Propylene Carbonate Market Size, Share, Industry Analysis, Trends, Growth, Forecasts, 2030

The global propylene carbonate market size was worth around USD 399.87 million in 2022 and is predicted to grow to around USD 669.28 million by 2030 with a compound annual growth rate (CAGR) of roughly 6.65% between 2023 and 2030. The market for propylene carbonate is now witnessing consistent expansion, which is being driven by the numerous applications of this material across a variety of industries, including the automobile industry, cosmetics, pharmaceuticals, textile, mining, energy & power. Based on the most recent data, the market size is currently at a significant value, which highlights the compound's vital role in many industrial processes.

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Global Propylene Carbonate Market: Overview

Propylene carbonate is a clear organic chemical molecule formed by combining carbon dioxide and propylene. Propylene carbonate is a VOC-free, polar solvent, and aprotic produced with propylene glycol and carbonate ester. Propylene carbonate is non-corrosive and has high boiling and flash temperatures, as well as a slight ether-like odor. Due to its excellent properties propylene carbonate is utilized in a variety of applications, such as paints, coatings, sealants & adhesives, medicines, personal care, Li-ion batteries, and cleaning, among others. It is classified on the list of EPA Safer Chemicals Ingredients in the Solvents category.

Global Propylene Carbonate Market: Growth Factors

The global propylene carbonate market is flourishing at a rapid rate. The global propylene carbonate market is being driven by factors such as an increase in the usage of propylene carbonate in industrial operations, a growing adoption from the personal care, paints & coatings sectors, and an increase in infrastructural development in growing markets. In addition to this, the usage of propylene carbonate as an electrolyte in Lithium-ion batteries is a major driving force. Due to worries about environmental issues, hybrid and electric vehicles are becoming more popular throughout the world, requiring governments to support the development of renewable energy resources. Governments are recommending strict laws on car exhaust standards to eliminate polluting elements and safeguard the environment.

Several automakers have also set a goal of producing at most 50% or 100% electric vehicles between 2025 and 2030. In the long run, this will increase demand for lithium-ion batteries, boosting the usage of propylene carbonate. Other important uses for propylene carbonate include cleaning solvents and additives, thereby driving the market growth. However, the market's growth is being limited by high costs, limited mechanical properties, flammable features, and the installation of strict restrictions for the use and production of flammable liquids. In contrast, a boost in demand for green energy is predicted to provide a lucrative potential for the growth of the global propylene carbonate market in the near future.

As the COVID-19 outbreak fades, consumer confidence is improving. The propylene carbonate market is growing as a result of these factors. Manufacturers all around the world are concentrating on critical applications in binders, solvents, and lithium batteries. Manufacturers are reaping the benefits of the extraordinary demand for cleaning products.

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Global Propylene Carbonate Market: Segmentation

The global propylene carbonate market is segmented into end-use industry, applications, and region. The application segment of the market is bifurcated into catalyst, solvent, electrolyte, cleaner, additives, and others. The end-use industry of the market is characterized by paints & coatings, cosmetic & personal care, pharmaceuticals, textile, mining, energy & power, and others

Propylene Carbonate Market: Report Scope

Global Propylene Carbonate Market: Regional Analysis

North America and Europe are anticipated to contribute to more than 37% of worldwide propylene carbonate demand, with major companies having production plants in the two regions. With the soaring demand for propylene carbonate in various end-use industries in Europe and North America, many producers are concentrating on business expansion in the United States, Germany, UK, France, and other major countries in these regions. This may result in large revenue generation over the projected period. During the estimated period, the propylene carbonate market is expected to develop at a medium to high rate in Asia Pacific, this is attributed to growing economies such as Japan, India, and China. In terms of propylene carbonate demand, Latin America, the Middle East & Africa are likely to hold a single-digit share in the global propylene carbonate market.

Global Propylene Carbonate Market: Competitive Players

• Huntsman International LLC.
• BASF SE
• Empower Materials
• LyondellBasell Industries Holdings B.V.
• Anmol Chemicals Group
• Kowa India Pvt. Ltd.
• Shenghua Group Holdings Co. Ltd.
• ReactChem Co. Ltd.
• Taixing Fengming Chemical
• Lixing Chemical

Global Propylene Carbonate Market: Segment Analysis

By Application

• Catalyst
• Solvent
• Electrolyte
• Cleaner
• Additives
• Others

By End-User

• Paints & Coatings
• Cosmetic & Personal Care
• Pharmaceuticals
• Textile
• Mining
• Energy & Power
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa