Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The propylene carbonate (PC) market is shaped by various market factors that influence its supply and demand dynamics, technological advancements, regulatory environment, and economic conditions. Firstly, the demand for propylene carbonate is driven by its versatile applications across industries such as cosmetics, pharmaceuticals, electronics, and automotive. As these sectors continue to expand, particularly with the increasing emphasis on environmentally friendly and high-performance materials, the demand for propylene carbonate as a solvent, electrolyte, or additive rises accordingly, fostering market growth. Propylene carbonate is an organic compound obtained from propylene. It is used as a polar, aprotic solvent in paints & coatings and cosmetic & personal care products. Propylene carbonate is also used to remove carbon dioxide from natural gas and volatile organic compound (VOC) from paints & coatings.
On the supply side, factors such as the availability of raw materials, production capacity, and manufacturing efficiency play crucial roles. Propylene carbonate is primarily derived from propylene oxide, which is a key feedstock. Therefore, the availability and cost of propylene oxide directly influence the PC market dynamics. Any fluctuations in the supply or price of propylene oxide can impact production costs and pricing strategies within the PC market. Additionally, advancements in production technologies, such as catalytic processes and recycling methods, contribute to enhancing supply chain efficiency and meeting market demands.
Regulatory policies and standards also significantly impact the propylene carbonate market. Environmental regulations regarding emissions, waste management, and product safety drive manufacturers to adopt sustainable practices and develop eco-friendly products. Compliance with these regulations not only ensures market access but also enhances consumer trust and brand reputation, particularly in industries where environmental concerns are paramount, such as cosmetics and pharmaceuticals.
Moreover, macroeconomic factors including GDP growth, industrial output, and consumer spending patterns influence the overall demand for propylene carbonate and its downstream products. Economic fluctuations or downturns can affect market growth, while periods of economic prosperity can stimulate demand across various end-user industries, driving the growth of the PC market.
Global market dynamics, such as trade policies, geopolitical tensions, and currency fluctuations, also play a crucial role in shaping the propylene carbonate market landscape. Changes in global trade patterns, trade agreements, or geopolitical events can disrupt supply chains, alter market dynamics, and influence pricing strategies within the PC market.
Furthermore, technological advancements and innovations continue to drive developments within the propylene carbonate market. Research and development efforts aimed at improving production processes, enhancing product performance, and exploring new applications for PC contribute to market innovation. For instance, the development of bio-based or renewable propylene carbonate materials aligns with growing sustainability initiatives and offers new opportunities for market growth and differentiation.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 5.05% (2023-2030) |
Propylene Carbonate Market Highlights:
Global Propylene Carbonate Market Overview
The Propylene Carbonate Market Size was valued at USD 0.42 Billion in 2022. The Propylene Carbonate industry is projected to grow from USD 0.45 Billion in 2023 to USD 0.62 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.05% during the forecast period (2023 - 2030). Propylene carbonate is an organic compound obtained from propylene. It is used as a polar, aprotic solvent in paints & coatings and cosmetic & personal care products. Propylene carbonate is also used to remove carbon dioxide from natural gas and volatile organic compound (VOC) from paints & coatings.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Propylene Carbonate Market Trends
-
Rising demand for lithium-ion batteries will boost the growth of the Market
Propylene carbonate is used as a key solvent in the production of electrolytes for lithium-ion batteries. These batteries are widely used in various applications, including electric vehicles, portable electronics, and renewable energy systems. As the demand for these applications continues to grow, the demand for propylene carbonate is also expected to increase. Furthermore, the increasing focus on renewable energy and energy storage solutions is also expected to drive the demand for lithium-ion batteries, which in turn will fuel the demand for propylene carbonate. Manufacturers are also exploring new applications for lithium-ion batteries, such as grid-scale energy storage, which is expected to further boost the demand for propylene carbonate.
BASF SE, a German-based organization, has done something groundbreaking toward environmentally friendly behavior in 2023. They have introduced their clients who use plastic additives to a premium service called Product Carbon Footprints (PCFs). Among these are antioxidants and light stabilizers that emphasize BASF SE’s mitigation of environmental impacts through its product range.
BASF SE will deliver product carbon footprints (PCFS) for its customers consuming plastic additives from September 2022 onwards. For instance, this includes PCFs among various anti-oxidants and light stabilizers, which form part of VALERAS’ premium services. To apply for product carbon footprints on this consumer portal, you can go online.
