Propylene Carbonate Market Overview
The Propylene Carbonate Market Size was valued at USD 0.42 Billion in 2022. The Propylene Carbonate industry is projected to grow from USD 0.45 Billion in 2023 to USD 0.62 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.05% during the forecast period (2023 - 2030)
The increasing demand for propylene carbonate in the manufacturing of lithium-ion batteries as well as in the paint & coatings industries is expected to fuel the demand of the global propylene carbonate market during the review period. The surging demand for electric vehicles to enhance environmental sustainability is expected to propel the demand for lithium-ion batteries in electric cars, trucks, buses, and two-wheelers and thus, boost the demand for polypropylene carbonate. In addition, the rise in oil & gas exploration activities is positively influencing the application of propylene carbonate usage in the oil and gas separation process.
Furthermore, the development of propylene carbonate in cosmetics organic-based beauty and personal care products and the emergence of Asia-based EV battery manufacturers in Europe are factors projected to create lucrative opportunities for the producers of propylene carbonate during the forecast period. However, fluctuations in the prices of raw materials may hamper market growth.
Segment Analysis
The global propylene carbonate market has been segmented on the basis of grade, application, end-use industry, and region. On the basis of grade, the global market has been divided into lithium battery and industrial. The industrial segment accounted for the largest market share, valued at USD 362.4 million in 2018 and is expected to register 5.65% during the review period. Industrial grade carbonate is being used in various industries including paints & coatings, cosmetics & personal care, oil & gas, textile, foundry, and plastics. Among these, propylene carbonate is being widely used in the oil & gas, textile, and plastics industries. The lithium battery segment is expected to register 5.39% CAGR by the end of 2024. The growth is attributed to the increasing use of lithium battery grade carbonates in lithium batteries as lithium salts are soluble in carbonates, and they provide adequate conductivities for batteries.
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Based on application, the global market has been divided into solvents, electrolytes, chemical intermediates, and others. The electrolyte segment accounted for the largest share of the global propylene carbonate market in 2018 and is expected to record a CAGR of around 5.61% to reach to around USD 308 Million by the end of 2024. The use of lithium batteries is increasing in the automotive & transportation and electrical & electronics industries due to their superior properties such as higher energy density and lightweight. Additionally, around 80% of a rechargeable lithium battery is a filling which includes propylene carbonate.
Based on end-use industry, the global market has been divided into Li-ion batteries, paints & coatings, cosmetics & personal care, foundry, electronics, and others. The Li-ion batteries segment accounted for the larger market share in 2018 and is expected to register 5.67% CAGR to reach USD 255.2 Million by the end of 2024. The segment’s growth is attributed to the expanding automotive industry on account of increasing manufacturing of electric vehicles to reduce the carbon emissions. The use of lithium-ion batteries is increasing in different types of electric vehicles including electric buses, trucks, bikes, and passenger vehicles due to their superior properties such as higher energy density and lightweight as compared to nickel-cadmium and nickel-metal hydride batteries. The paints & coatings industry is expected to register the highest CAGR of 6.01% during the review
period on account of rising demand for organic solvents to reduce volatile organic compounds (VOC) emissions.
Regional Analysis
The global propylene carbonate market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
As per MRFR analysis, Asia-Pacific held the largest market share of 49.4% in 2018 and is expected to register 6.14% CAGR to reach USD 383.8 Million by the end of 2024. China accounted for the largest market share of 44.6% in 2018 and is projected to register a CAGR of 6.40% during the forecast period. North America accounted for the second-largest market share of 21.2% in 2018 and is expected to register 4.91% CAGR during the review period. The market in the Middle East & Africa 41.3 Million in 2018 and is expected to reach USD 57.2 Million by the end of 2024.
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Key Players
Market Research Future (MRFR) recognizes LyondellBasell Industries B.V. (US), Shandong Depu Chemical (China), BASF SE (Germany), Empower Materials (US), Shida Shenghua Chemical (China), Daze Group (China), Huntsman Corporation (US), Taixing Fengming Chemical Industry (China), MegaChem Ltd (Singapore), and Hi-Tech Spring Chemical (China) as the key players in the global propylene carbonate market.
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