ID: MRFR/CnM/6617-CR | February 2021 | Region: Global | 185 pages
The Propylene Carbonate Market is expected to register a CAGR of 5.57% to reach USD 752.3 Million by 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.
The growth of the global propylene carbonate market is mainly driven by the increasing use of lithium-ion batteries in different types of electric vehicles such as electric buses, trucks, bikes, and passenger vehicles, due to the superior properties of lithium-ion batteries such as higher lightweight and energy density compared to nickel-cadmium and nickel-metal hydride batteries. The expanding automotive industry with increased production of electric vehicles to reduce the carbon emissions is driving the demand for lithium-ion batteries and thus, propylene carbonate.
The increasing application of propylene carbonate in paint and coatings as an organic solvent led by rising consumption in the building and construction industry as one of the primary application areas is also projected to propel the growth of the global market.
It dissolves with other substances and is an organic chemical which is positively influencing its application in natural-based beauty products. The growing demand for organic beauty products is expected to create lucrative opportunities for the producers of propylene carbonate.
However, the fluctuating raw materials prices may hamper the market growth.
Global Propylene Carbonate Market Revenue, by Grade, 2030 (USD Million)
Sources: MRFR Analysis
Based on grade, the market has been segmented into industrial and lithium battery grade. The lithium battery segment is expected to register significant growth at a CAGR of 5.39% during the review period on account of increasing demand in the automotive and electrical & electronics industries. The industrial grade segment is projected to reach USD 504.0 Million by 2024 owing to the high demand in the paint & coatings, personal care & cosmetics, and foundry industries.
Based on application, the global market has been categorized into solvent, electrolyte, chemical intermediate, and others. The electrolyte segment is expected to register a CAGR of 5.61% during the review period on account of increasing demand for lithium-ion batteries. The solvent segment was valued at USD 202 Million in 2018 and is expected to reach USD 283 Million by the end of 2024. The market growth can be attributed to its increasing use in various applications such as paints & coatings, cosmetics & personal care, and foundry, among others.
Based on end-use industry, the global market has been divided into Li-Ion batteries, paints & coatings, personal care & cosmetics, foundry, electronics, and others. Among these, the Li-Ion batteries segment accounted for the largest share in 2018 and is expected to register constant growth during the review period. 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.
Global Propylene Carbonate Market Share, by Region, 2018 (%)
Sources: MRFR Analysis
Asia-Pacific accounted for the largest share of 49.4% of the global propylene carbonate market in 2018. China is expected to be one of the leading markets in the region, accounting for the largest share during the review period. The market in India is projected to exhibit the growth rate of 6.65% during the forecast period, 2019 to 2024.
The North American market is expected to record a CAGR of 4.91% during the review period 2019- 2024. The growth is attributed to Increased spending on the manufacturing of electric vehicles in the region.
The markets in Latin America and the Middle East & Africa are projected to register a CAGRs of 5.33% and 5.56%, respectively, on account of the growth of the major end-use industries such as automotive and cosmetics & personal care.
Global Propylene Carbonate Market, by Grade
Global Propylene Carbonate Market, by Application
Global Propylene Carbonate Market, by End-Use Industry
Global Propylene Carbonate Market, by Region
Available Additional Customizations
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Grade, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||LyondellBasell Industries B.V. (US), Shandong Depu Chemical (China), BASF SE (Germany), Empower Materials (US), Shida Shenghua Chemical (China), Daze Group (China), Huntsman Corporation (US), Taixing Fengming Chemical Industry (China), MegaChem Ltd (Singapore), and Hi-Tech Spring Chemical (China)|
|Key Market Opportunities||The growing demand for organic beauty products is expected to create lucrative opportunities|
|Key Market Drivers||The increasing application of propylene carbonate in paint and coatings as an organic solvent led by rising consumption in the building and construction industry|
Frequently Asked Questions (FAQ) :
The propylene carbonate market is projected to grow at a 5.57% CAGR between 2017-2024.
The propylene carbonate market is predicted to touch USD 752.3 million by 2024.
The Asia Pacific is expected to lead the propylene carbonate market.
The electrolyte segment will dominate the propylene carbonate market.
Fluctuating raw materials cost may restrict market growth.