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CHEMICALS AND ADVANCED MATERIALS

Propylene Carbonate Market Analysis by Form Type (Aqueous, Emulsion, Film, and Pellet); and by Application (Cleaning & Degreasing, Paint & Coating, Personal, Textile Dyeing, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • September 7, 2022: BASF SE to provide product carbon footprints (PCFs) to its plastic additives customers. PCFs are offered by the company for various antioxidants and light stabilizers which are also a premium service of the VALERAS portfolio.

  • March 8, 2022: Tedia Company LLC to collaborate with NewHold Enterprises Fairfield. The collaboration is based upon the provision of capital and industry expertise to enhance the capacity and capabilities of Tedia, a manufacturer of OEM high-purity solvents.

Global Propylene Carbonate Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Propylene Carbonate Market CAGR Data

The global propylene carbonate market is estimated to garner robust revenue by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated impressive revenue in the year 2022. The growth of the market can be attributed to the rising demand for Lithium-ion batteries. For instance, the Lithium-ion battery pack cost reached around 150 U.S. dollars in 2018.

Propylene Carbonate Market Overview Chart

Global propylene carbonate market trends such as, skyrocketing utilization of propylene carbonate in the personal care segment and in other multiple industries are projected to influence the growth of the market positively over the forecast period. For instance, in 2022, the total revenue generated by the personal care segment was valued at approximately USD 12 billion which is further expected to grow exponentially owing to the rising inclination toward personal grooming. Propylene carbonate is mainly used to remove carbon dioxide and hydrogen sulfide in the form of a physical solvent. Hence, all these factors are projected to flourish the growth of the market over the forecast period.

Global Propylene Carbonate Market: Growth Drivers and Challenges

Growth Drivers

  • Spiking Demand for Benzene across the Globe- As of 2022, the demand for benzene is estimated to reach about 50 million metric tons worldwide.
  • Growing Consumption and Production of Natural Gas- Based on the statistics provided by the U.S. Energy Information Administration (EIA), it was stated that in 2019 the total production of natural gas was 142,687,000 million cubic feet while the consumption was estimated to be 141,353,000 million cubic feet. propylene carbonate is generally utilized as a solvent that removes CO2 and H2S in oil pyrolysis gas and natural gas treating along with applications of synthetic ammonia conversion gas. Propylene carbonate is further used as an oil solvent for olefins and as an extraction agent for aromatics. Hence, all these factors are estimated to push the market growth over the forecast period.
  • Higher Requirements in the Dyes and Pigments Production- In 2021, the volume of pigment and dye production was noticed to be around 360 thousand metric tons solely in India.
  • Significant Increment in the Plastic Production- The total production of plastic worldwide was projected to be approximately 350 million metric tons in 2020.
  • Higher Utilization in the Production of Fungicides- In 2021, the demand for fungicides is rising at a rapid pace, for instance, more than 8 thousand metric tons of fungicides were imported to India alone.

Challenges

  • Requirement for Higher Initial Investment
  • Government Initiatives Regarding the Export and Import
  • Disrupted Supply-Chain due to COVID-19

The global propylene carbonate market is segmented and analyzed for demand and supply by application into cleaning & degreasing, paint & coating, personal, textile dyeing, and others, out of which, the paint & coating segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the higher utilization of propylene carbonate in the paint & coating industry. For instance, the total value of the paint & coating industry is estimated to be about USD 150 billion in 2020

Major Macro-Economic Indicators Impacting the Market Growth

Propylene Carbonate Market Growth Chart

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.

Global Propylene Carbonate Market Regional Synopsis

Regionally, the global propylene carbonate market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2033. The growth of the market can be accounted to the growing consumption of natural gas. For instance, the USA became the leading consumer, and the total consumption in the country was projected to be nearly 30 trillion cubic feet in 2021. Additionally, the presence of major key players and growing various industries with an up-surged demand for propylene carbonate is also expected to hike the growth of the market in the region over the forecast period.

Propylene Carbonate Market Share Chart

The global propylene carbonate market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global propylene carbonate market includes the following segments:

 

By Form Type

  • Aqueous
  • Emulsion
  • Film
  • Pellet

By Application

  • Cleaning & Degreasing
  • Paint & Coating
  • Personal
  • Textile Dyeing
  • Others

Top Featured Companies Dominating the Global Propylene Carbonate Market

  • TCI Chemicals (India) Pvt. Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Haihang Industry Co., Ltd.
  • The Carl Roth GmbH + Co. KG
  • BASF SE
  • Tedia Company, LLC
  • LyondellBasell Industries N.V.
  • Empower Materials, Inc.
  • SMC Corporation
  • Huntsman International LLC
  • Linyi Evergreen Chemical Co., Ltd

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