Propylene Carbonate Market to Be Valued at USD 468.2 Million by 2031 | Persistence Market Research Report

The global propylene carbonate market is experiencing a steady surge, driven by rising demand across various industries. In 2024, the market size is estimated at US$275.5 Mn and is projected to reach US$468.2 Mn by 2031, growing at a CAGR of 5.8% during the forecast period. This growth is largely fueled by its applications in lithium-ion batteries, especially as the electric vehicle (EV) industry expands globally.

North America leads the global market with a 28% share in 2024, thanks to stringent environmental regulations and increasing adoption of sustainable chemical solutions. Among segments, the aqueous form dominates by accounting for 84% of the total market, while paints and coatings emerge as the leading application area, commanding a 30% market share.

Get a Sample PDF Brochure of the Report (Use Corporate Email ID for a Quick Response): https://www.persistencemarketresearch.com/samples/34778

Key Highlights from the Report

➔ The increasing demand for lithium-ion batteries shapes the market dynamics over the forecast period.

➔ Based on form, aqueous propylene carbonate dominates by accounting for 84% share in 2024.

➔ Expansion of the electronics industry is a key parameter for market growth.

➔ The growing use of propylene carbonate in personal care and cosmetics boosts the market's growth.

➔ Based on application, paints & coatings segment holds 30% of the total market share.

➔ North America accumulates around 28% of the global market.

Market Segmentation

The propylene carbonate market is segmented based on form into aqueous and pellets. The aqueous form holds a commanding 84% share in 2024 due to its safer handling, water solubility, and suitability across multiple industrial applications. Its high degree of miscibility with polar substances enhances its usability in pharmaceuticals, cosmetics, and paints.

In terms of applications, the market includes paints & coatings, pharmaceuticals, and textile. Among these, paints & coatings is the leading segment, accounting for 30% of the total share. The compound enhances flexibility and adhesion in coatings, especially under harsh conditions in sectors such as automotive and aerospace.

Regional Insights

North America dominates the global propylene carbonate market, driven by favorable regulatory frameworks, high EV adoption rates, and a strong presence of key industrial sectors. The United States alone is anticipated to expand at a CAGR of 5.7% from 2024 to 2031.

Asia Pacific, particularly China and India, is emerging as a high-growth region due to rapid industrialization, expanding electronics manufacturing, and increased demand for personal care products. The region is set to play a vital role in future market expansion.

Market Drivers

Rising Demand for Lithium-Ion Batteries
A major growth driver is the increasing use of lithium-ion batteries in EVs and renewable energy storage systems. Propylene carbonate is a preferred solvent for electrolytes, offering high dielectric constant and solvation abilities essential for battery performance. As global sustainability efforts accelerate, the demand for efficient battery materials is expected to rise.

Growth in the Electronics Industry
The surge in electronics manufacturing, particularly in Asia Pacific, is another significant market catalyst. Propylene carbonate is used in capacitors and transistors, with demand growing alongside innovations like 5G and IoT. Its use in electronic-grade solvents ensures high purity, making it indispensable in this sector.

Increasing Application in Cosmetics and Pharmaceuticals
Propylene carbonate's non-toxic nature and excellent solvency make it a valuable ingredient in cosmetics and pharmaceutical formulations. As consumer preference shifts toward safer and more natural products, its application as a viscosity regulator and solvent continues to rise.

Market Restraints

Raw Material Price Fluctuations
One of the key challenges is the volatile pricing of propylene oxide, the primary raw material. Price swings linked to crude oil fluctuations and supply chain disruptions can affect profit margins, making cost predictability a concern for manufacturers.

Environmental and Regulatory Barriers
Although propylene carbonate is considered safer than many alternatives, its production still involves petrochemical processes. Environmental regulations are tightening globally, compelling manufacturers to invest in greener production technologies, which may increase operational costs.

Market Opportunities

Advancements in Energy Storage
There is growing potential in next-generation energy storage solutions, including solid-state batteries. Propylene carbonate's excellent chemical stability and solvation properties make it suitable for innovative battery applications, providing new growth avenues for manufacturers.

Expansion in Cosmetics and Pharmaceuticals
The compound's compatibility with active ingredients and its role in improving bioavailability make it a critical excipient in drug delivery systems. Similarly, the shift toward clean beauty is increasing its demand in natural and sustainable cosmetic formulations.

Frequently Asked Questions (FAQs)

➔ How big is the propylene carbonate market in 2024?
➔ Who are the key players in the global market for propylene carbonate?
➔ What is the projected growth rate of the propylene carbonate market?
➔ What is the market forecast for propylene carbonate for 2031?
➔ Which region is estimated to dominate the industry through the forecast period?

Company Insights

Key players operating in the global propylene carbonate market include:

✶ BASF SE
✶ Huntsman International LLC
✶ LyondellBasell Industries
✶ Empower Materials
✶ Shandong Depu Chemical
✶ Dhalop Chemicals
✶ Tokyo Chemical Industry Co., Ltd. (TCI)
✶ Linyi Evergreen Chemical Co., Ltd.
✶ Central Drug House
✶ Carl Roth

Conclusion

The propylene carbonate market is on a solid growth path, supported by its indispensable role in lithium-ion batteries, paints, coatings, and personal care industries. As industries push for safer, eco-friendly, and high-performance chemical solutions, propylene carbonate emerges as a key ingredient driving industrial innovation and environmental responsibility. The expanding role in next-gen energy storage and sustainable personal care further positions the market for robust long-term growth.

Contact Us:

Persistence Market Research
G04 Golden Mile House, Clayponds Lane
Brentford, London, TW8 0GU UK
USA Phone: +1 646-878-6329
UK Phone: +44 203-837-5656
Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com

About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.

This release was published on openPR.