USD 255.12 million
Propylene Carbonate Market Size, Share, Growth Analysis, By Form(Aqueous, Pellet, and Others), By Application(Paints & Coatings, Cleaning & Degreasing, Personal Care & Cosmetics, Textile Dyeing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2515 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
66
|Figures:
69
Propylene Carbonate Market Insights
Global propylene carbonate market size was valued at USD 255.12 million in 2022 and is poised to grow from USD 271.19 million in 2023 to USD 442.12 million by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).
Propylene carbonate is an organic compound widely used as a solvent in different industrial and commercial applications. It is derived from propylene glycol. The high use of propylene carbonate in lithium-ion batteries as an electrolyte and growing demand for personal care and cosmetics around the world is projected to be key factors driving market development in the future. Growing automotive production, rising demand for high-performance coatings, and expansion of the textile dyeing industry are other factors that could boost the sales of propylene carbonate across the forecast period and beyond. Rising focus on sustainability around the world is also estimated to play in the hands of propylene carbonate suppliers going forward.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Aqueous
Fastest Growth
Pellet
Growth Rate
6.3% CAGR
Global Propylene Carbonate Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Propylene Carbonate Market Segmental Analysis
The global propylene carbonate market is segmented based on form, application, and region. Based on form, the market is bifurcated into aqueous, pellet, and others. In terms of application, the market is segmented into paints & coatings, cleaning & degreasing, personal care & cosmetics, textile dyeing, lithium-ion batteries & electronics, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Form
Propylene carbonate in its aqueous form is projected to account for a significant share of the global marketplace. Increasing use of aqueous propylene carbonate in cosmetics and personal care products allows this segment to account for a high market share. The high use of aqueous propylene carbonate as a solvent in different industrial applications also contributes to a prominent share of the market. Plasticizers, textile dyeing, crop protection products, and ink formulations are some of the key applications where demand for aqueous propylene carbonate is slated to soar high.
Meanwhile, demand for propylene carbonate pellets is slated to increase at a steady pace. The increasing application scope of propylene carbonate pellets in different industry verticals and their better shelf life as compared to aqueous solutions of propylene carbonate are contributing to the steady increase in market share.
Analysis by Application
The demand for high-performance coatings and paints around the world is allowing the paints and coatings segment to account for a high share of the global propylene carbonate marketplace. Rapidly expanding automotive production around the world is estimated to benefit sales of propylene carbonate products in the future. propylene carbonate is used as a solvent in different film-forming applications of the paint and coatings industry. The addition of propylene carbonate to paints and coatings reduces their viscosity and improves their application scope.
Rising electrification of different industry verticals is projected to create new opportunities for propylene carbonate in lithium-ion battery applications. propylene carbonate is used extensively for dissolving lithium-ion salts in batteries. The low-VOC aspect of propylene carbonate also makes them a mainstay for use in the sustainable future of tomorrow powered by lithium-ion batteries. The rising popularity of electric vehicles is also slated to uplift the propylene carbonate demand outlook in the future.
Global Propylene Carbonate Market By Form
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Propylene Carbonate Market Regional Insights
The Asia Pacific region is estimated to account for a dominant share of the global propylene carbonate marketplace. The presence of a robust paints and coatings industry coupled with robust manufacturing activity in this region drives propylene carbonate demand. Growing electronics production and rising demand for lithium-ion batteries are also forecasted to favor propylene carbonate sales across the forecast period and beyond. South Korea, China, Taiwan, Japan, and India are slated to be the most investment-worthy markets in the Asia Pacific region for propylene carbonate manufacturers and distributors in the long run.
Europe is estimated to witness a notable hike in demand for propylene carbonate over the coming years owing to a rising focus on sustainability and the high adoption of lithium-ion batteries. Increasing awareness regarding emission reduction among consumers in Europe has resulted in quick adoption of electric vehicles, which in turn, favors demand for lithium-ion batteries. Growing use of renewable energy sources to generate electricity is also estimated to favor lithium-ion battery sales thereby driving propylene carbonate market growth as well. Germany and the United Kingdom are estimated to be the key markets in Europe.
Global Propylene Carbonate Market By Region
- Largest
- Fastest
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Propylene Carbonate Market Dynamics
Drivers
Rapid Expansion of Paints & Coatings Industry
- The paint and coatings industry are evolving rapidly to cater to the high demand for high-performance coatings and paints. Increasing use of aqueous propylene carbonate to improve the properties of paints and coatings is slated to bolster market growth over the coming years.
Restraints
Low Shelf Life
- Propylene carbonate can be stored for a long time under ideal conditions but if the conditions change, the shelf life is drastically affected. Thermal stability and pressure-related concerns could arise if propylene carbonate is not stored properly and exposed to other materials, which could reduce the shelf life of the product and hamper market growth prospects.
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Propylene Carbonate Market Competitive Landscape
Propylene carbonate suppliers can ride the sustainability wave to maximize their revenue generation potential and create new business opportunities. Investing in research and development of novel propylene carbonate materials will also be a key trend that most market players will focus on. New companies will have a hard time penetrating the marketplace, as it requires a high capital investment to get started in the propylene carbonate business. Burgeoning demand for batteries around the world is also a key trend that will generate good sales for propylene carbonate companies in the future.
Top Player’s Company Profiles
- Linyi Evergreen Chemical Co. Ltd.
- Huntsman International LLC.
- SMC – Global
- BASF SE
- Anmol Chemicals Group
- Carl Roth GmbH
- Empower Materials
- Shandong Shida Shenghua Chemical Group Co., Ltd.
- LyondellBasell Industries Holdings B.V.
- Kowa India Pvt. Ltd.
- ReactChem Co. Ltd.
- MegaChem Ltd.
- Taixing Fengming Chemical
- Lixing Chemical.
Recent Developments
- In September 2022, Rare Beauty, a cosmetics and personal care brand founded by Selena Gomez announced the launch of a new collection of blush products. The liquid blush products launched in this range contain propylene carbonate.
- In August 2023, Tesla signed an agreement with Eastman Chemical to provide propylene carbonate for use in electric vehicles. The agreement spans over multiple years.
- In July 2021, a new range of supercapacitors based on propylene carbonate was launched by AVX Corporation for energy storage applications in different lithium-ion batteries.
Propylene Carbonate Key Market Trends
- Growing Use of Lithium-ion Batteries: The shift towards clean energy around the world has led to the surging use of lithium-ion batteries in different applications across numerous industry verticals. The rising popularity of electric vehicles and growing demand for renewable energy storage solutions are both slated to boost sales of lithium-ion batteries in the future, and this will also boost propylene carbonate demand as it is extensively used as an electrolyte in those batteries.
Propylene Carbonate Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, surging demand for high-performance coatings and paints around the world is slated to augment the demand for propylene carbonate over the coming years as it is extensively used as a solvent in the paints and coatings industry. High investments in material R&D and rapidly expanding chemical manufacturing activity are also estimated to benefit the demand for propylene carbonate across the forecast period and beyond. However, the low shelf life of propylene carbonate in non-ideal storage situations is projected to be a key restraint for market growth in the long run. Asia Pacific accounts for a high share of the global propylene carbonate market owing to the high demand for coatings and lithium-ion batteries in this region. Growing use of propylene carbonate as an electrolyte in different lithium-ion batteries is slated to create new opportunities for propylene carbonate suppliers in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 255.12 million |
| Market size value in 2031 | USD 442.12 million |
| Growth Rate | 6.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Propylene Carbonate Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Propylene Carbonate Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Propylene Carbonate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Propylene Carbonate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Propylene Carbonate Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Propylene Carbonate Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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