Propylene Carbonate Market Size & Share, by Form Type (Aqueous, Emulsion, Film, Pellet); Application (Cleaning & Degreasing, Paint & Coating, Personal Car, Textile Dyeing) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4340
  • Published Date: Aug 08, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Propylene Carbonate Market size is set to reach USD 470 Million by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of the propylene carbonate was around USD 250 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.


Propylene Carbonate Market
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Propylene Carbonate Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Consumption and Production of Natural Gas - Propylene carbonate is generally utilized as a solvent that removes CO2 and H2S in oil pyrolysis gas and natural gas treatment along with applications of synthetic ammonia conversion 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.
  • Spiking Demand for Benzene across the Globe - As of 2022, the demand for benzene is estimated to reach about 50 million metric tons worldwide. Propylene carbonate is used as a solvent for many organic compounds, including benzene.
  • Higher Requirements of the Product 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. Propylene carbonate is used in the production of dyes and pigments as it comprises of a wide range of syntheses and applications.

Challenges

  • Requirement for Higher Initial Investment - The high costs included in the initial stage is expected to pose a challenge as it becomes difficult for the population with middle-income startups to incorporate pressure-sensitive adhesives in the use of varied processes. Therefore, this factor is estimated to hamper the growth of the market over the forecast period.
  • Restrictions on the Export and Import of Chemicals
  • Competition from Other Alternatives

Propylene Carbonate Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~6%

Base Year Market Size (2022)

~ USD 250 Million

Forecast Year Market Size (2035)

~ USD 470 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Propylene Carbonate Segmentation

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:

         Form Type

  • Aqueous
  • Emulsion
  • Film
  • Pellet

         Application

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

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Propylene Carbonate Industry- Regional Synopsis

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 2035. 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 2035. 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.

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Propylene Carbonate Market Size
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Companies Dominating the Propylene Carbonate Landscape

top-features-companies
    • TCI Chemicals Pvt. Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Haihang Group
    • Carl Roth GmbH & Company KG
    • BASF SE
    • Tedia Company, LLC
    • LyondellBasell Industries N.V.
    • Empower Materials, Inc.
    • SMS Corporation
    • Huntsman Corporation
    • Linyi Evergreen Chemical Co., Ltd.

In-the-news

In The News

  • 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. Through this online customer portal, consumers would be able to apply for product carbon footprints.
  • Tedia Company, LLC to collaborate with Newbold 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.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4340
  • Published Date: Aug 08, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising demand for lithium-ion batteries and growing consumption and production of natural gas are the major factors driving the market growth.

The market size of propylene carbonate is anticipated to attain a CAGR of approximately 6% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Haihang Group, Carl Roth GmbH & Company KG, BASF SE, Tedia Company, LLC, LyondellBasell Industries N.V., Empower Materials, Inc., SMS Corporation, Huntsman Corporation, Linyi Evergreen Chemical Co., Ltd, and TCI Chemicals Pvt. Ltd.

The paint & coating segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Propylene Carbonate Market Report Scope
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