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 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.Â
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.
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
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
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.
July 2021: AVX Corporation introduced a new series of standard and custom supercapacitors based on propylene carbonate electrolyte technology, which has been demonstrated to be safe and effective in energy storage applications such as lithium-ion batteries.August 2023: Eastman Chemical announced that it had signed a contract to supply propylene carbonate to Tesla for use in its electric vehicles. The contract is for a multi-year term and includes a commitment to purchase a significant amount of propylene carbonate.
North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.42 Billion |
| Market Size 2023 | USD 0.45 Billion |
| Market Size 2030 | USD 0.62 Billion |
| Compound Annual Growth Rate (CAGR) | 5.05% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Form, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | LyondellBasell Industries, Shandong Depu Chemical, BASF, Empower Materials, Shida Shenghua Chemical, Daze Group, Huntsman Corporation, AVX Corporation, MegaChem Ltd, Hi-Tech Spring Chemical |
| Key Market Opportunities | Innovation In Packaging |
| Key Market Dynamics | Growth In Pharmaceutical Industry Increase In Demand From Cosmetic Industry |
Frequently Asked Questions (FAQ) :
The global Propylene Carbonates market size was valued at USD 0.42 Billion in 2022.
The global market is projected to grow at a CAGR of 5.05% during the forecast period, 2023-2030.
Asia Pacific had the largest share of the Propylene Carbonate Market.
The key players in the market are LyondellBasell Industries, Shandong Depu Chemical, BASF, Empower Materials, Shida Shenghua Chemical, Daze Group, Huntsman Corporation, AVX Corporation, MegaChem Ltd, Hi-Tech Spring Chemical.
The Film category dominated the market in 2022.
The Lithium-ion batteries segment had the largest share of the global market for Propylene Carbonate.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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