The global propylene carbonate market exhibited robust growth in 2021, reaching a valuation of approximately US$ 239.6 million and showcasing a notable year-on-year expansion of 5.0%. This positive trajectory can be attributed to various factors, including increasing industrial applications and rising demand for propylene derivatives. A specific derivative, propylene carbonate, is anticipated to experience substantial growth during the forecast period spanning from 2022 to 2032. Projections indicate that propylene carbonate sales will witness a healthy compound annual growth rate (CAGR) of 6.3% over this period.
The ascending demand for propylene carbonate can be attributed to its multifaceted utility across diverse industries. It serves as a versatile solvent in applications such as paints and coatings, effectively enhancing their performance. Additionally, its efficacy in cleaning and degreasing processes further drives its adoption. One of the most significant growth drivers lies in the sphere of advanced energy storage, particularly as an electrolyte in lithium-ion batteries. As the demand for efficient and reliable energy storage solutions intensifies, the utility of propylene carbonate in this context is poised to fuel its market growth. These trends collectively signify promising growth opportunities for the global propylene carbonate market in the upcoming decade, buoyed by its indispensable role across various sectors.
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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, and personal care.
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 Million 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.
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
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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
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