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.

Propylene Carbonate Market Report Snapshots

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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 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. '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.'

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.

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.

The Asia Pacific region is estimated to account for a dominant share of the 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.

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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

Propylene Carbonate Market Insights

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