID-19 impact study prior to delivery.)
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SWOT Analysis
Strengths: The PPG market has the advantage of versatility across end-use segments: Polyurethane manufacture, cosmetics, pharmaceuticals, and industrial fluids. It has an all-around well-laid conduit that enables raw materials to be moved worldwide, with the leading chemical producers supplying integrated services from feedstock to finished polyols. There is good demand for industrial-grade PPG in mature markets, whereas pharmaceutical and food grades are positioned as high-margin products. This market enjoys great synergy with the promising sectors of construction and automotive. Asoblast properties of PPG, such as solubility, thermal stability, and low toxicity, greatly increase the scope for its application and commercial utility in both regulated and unregulated industrial environments.
Weaknesses: These markets are highly dependent on propylene oxide, the petroleum-based feedstock, thus exposing them to price fluctuations and supply chain risks. Fossil-based chemicals are caught in the middle of environmental and regulatory skepticism, bringing about compliance problems, especially when food and medicinal uses are concerned. The low bio-additive acceptance of PPG induced by higher production costs limits a complete switch to its sustainable form. Regional players are more restricted than big firms when it comes to entering high-purity segments, mainly because of high-quality standards and certification needs. At the same time, the industrial-grade segment allows for hardly any product differentiation, thereby ushering in price competition. The threat to profitability will grow during raw material inflation or logistical disruption periods when these weaknesses get accentuated.
Opportunities: There are hefty prospects for growth in the production of bio-based PPG, because of consistent enhancement in the demand for sustainable and green ingredients in personal care, food, and pharmaceutical applications. Pharmaceutical/High-purity markets represent a high-value avenue for manufacturers. Global construction and insulation requirements, especially for regions such as Asia-Pacific and the Middle East, would enhance the requirements for polyurethane production. Considering alternative manufacturing routes would also provide cost benefits and create new customer pools, strengthening competitive positions and reducing dependency on traditional Western markets.
Threats: Stringent environmental regulations targeting petrochemical derivatives and VOC emissions would pose a long-term threat to conventional PPG products. Sometimes, geopolitical instability and trade disputes disrupt the supply chains for feedstock and affect costs and availability. Unless innovation and adaptation ensue fast enough, growing competition from alternative polyols and bio-based solvents could chip away at the market share. Regulatory changes in pharmaceutical and food-grade applications might hike up compliance costs and delay the approval of products altogether. Further, inflationary pressures on energy and transportation would continue to be a threat to the operating margins. With the tightening of global sustainability frameworks, companies that fail to invest in greener production technologies are at risk of losing market access or facing reputational risks.
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Key questions answered in this report:
What is the size of the Polypropylene Glycol market and what is its expected growth rate?
What are the primary driving factors that push the Polypropylene Glycol market forward?
What are the Polypropylene Glycol Industry's top companies?
What are the different categories that the Polypropylene Glycol Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Polypropylene Glycol market sample report and company profiles?
Key Offerings:
Market Share, Size & Forecast by Revenue | 2025−2034
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Buy this Premium Polypropylene Glycol Research Report | Fast Delivery Available - [220+ Pages] @ https://www.custommarketinsights.com/report/polypropylene-glycol-market/
Regional Analysis
The Polypropylene Glycol Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:
North America: An established and mature market in terms of Polypropylene Glycol (PPG) in North America, it is also significant due to its already developed polyurethane, pharmaceutical, and personal care industries. U.S. demand rules the region, with inordinate consumption for automotive interiors, cellular insulation foams, and OTC drug formulations. Manufacturers in this region are forced by strict regulatory frameworks of the FDA and EPA to opt for superior grades with very low toxicity in terms of PPG. The region enjoys the dual advantage of excellent manufacturing infrastructure and sustained R&D investments, along with a willingness towards sustainability. Moreover, the market is increasingly witnessing demand for biodegradable lubrication and hydraulic fluids for industrial uses. On the other hand, the exposure to volatile feedstock prices and tariffs related to trade remains a possible challenge for local manufacturers.
