Rising Demand for Propylene Carbonate Drives Market Growth: Projected to Reach USD 488.3 Million by 2034

Propylene Carbonate

The global propylene carbonate industry is anticipated to expand at a steady 5.9% CAGR over the forecast period between 2024 and 2034, finds Future Market Insights (FMI). Propylene carbonate is largely utilized as a solvent for the production of paints and coatings, cleaning solvent in the cleaning and degreasing industry, and as an electrolyte in Li-Ion batteries.

In recent years, companies have focused on developing new materials with high purity levels at competitive prices. Propylene carbonate is utilized as a long-lasting and ‘green’ alternative for various chemical industrial solvents.

While due to its lower vapor pressure and negligible photochemical reactivity, it is an effective substitute for toluene, acetone, NMP, and methyl chloride. Such aforementioned properties of propylene carbonate are expected to increase consumption concerning environmental regulations.

The worldwide propylene carbonate market is being driven by factors such as increased usage of propylene carbonate in industrial processes as solvents, increased demand for paints & coatings, and personal care.

Also, growing usage as a cleaning solvent in gas treating and petrochemical applications to boost the market. Propylene carbonate is extensively used in lithium-ion batteries to improve polarity by forming a solvation shell around lithium ions. It is also used in the production of cosmetics like lipsticks, mascara, eye shadow, and other similar items.

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The propylene carbonate market is following an inclining at a CAGR of 5.9% through 2034. The industry is set to reach a valuation of around USD 275.8 million in 2024, increasing to USD 488.3 million by 2034.

“Over the forecasted period, sales of propylene carbonates are expected to be driven by the increased utilization in Li-ion batteries and paints & coatings. Meanwhile, propylene carbonate is environmentally friendly and has the potential to effectively replace other hazardous chemical solvents,” says an FMI analyst.

Key Takeaways:

  • By product form, demand for aqueous propylene carbonate is expected to surge at a 6.4% CAGR over the forecast period.
  • The lithium-ion batteries & electronics segment is anticipated to grow at 7.5% CAGR during the forecasted period.
  • The personal care & cosmetics segment of the propylene carbonate market is anticipated to grow at a 6.7% CAGR through 2032.
  • The propylene carbonate market in the US is anticipated to reach a 5.6% CAGR by the end of 2032.
  • China will emerge as the most lucrative propylene carbonate market, with sales growing at a 7.2% CAGR over the forecast period

Competitive Landscape

Key market participants in the global Propylene Carbonate market elaborated in the report include BASF SE, Huntsman International LLC., LyondellBasell Industries Holdings B.V., Shandong Shida Shenghua Chemical Group Co., Ltd., Linyi Evergreen Chemical Co., Ltd, SMC – Global and others are the leading players in the market

Key players operating in the global propylene carbonate market are focusing on increasing the utilization of propylene carbonate in paints & coating, personal care & cosmetics industries. However, some key players are focused on providing ultrapure propylene carbonate for Li-ion batteries.

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Propylene Carbonate Market by Category

By Type:

  • Aqueous Form
  • Pellet Form

By Application:

  • Paints & Coatings
  • Cleaning & Degreasing
  • Personal Care & Cosmetics
  • Textile Dyeing
  • Lithium Ion Batteries & Electronics
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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