iCrowdNewswire Dec 30, 2020 6:10 PM ET
Propylene Carbonate Market Highlights
The Global Propylene Carbonate Market is estimated to be valued at USD 752.3 Million by 2024, registering a CAGR of 5.57%.
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 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.
Propylene Carbonate Market Segment Analysis
The global propylene carbonate industry demand 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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Propylene Carbonate Market 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.
The global propylene carbonate market report, 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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