Propylene Carbonate Market: Introduction
Transparency Market Research delivers key insights on the global propylene carbonate market. In terms of revenue, the global propylene carbonate market is estimated to expand at a CAGR of 5.2% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global propylene carbonate market.
The global propylene carbonate market is broadly affected by several factors, including rise in usage of propylene carbonates in various applications such as solvents, Li batteries, binders, and adhesives coatings, textiles, and cleaners degreasers. Rise in global demand for cosmetics and paints coatings has led to significant growth in the usage of propylene carbonate as solvents.
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Growth in production and demand for solvents is expected to be the primary driver of the propylene carbonate market. Increase in application of propylene carbonate in paints and coatings as an organic solvent, led by the rise in consumption of propylene carbonate in the building construction industry, is also projected to augment the global propylene carbonate market in the near future.
Propylene Carbonate Market: Dynamics
Propylene carbonate is primarily used in the production of solvents. Global demand for cosmetics, and cleaners and degreasers have been increasing at a significant pace. This is boosting the production of propylene carbonate in several countries. Thus, increase in production of solvents containing propylene carbonate is propelling the global propylene carbonate market.
Propylene carbonate offers excellent polarity to create a solvation shell for lithium ions. It is widely used as a high permittivity component in lithium batteries as an electrolyte. This solvation shell around lithium-ion creates a conductive electrolyte. Increase in trend of electric vehicles and rise in demand for batteries are major factors projected to boost the propylene carbonate market over the next few years.
As an electrolyte in Li-ion batteries, propylene carbonate is considered one of the safest options in terms of fire hazards and stable thermogravimetric test. Thus, increase in demand for propylene carbonate in li-ion batteries is boosting the propylene carbonate market.
Propylene carbonate is widely used as a solvent in various applications such as foundry, polyester polyol, wire coatings, polyurethane, pesticide solvents, surface coatings, textile production, and cleaners. Manufacturers are focusing on automobile and cosmetic industries, as the share held by these applications in the propylene carbonate market is likely to increase during the forecast period.
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Propylene Carbonate Market: Prominent Regions
Asia Pacific dominates the global propylene carbonate market. The market in the region is anticipated to expand at a CAGR of more than 5% during the forecast period. Increase in demand for solvents, Li-batteries, and textile dyeing is driving the propylene carbonate market in Asia Pacific. China is a key country of the propylene carbonate market in Asia Pacific. It held major share of the propylene carbonate market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a key region for propylene carbonate. Rest of Europe led the propylene carbonate market in Europe in 2020. Presence of a large number of cleaners degreasers and Li-battery manufacturers is driving the demand for propylene carbonate in Rest of Europe.
Propylene Carbonate Market: Key Players
The global propylene carbonate market is consolidated with the presence of key players. Prominent players operating in the global propylene carbonate market include Haihang Industry, BASF SE, LyondellBasell, SMC, Huntsman International LLC, Empower Materials, Tedia, Carl Roth GmbH, and TCI Chemicals (India) Pvt. Ltd.
Global Propylene Carbonate Market: Segmentation
Propylene Carbonate Market, by Form
- Pellet
- Aqueous Dispersion/Emulsion
- Film
- Others (Solution)
Propylene Carbonate Market, by Application
- Solvents
- Binders and Adhesives Coatings
- Li Batteries
- Cleaners Degreasers
- Textile Dyeing
- Biodegradable Plastics
- Ceramics
- Others (Cosmetics )
Coating Applications including Phenol Resins Generating Revenue Streams
The propylene carbonate market is estimated to register a modest CAGR of 5.2% during the forecast period. An increasing number of coating applications are creating revenue opportunities for manufacturers. BASF SE - a German multinational chemicals company, is boosting production of propylene carbonate to unlock revenue opportunities through coating applications such as wire enamels based on polyesters, polyurethanes, and phenol resins, among others.
Broad applications such as crop protection formulations, textile production cleaners, and pharmaceutical processing solvents are contributing to the expansion of the propylene carbonate market.
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Propylene Carbonate Market: Overview
- Propylene carbonate is extensively used in the manufacture of paints, adhesives, and cosmetic products. Propylene carbonate is primarily used in the plastic industry as a plasticizer. It is also employed as a solvent for the removal of carbon dioxide from natural gas.
- Propylene carbonate is widely used in the formulation of several cosmetic products such as eye shadow, mascara, lipsticks, and other skin cleansing products. Rise in trend of usage of make-up products and cosmetics among the young population is projected to fuel the demand for propylene carbonate over the next few years.
- Rise in usage of lithium-ion batteries in various electric vehicles such as electric buses, trucks, bikes, and passenger vehicles due to the superior properties of lithium-ion batteries such as higher lightweight and energy density compared to nickel-cadmium and nickel-metal hydride batteries is anticipated to drive the demand for propylene carbonate during the forecast period
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