Propylene Carbonate Market Segment Insights
Propylene Carbonate Form Insights
The market segmentation, based on Form, includes Pellet, Aqueous, Film, and Others. The Film segment holds the majority share in 2022, contributing to the global Propylene Carbonate revenue. propylene carbonate is commonly used as a solvent for film-forming resins in various applications, including coatings, adhesives, and plastics. Propylene carbonate improves the solubility, stability, and adhesion properties of film-forming resins, making it an important component in the production of films for various industrial and commercial applications.
Propylene Carbonate Application Insights
Based on Application, the market segmentation includes Solvents, Binders and adhesives, Coatings, Lithium-ion batteries, Textile dyeing, and Others. The Lithium-ion batteries segment is the largest segment of the market. The growth of the segment is attributed to the increase in investment in electric vehicles and consumers' inclination towards electronic products, which is expected to drive the demand for lithium-ion batteries.
Figure 2: Propylene Carbonate Market, by Application, 2022 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Propylene Carbonate Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the largest share of the Market in recent years. The region is home to some of the largest and fastest-growing economies in the world, such as China, India, and Japan, which have witnessed significant growth in various end-use industries, including automotive, electronics, and renewable energy. The rising demand for lithium-ion batteries and other energy storage solutions, coupled with the growth of the automotive and electronics industries, has led to a significant increase in the demand for propylene carbonate in the region. In addition, the increasing focus on environmental sustainability and the adoption of new regulations aimed at reducing greenhouse gas emissions have also contributed to the growth of the market in Asia-Pacific.
Figure 3: PROPYLENE CARBONATE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Propylene Carbonate Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Propylene Carbonate industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Propylene Carbonate industry to benefit customers and expand the market sector. Major market players, including BASF, Shida Shenghua Chemical, Daze Group, Huntsman Corporation, and others, are attempting to increase market demand by funding R&D initiatives.
Shida Shenghua Chemical Co., Ltd. (SDSH) is a chemical manufacturing company based in China. SDSH specializes in the production and sale of organic chemical products, including chlorinated paraffin, chlorinated polyethylene, and muriatic acid. The company's products are widely used in the production of plastic, rubber, coatings, paints, and other chemical products. The company has a production capacity of 100,000 tons of chlorinated paraffin, 50,000 tons of chlorinated polyethylene, and 30,000 tons of muriatic acid per year. The company's products are sold both domestically and internationally, with major markets including Europe, America, and Southeast Asia.
Huntsman Company is a producer of unique organic chemical products. It works in four segments: polyurethanes, performance products, advanced materials, and textile effects. The firm provides polyurethane chemicals, performance goods such as amines and maleic anhydride, advanced materials such as epoxy, acrylic, and polyurethane-based polymer products, as well as textile chemicals, dyes, and inks. Its products are used in a variety of applications, including adhesives, aerospace, automotive, construction products, personal care, and hygiene, durable and non-durable consumer products, digital inks, electronics, insulation, medical, packaging, coatings and construction, power generation, refining, synthetic fiber, textile chemicals, and dye industries.
Key Companies in the Propylene Carbonate market include
- LyondellBasell Industries
- Shandong Depu Chemical
- BASF
- Empower Materials
- Shida Shenghua Chemical
- Daze Group
- Huntsman Corporation
- AVX Corporation
- MegaChem Ltd
- Hi-Tech Spring Chemical
Propylene Carbonate Industry Developments
In 2023, Tesla announced a significant partnership, which was headquartered in the United States. The company signed a multi-year agreement with Eastman Chemical to support its commitment to environmental sustainability in transportation.
In September 2022, Rare Beauty made headlines when it announced that it would be launching a new collection of blushes. One of these liquid blush products contains propylene carbonate.
In March 2022, Tedia Company LLC joined hands with Newbold Enterprises Fairfield. The cooperation is built upon capital provision and Industry know how so as to increase the capacity along with capability requirements of Tedia – an OEM manufacturer high-purity solvents business.
Propylene Carbonate Market Segmentation
Propylene Carbonate Form Outlook
- Pellet
- Aqueous
- Film
- Others
Propylene Carbonate Application Outlook
- Solvent
- Binders and adhesives
- Coatings
- Lithium-ion batteries
- Textile dyeing
- Others
Propylene Carbonate Regional Outlook
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
