The global propylene carbonate market revenue was around US$ 0.42 billion in 2022 and is estimated to reach US$ 0.65 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.05% during the forecast period from 2023 to 2031.
Propylene carbonate (PC) is a colorless, liquid organic compound created by the reaction of propylene oxide and carbon dioxide. It is a polar solvent with a molecular weight of 102.089 g/mol. Its International Union of Pure and Applied Chemistry (IUPAC) name is 4-methyl-1,3-dioxolan-2-one, and its boiling point varies between 235°C and 245 0°C. It maintains properties, such as low decomposition temperature, non-corrosiveness, and superior adhesion.
Market Driving Factor
The surge in demand for propylene carbonate as an electrolyte in lithium-ion batteries boosts the market. This is due to the rising use of lithium-ion batteries in various types of electric vehicles, such as trucks, electric buses, bikes, and passenger vehicles owing to the excellent properties of lithium-ion batteries, such as higher energy density and lightweight compared to nickel-metal hydride and nickel-cadmium batteries.
Increasing production and consumption of natural gas propels the market growth. Propylene carbonate is generally utilized as a solvent that extracts CO2 (Carbon dioxide) and H2S (Hydrogen sulfide) in natural gas and oil pyrolysis gas treatment along with applications of artificial ammonia conversion gas.
High prices, flammable characteristics, low mechanical properties, and implementation of strict regulations for manufacture & usage of flammable liquids may hamper the market expansion.
Regional Analysis
Asia Pacific dominated the market growth. This is due to the increasing demand for lithium-ion batteries and other energy storage solutions, connected with the automotive and electronics industries growth. It has led to a significant surge in the demand for propylene carbonate in the region. Additionally, the surge in focus on environmental sustainability and the adoption of new restrictions aimed at lowering greenhouse gas emissions have also contributed to the market growth in the region.
North America is estimated to dominate the market. This is due to the increase in natural gas storage. In addition, the presence of the main key players and the increasing several industries boost the market growth.
Segmentation Insights
Form Insight
The film segment dominates the market. This is due to the propylene carbonate is commonly used as a solvent for film-forming resins in several applications, including adhesives, coatings, and plastics. Propylene carbonate enhances the stability, solubility, and adhesion properties of film-forming resins. It makes an important component in the production of films for several commercial and industrial applications.
The aqueous segment is estimated to dominate the market. Higher utilization of aqueous forms of propylene carbonate across various industries such as personal care and cosmetics is predicted to drive the segment growth. Water which serves as the solvent in aqueous solutions is well known for being an excellent conductor of electricity. Aqueous solutions come in a variety of typical forms, such as salt water, cola, acid and base solutions, and rain.
Application Insight
The lithium-ion batteries segment is the largest segment of the market. This is due to the rise in investment in electric vehicles and consumers' preference for electronic products.
Prominent Companies
Segmentation Outline
The global propylene carbonate market segmentation focuses on Form, Application, and Region.
By Form
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL PROPYLENE CARBONATE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: PROPYLENE CARBONATE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL PROPYLENE CARBONATE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL PROPYLENE CARBONATE MARKET, BY FORM
5.1 OVERVIEW
5.2 PELLET
5.3 AQUEOUS
5.4 FILM
5.5 OTHERS
6 GLOBAL PROPYLENE CARBONATE MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 SOLVENT
6.3 BINDERS AND ADHESIVES
6.4 COATINGS
6.5 LITHIUM-ION BATTERIES
6.6 TEXTILE DYEING
6.7 OTHERS
7 GLOBAL PROPYLENE CARBONATE MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL PROPYLENE CARBONATE MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 LYONDELLBASELL INDUSTRIES
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 SHANDONG DEPU CHEMICAL
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 BASF
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 EMPOWER MATERIALS
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 SHIDA SHENGHUA CHEMICAL
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 DAZE GROUP
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 HUNTSMAN CORPORATION
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 AVX CORPORATION
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 MEGACHEM LTD
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 HI-TECH SPRING CHEMICAL
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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