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.
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.
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.
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.
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.
The global propylene carbonate market is further classified on the basis of region as follows:
Our in-depth analysis of the global propylene carbonate market includes the following segments:
By Form Type
FREQUENTLY ASKED QUESTIONS
Rising demand for Lithium-ion batteries and growing consumption and production of natural gas are estimated to majorly boost market growth.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2033.
The requirement for higher initial investment and government initiatives regarding export and import is estimated to challenge the market growth.
The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Haihang Industry Co., Ltd., The Carl Roth GmbH + Co. KG, BASF SE, Tedia Company, LLC, LyondellBasell Industries N.V., Empower Materials, Inc., SMC Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by form type, application, by region.
The paint & coating segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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