New York, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The global propylene carbonate market size is predicted to expand at ~6% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 470 million by the end of 2035, up from a revenue of ~USD 250 million in the year 2022.Propylene Carbonate (PC) with the formula C4H6O3 is considered one of the greenest solvents as it is synthesized under green conditions by the use of carbon dioxide in the air and is a biodegradable, low-toxicity, EPA VOC exemption, non-corrosive colorless liquid with a high boiling point, and low vapor pressure.
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Hence, PC is an effective substitute for most hazardous solvents that include MEK, methylene chloride, toluene, acetone, NMP, and perchloroethylene owing to its low vapor pressure and negligible photochemical reactivity. Propylene carbonate is also used to remove carbon dioxide and hydrogen sulfide in the form of a physical solvent.
Growing Demand for Lithium Ion Battery to Boost Market Growth
The skyrocketing demand for lithium-ion owing to its widespread use in consumer electronics, handheld power tools, small and large appliances, electric vehicles, toys, wireless headphones, and electrical energy storage systems is one of the major growth drivers expected to enlarge the global PC market size in the given time period, as propylene carbonate-based electrolytes play an essential role in determining the safety and electrochemical performance of Li-ion batteries. It was found that global shipments of Li-ion batteries equated to 476.3 GWh in 2021, amounting to a nearly 72.3% hike from 2020. Moreover, the increasing penetration of smart technologies such as smartphones and wearables has triggered the higher utilization of lithium-ion batteries. Furthermore, the radically growing production of plastics globally as well as the increasing demand for resins, synthetic fibers, rubber lubricants, dyes, and detergents by many end-use industries is anticipated to further boost market growth.
Propylene Carbonate Market: Regional Overview
The market is outlined into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Prospering Gas Companies to Drive Growth in the North American Region
The propylene carbonate market in the North American region is estimated to garner the largest revenue by the end of 2033. The market is anticipated to foresee substantial growth in the region in the given time period owing to the rapidly rising demand for natural gas as well as the growing production of gas companies besides its elevating demand for PC for the treatment of natural gas, synthetic ammonia conversion gas, and oil pyrolysis gas. According to the U.S. Energy Information Administration (EIA), in 2019, the total production of natural gas reached 142,687,000 million cubic feet, whereas its consumption reached 141,353,000 million cubic feet in the United States.
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Rapidly Growing Industrialization and a Flourishing Agricultural Economy to Drive Growth in the Asia Pacific Region
The propylene carbonate market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2033. The rapidly rising industrialization along with the escalating demand for propylene carbonate in various industrial processes, including those involving the extraction of aromatics and olefins as well as industrial chemicals, is estimated to expand the market size in the region in the given time period. Moreover, the increasing demand for dyes and pigments as well as the rising use of propylene carbonate plasticizers in the region are also expected to contribute to regional market growth. The volume of pigment and dye production in India alone reached about 360 thousand metric tons in 2021. Furthermore, the burgeoning agricultural sector and the rising demand for drugs, pesticides, and fungicides in the region are further elevating market growth in the region.
Propylene Carbonate, Segmentation by Application
- Cleaning & Degreasing
- Paint & Coating
- Personal Care
- Textile Dyeing
- Others
The paint & coating segment in propylene carbonate market is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the fast-track development of the paint & coating industry as well as technological advancements in coating materials and processes owing to the growing demand from various end-use industries, including construction and manufacturing, automotive, aerospace, and others. For instance, it was observed that the total revenue earned by the paint & coating industry globally touched around USD 150 billion in 2020. Moreover, the increasing investment to develop innovative paint & coating products that are odor-free, eco-friendly, and dust and water-resistant will further enhance the segment growth.
Propylene Carbonate, Segmentation by Form Type
- Aqueous
- Emulsion
- Film
- Pellet
The aqueous segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment include higher utilization of an aqueous form of propylene carbonate in many end-use industries, including the rapidly prospering cosmetics and personal care industries, where it is particularly well suited for applications requiring a water-white product or high purity. Moreover, as there are no signs of propylene carbonate reactions on the skin, its use in cosmetic preparations has increased. Propylene carbonate uses in cosmetics and personal care products are increasing, especially in the formulation of make-up, primarily lipstick, eye shadow, and mascara, aside from skin cleansing products. Therefore, with the rising revenue of the beauty industry, which generated more than USD 100 billion worldwide in 2021, the growth of this segment is expected to heighten.
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A few of the well-known industry leaders in the propylene carbonate market that are profiled by Research Nester are Haihang Group, Carl Roth GmbH & Company KG, BASF SE, Tokyo Chemical Industry Co., Ltd., Tedia Company, LLC, LyondellBasell Industries N.V., Empower Materials, Inc., SMC Corporation, Huntsman Corporation, Linyi Evergreen Chemical Co., Ltd., and other key market players.
Recent Development in the Propylene Carbonate Market
- BASF SE the largest chemical producer in the world will provide product carbon footprints (PCFs) to its plastic additives customers for various antioxidants and light stabilizers which are also a premium service of the VALERAS portfolio
- Tedia Company, LLC, a manufacturer of OEM high-purity solvents announced its collaboration with Newbold Enterprises Fairfield to enhance the capacity and capabilities with capital and industry expertise of the laterer.
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