Propylene Carbonate Market size was valued at USD 264.5 Million in 2023 and is likely to reach USD 550.48 Million by 2036, expanding at around 5.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of propylene carbonate is estimated at USD 279 Million.. The growth of the market can be attributed to the rising demand for lithium-ion batteries owing to the high demand from end-user industries. Propylene carbonate is used as a key component in the battery’s electrolyte solutions owing to its high dielectric constant. For instance, the lithium-ion battery pack cost reached around USD 150 in 2018 globally. Hence, it is one of the major factors expected to enlarge the market size over the forecast period.
Higher penetration of laptops, smartphones is further expected to propel the propylene carbonate market over the forecast period. As of 2021, around 275 million laptops were noticed to be shipped worldwide while around 150 million tablets were sold out in a similar year across the globe. Hence, all these factors are projected to flourish the growth of the market over the forecast period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.8% |
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Base Year Market Size (2023) |
USD 264.5 Million |
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Forecast Year Market Size (2036) |
USD 550.48 Million |
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Regional Scope |
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Application (Cleaning & Degreasing, Paint & Coating, Personal Car, Textile Dyeing)
The paint & coating segment is estimated to hold 40% share of the global propylene carbonate market during the projected time frame. The growth of the segment can be attributed to the higher utilization of propylene carbonate in the paint & coating industry in construction and manufacturing processes. It is heavily used in the production of paint since propylene carbonate is a high-boiling solvent along with a film-forming auxiliary. It is primarily used in polyvinylidene fluoride and polyvinyl fluoride systems. For instance, the total value of the paint & coating industry was estimated to be about USD 150 billion in 2020.
Form Type (Aqueous, Emulsion, Film, Pellet)
Propylene carbonate market from the aqueous segment is expected to garner a significant share. Higher utilization of aqueous forms of propylene carbonate across several industries such as cosmetics and personal care is anticipated to drive the segment growth over the forecast period. Aqueous solutions are also highly popular in which water is the solvent and it is known to be great electricity conductors. Some of the common types of aqueous solutions are acid & base solutions, cola, rain, salt, and salt water.
Our in-depth analysis of the global propylene carbonate market includes the following segments:
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Form Type |
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Application |
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North American Market Forecast
The propylene carbonate market in North America is projected to be the largest with a share of about 37% by the end of 2036. The growth of the market can be attributed majorly to the growing natural gas storage. 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.
APAC Market Statistics
The Asia Pacific propylene carbonate market is estimated to be the second largest, registering a share of about 22% by the end of 2036. The growth of the market can be attributed majorly to the increasing restriction on the use of single-use plastic for improving plastic waste management, which in turn increases the demand for plasticizers made up of propylene carbonate for the production of better plastic and increases its processing quality.
Author Credits: Rajrani Baghel
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