Europe: Europe holds a considerable share of the PPG market owing to leading chemical producers, stringent regulations, and mounting demand for bio-based and pharma-grade polyols. Germany, France, and the UK stand as the hubs of regional consumption, mainly for automotive, construction, and personal care segments. Regulatory compliance with REACH and considerations for reducing VOCs have impinged on the manual efforts toward sustainable PPG formulations. The growth is sustained by the development of polyurethane foam applications and the increasing use of premium cosmetics and illnesses in need of PPG. Despite energy costs and chemical controls tightening, Europe still favors specialty PPG solutions that have acquired high value with very low emissions.
Asia-Pacific: The Asia-Pacific region remains the largest area and the fastest-growing region of the global PPG market. China, India, Japan, and South Korea together drive demand from rapid industrialization, infrastructure development, and strong growth in categories like construction, automotive, and consumer goods. Demand for personal care and pharmaceutical products is facilitated by the growing middle class, together with an increase in disposable income levels, which in turn pushes higher PPG consumption levels. Furthermore, these regional governments are backing chemical manufacturing through supportive policies and investments. Local producers in China and India are growing their capacity to cater to both local and export markets. The region is going more by way of bio-based PPG, but here, price remains the key concern.
LAMEA (Latin America, Middle East & Africa): The LAMEA region gives moderate but steady demand for PPG, with its major markets being Brazil, Mexico, and South Africa. Industrial development and increased construction activities, mainly in Latin America and parts of the Middle East, are supporting polyurethane-related PPG applications. The pharmaceutical and cosmetic industries are growing further in large urban centers, while this trend supports an increase in high-purity grades. Market restrictions include inconsistent regulatory enforcement, a deficit in indigenous production, and heavy dependence on imports. But infrastructure improvement, foreign investments, and regional trade agreements can ease market accessibility and give a fillip to future demand in both industrial and consumer application fronts.
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List of the prominent players in the Polypropylene Glycol Market:
LyondellBasell
BASF SE
Dow Inc.
Covestro AG
Huntsman Corporation
INEOS Group
Shell Chemicals
Mitsui Chemicals
SKC Co. Ltd.
Formosa Plastics Corporation
Repsol S.A.
Perstorp Holding AB
Sanyo Chemical Industries
DIC Corporation
PCC Rokita SA
Kumho Petrochemical Co. Ltd
Jiangsu Haian Petrochemical Plant
Zhejiang Huangma Chemical Co. Ltd.
Shandong Dongda Chemical Industry Co. Ltd.
China Petroleum & Chemical Corporation (Sinopec)
Others
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The Polypropylene Glycol Market is segmented as follows:
By Grade
Industrial Grade
Pharmaceutical Grade
Food Grade
By Application
Polyurethane Production
Cosmetics & Personal Care
Pharmaceuticals
Lubricants & Hydraulic Fluids
Adhesives & Sealants
Food & Beverage
Click Here to Get a Free Sample Report of the Global Polypropylene Glycol Market @ https://www.custommarketinsights.com/report/polypropylene-glycol-market/
Regional Coverage:
North America
U.S.
Canada
Mexico
Rest of North America
Europe
Germany
France
U.K.
Russia
Italy
Spain
Netherlands
Rest of Europe
Asia Pacific
China
Japan
India
New Zealand
Australia
South Korea
Taiwan
Rest of Asia Pacific
The Middle East & Africa
Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
This Polypropylene Glycol Market Research/Analysis Report Contains Answers to the following Questions.
Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Polypropylene Glycol Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Polypropylene Glycol Market? What Was the Capacity, Production Value, Cost and PROFIT of the Polypropylene Glycol Market?
What Is the Current Market Status of the Polypropylene Glycol Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Polypropylene Glycol Market by Considering Applications and Types?
What Are Projections of the Global Polypropylene Glycol Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Polypropylene Glycol Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Polypropylene Glycol Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Polypropylene Glycol Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Polypropylene Glycol Industry?
