The global propylene carbonate market is anticipated to expand at a steady 6.3% CAGR over the forecast period between 2022 and 2032, finds Future Market Insights (FMI). Propylene carbonate is largely utilized as a solvent for the production of paints and coatings, cleaning solvent in the cleaning and degreasing industry, and as an electrolyte in Li-Ion batteries.
In recent years, companies are focusing on developing new materials with high purity levels at competitive prices. Propylene carbonate is utilized as a long-lasting and ‘green’ alternative for various chemical industrial solvents.
While due to its lower vapor pressure and negligible photochemical reactivity it is an effective substitute for toluene, acetone, NMP, and methyl chloride. Such aforementioned properties of propylene carbonate are expected to increase consumption concerning environmental regulations.
The worldwide propylene carbonate market is being driven by factors such as increased usage of propylene carbonate in industrial processes as solvents, increased demand for paints & coatings, personal care.
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Also, growing usage as a cleaning solvent in gas treating and petrochemical applications to boost the market. Propylene carbonate is extensively used in lithium-ion batteries to improve polarity by forming a solvation shell around lithium ions. It is also used in the production of cosmetics like lipsticks, mascara, eye shadow, and other similar items.
Regionally, the market is anticipated to be dominated by East Asia, which is expected to continue in the future evaluation period. Backed by the aforementioned factors, the global propylene carbonate market is projected to top US$ 463.7 Mn by the end of 2032.
“Over the forecasted period, sales of propylene carbonates are expected to be driven by the increased utilization in Li-ion batteries and paints & coatings. Meanwhile, propylene carbonate is environmentally friendly and has the potential to effectively replace other hazardous chemical solvents,” says an FMI analyst.
- By product form, demand for aqueous propylene carbonate is expected to surge at a 4% CAGR over the forecast period.
- The lithium-ion batteries & electronics segment is anticipated to grow at 7.5% CAGR during the forecasted period.
- The personal care & cosmetics segment of the propylene carbonate market is anticipated to grow at a 7% CAGR through 2032.
- The propylene carbonate market in the U.S. is anticipated to reach 6% CAGR by the end of 2032.
- China will emerge as the most lucrative propylene carbonate market, with sales growing at a 2% CAGR over the forecast period
Key market participants in the global Propylene Carbonate market elaborated in the report include BASF SE, Huntsman International LLC., LyondellBasell Industries Holdings B.V., Shandong Shida Shenghua Chemical Group Co., Ltd., Linyi Evergreen Chemical Co., Ltd, SMC – Global and others are the leading players in the market
Key players operating in the global propylene carbonate market are focusing on increasing the utilization of propylene carbonate in paints & coating, personal care & cosmetics industries. However, some key players are focused to provide ultrapure propylene carbonate for li-ion batteries.
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More Insights into the Propylene Carbonate Market Report
In its latest report, FMI offers an unbiased analysis of the global Propylene Carbonate market, providing historical data from 2016 to 2020 and forecast statistics for the period 2022-2032. To understand the global market potential, its growth, and scope, the market is segmented based on Form (Aqueous and Pellet), By Application (Paints & Coatings, Cleaning & Degreasing, Personal Care & Cosmetics, Textile Dyeing, Lithium-Ion Batteries & Electronics, & Others) across six regions (North America, Latin America, Europe, East Asia, South Asia Pacific, And Middle East & Africa)