The global Propylene Carbonate Market is on the brink of a substantial growth trajectory, poised to expand at a steady Compound Annual Growth Rate (CAGR) of 6.3% over the forecast period spanning from 2022 to 2032, according to Future Market Insights (FMI). Propylene carbonate, a versatile chemical compound, finds itself at the heart of various industries due to its multifaceted applications, such as a solvent in paints and coatings, a cleaning agent in degreasing processes, and a pivotal electrolyte in the realm of Li-Ion batteries.
One of the driving forces behind the surge in demand for propylene carbonate is its extensive utility as a solvent in diverse industrial processes. In the production of paints and coatings, propylene carbonate serves as a crucial ingredient, enhancing the quality, durability, and finish of the final product. Its solvency properties enable the effective dispersion of pigments and resins, ensuring a uniform and vibrant coating on various surfaces.
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.
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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.
“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.
Key Takeaways:
- 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
Competitive Landscape
Key market participants in the global Propylene Carbonate market
- BASF SE
- Huntsman International LLC.
- LyondellBasell Industries Holdings B.V.
- Shandong Shida Shenghua Chemical Group Co., Ltd.
- Linyi Evergreen Chemical Co., Ltd
- SMC – Global
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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Propylene Carbonate Market by Category
By Type:
- Aqueous Form
- Pellet Form
By Application:
- Paints & Coatings
- Cleaning & Degreasing
- Personal Care & Cosmetics
- Textile Dyeing
- Lithium Ion Batteries & Electronics
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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