Click Here to Access a Free Sample Report of the Global Polypropylene Glycol Market @ https://www.custommarketinsights.com/report/polypropylene-glycol-market/
Reasons to Purchase Polypropylene Glycol Market Report
Polypropylene Glycol Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Polypropylene Glycol Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Polypropylene Glycol Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Polypropylene Glycol Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
The study provides a thorough overview of the global Polypropylene Glycol market. Compare your performance to that of the market as a whole.
Aim to maintain competitiveness while innovations from established key players fuel market growth.
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What does the report include?
Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Polypropylene Glycol market analysis.
The competitive environment of current and potential participants in the Polypropylene Glycol market is covered in the report, as well as those companies' strategic product development ambitions.
According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report provides comparable data for the key regions.
The report provides actual market sizes and forecasts for each segment mentioned above.
Who should buy this report?
Participants and stakeholders worldwide Polypropylene Glycol market should find this report useful. The research will be useful to all market participants in the Polypropylene Glycol industry.
Managers in the Polypropylene Glycol sector are interested in publishing up-to-date and projected data about the worldwide Polypropylene Glycol market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Polypropylene Glycol products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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About Custom Market Insights:
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Becky Mitchell, Colorado's Colorado River commissioner, said Monday that states in the river's lower basin — California, Arizona and Nevada — would receive too much water under a proposal known as 'natural flow', a concept based on how much water would travel downstream without dams or diversions or other human interventions, Jennifer Yachnin reports for POLITICO's E&E News. Those states and states in the upper basin — Colorado, Wyoming, Utah and New Mexico — face a November deadline to reach a water sharing deal or have federal officials step in with their own plan. Multiple states have said talks are coalescing around the natural flow idea, but questions remain over how much the states could actually use, and how much would remain in reservoirs for storage and hydropower. Mitchell said the lower basin receives about 62 percent of the river's natural flow under current operating plans, a number she said is too high. 'It isn't about winning an argument or losing an argument, but it's about operating the [river] system in a way that we don't all lose the system and the benefits of the system,' she said. — AN, JY CLIMATE POLICY IN DANGER: The Trump administration is rolling back the federal government's scientific finding that greenhouse gas emissions are a threat to public health, a move that would undermine decades of EPA climate regulations and complicate state efforts to reduce carbon. EPA Administrator Lee Zeldin announced Tuesday that the agency has submitted a proposal to repeal the endangerment finding, the 2009 study issued by the Obama administration that serves as the legal basis for most of EPA's climate rules, including limits on power plant and vehicle emissions, POLITICO's Alex Guillén reports. The announcement came as the EPA also proposed scrapping all limits on carbon dioxide pollution from cars and trucks. Newsom and Wisconsin Gov. Tony Evers, co-chairs of the U.S. Climate Alliance, blasted the move Tuesday, saying in a statement that Americans seeing the impacts of floods, extreme heat and wildfires 'won't be deceived by the Trump administration's reckless abandonment of science and the law.' But there's little that states can do to stop Trump's assault on the bedrock climate policy, as they're already reeling from the administration's attack on clean energy incentives and California's electric vehicle sales mandate. — AN, AG GOING NUCLEAR: A California startup is taking a moonshot approach as it attempts to build the first small modular nuclear reactor in the country. Kairos Power, based in the Bay Area, is building an experimental reactor in Tennessee that uses molten fluoride salt as a coolant, a technology that is so far commercially untested, Francisco 'A.J.' Camacho writes for POLITICO's E&E News. That's a risky move in an already uncertain market where advanced nuclear ventures have recently stumbled amid cost concerns, as our editor Debra Kahn recently wrote about. One of the company's test reactors, dubbed 'Hermes,' has already secured the first-ever construction permit for a Generation IV reactor from the Nuclear Regulatory Commission, and Kairos has poured the nation's first advanced nuclear concrete. Kairos has also won over some high-profile backers, signing an agreement with Google last year to power data centers. — AN, FC CC-CHANGES: We are thrilled to announce a new member of the California Climate team: Noah Baustin, our new energy and environment reporter. Noah comes to us from the San Francisco Standard, where he covered local government, transportation and public safety, among other areas, as a data reporter on the enterprise desk. He wowed us not only with his series of scoops uncovering municipal corruption — see his stories on a department head who directed city contracts to a man she lived with, bribery at the Department of Public Works and a classic case of familial ties at the Department of Building Inspection — but also with his intuitive grasp of POLITICO's singular blend of policy, politics and power. He's hitting the ground running — please join us in welcoming him and start sending tips to nbaustin@ — Bay Area Democratic Rep. Kevin Mullin and New York Republican Rep. Andrew Garbarino introduced a bill to map rising groundwater that threatens to worsen flooding across the country. — July is the worst month for overdose deaths in Los Angeles. UCLA researchers say extreme heat is likely to blame. — Tesla's original founder is dismayed that the company is focused on robotaxis and Cybertrucks instead of cheap EVs.
USA Today
7 hours ago
- USA Today
Samsung stock rises on Tesla partnership after $16.5 billion AI chip deal
Shares in Samsung Electronics eked out small gains on Tuesday, following a sharp rally the previous day after the South Korean technology company clinched a $16.5 billion deal to supply artificial intelligence chips to Tesla TSLA.O. Analysts said the agreement could bolster the company's unprofitable contract manufacturing business, but Samsung faces challenges in securing additional large customers both for logic chips and memory chips where it struggles against TSMC and SK Hynix "This new deal breathes some much-needed life into the business and may signal the start of a turning point for Samsung, but its memory business will need to make considerable progress too," Ben Barringer, global technology analyst at Quilter Cheviot, said. Samsung Electronics, the world's top memory chip maker, has suffered delays in supplying the latest high-bandwidth memory (HBM) chips to key U.S. customer Nvidia NVDA.O, a setback that has dented its profits and weighed on its stock. In its "foundry" or contract manufacturing business, where it manufactures logic chips designed by customers, Samsung remains a distant second to market leader TSMC. "Whether this will open the door for additional large customers will depend heavily on its execution," Barringer said. Shares of Samsung recovered from early losses to close 0.3% higher on Tuesday, lagging the broader market's .KS11 0.7% gain. The shares were down more than 2% earlier in the session after surging nearly 7% on Monday, following the Tesla deal. Meanwhile, Samsung Electronics Chairman Jay Y. Lee departed for Washington on Tuesday. A Yonhap News Agency report said he was expected to support trade talks between South Korea and the U.S. but a company spokesperson, when contacted by Reuters, described it as "business trip", with no further details. While South Korea has been promoting partnerships in chips and shipbuilding with the U.S., a trade official said the Tesla deal was unrelated to ongoing trade talks aimed at reducing U.S. tariffs. Analysts, however, said the deal could enhance prospects for Samsung's investments in its Texas-based new chip factory. Eating at the Tesla Diner: Now serving EVs, burgers and fries. What the Tesla Diner could mean for drivers Favorable terms Tesla CEO Elon Musk said late on Sunday that Samsung's new chip factory in Taylor, Texas, would make the auto company's next-generation AI6 chips, likely to be used in self-driving cars, humanoid robots and data centers, without elaborating on the timing of the production. The deal comes as Samsung has struggled to win major customers for its new Texas factory, partly due to low production yields of its cutting-edge chips. "There also has to be a chance that the company was able to strike the long-term deal on favourable terms, given that Samsung needed to prove its contract manufacturing capabilities," said Russ Mould, investment director at AJ Bell. The long-term supply deal for a key technology from a U.S. factory would "lessen the risk of supply-chain dislocations or tariff friction," he said. "Samsung now needs to prove it can deliver in the right volume to the right quality for what is likely to be a demanding customer." While the deal is "more about securing the longer-term future, we won't see these in cars for at least a year or two," said Matt Britzman, senior equity analyst at Hargreaves Lansdown. Reporting by Hyunjoo Jin in Seoul and Zaheer Kachwala in Bengaluru, Additional reporting by Heekyong Yang and Jihoon Lee in Seoul; Editing by Ed Davies and Jacqueline Wong
