Propylene Carbonate Market Set to Reach US$468.2 Mn by 2031, Growing at 5.8% CAGR | Persistence Market Research

The propylene carbonate market is on a steady upward trajectory, anticipated to grow from US$275.5 Mn in 2024 to US$468.2 Mn by 2031, reflecting a CAGR of 5.8% during the forecast period. This robust growth underscores its increasing demand across industries including electronics, automotive, and chemicals. The compound's versatile properties such as high polarity, biodegradability, and low toxicity have positioned it as a valuable solvent and electrolyte component.

Among the key growth drivers fueling the market are the rising demand for lithium-ion batteries and eco-friendly solvents, alongside the expansion of the automotive and electronics sectors. Electronics stands out as the leading segment, driven by the widespread use of lithium-ion batteries in consumer devices and electric vehicles. Geographically, Asia Pacific dominates the market due to strong industrial growth, particularly in China and South Korea, where battery production and electronics manufacturing are thriving.

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✅Key Highlights from the Report:

➤The propylene carbonate market is expected to grow at a CAGR of 5.8% between 2024 and 2031.
➤The market value will rise from US$275.5 Mn in 2024 to US$468.2 Mn by 2031.
➤Electronics is the leading segment owing to high demand for lithium-ion batteries.
➤Asia Pacific leads the global market due to robust battery and electronics manufacturing.
➤Growing environmental regulations are pushing demand for biodegradable solvents.
➤Automotive and chemicals industries are emerging as major end-user sectors.

📊 Market Segmentation:

The propylene carbonate market can be segmented based on product type into industrial grade and pharmaceutical grade. Industrial grade propylene carbonate accounts for the larger share, attributed to its widespread use as a solvent in cleaning agents, paints, and coatings. Pharmaceutical grade, though smaller in volume, is gaining traction due to increased applications in drug formulation and cosmetic products.

In terms of end-use industry, the market is categorized into electronics, automotive, chemicals, and pharmaceuticals. Among these, the electronics segment commands a major share due to the rising need for electrolytes in lithium-ion batteries. The automotive sector is also witnessing steady growth with the rising adoption of electric vehicles and hybrid cars, both requiring high-performance battery systems that utilize propylene carbonate.

📊 Regional Insights:

Asia Pacific remains the dominant region in the propylene carbonate market, thanks to its large-scale industrial production and high battery consumption rates. Countries like China, Japan, and South Korea are investing heavily in electronics and EV battery infrastructure, driving substantial market demand.

North America and Europe are also witnessing moderate growth, propelled by increasing environmental regulations and a shift toward green chemicals. Both regions are focused on reducing VOC emissions and promoting sustainable solvents, thereby favoring the adoption of propylene carbonate.

✅Market Drivers

One of the primary drivers for the propylene carbonate market is the surging demand for lithium-ion batteries, which use the compound as an electrolyte solvent. As electric vehicles and portable electronics become mainstream, battery requirements are skyrocketing. Furthermore, eco-friendly chemical solutions are becoming a priority across industries, with propylene carbonate gaining preference due to its low toxicity and biodegradable nature.

✅Market Restraints

Despite its promising potential, the market faces restraints such as fluctuating raw material prices and limited awareness in emerging economies. Propylene oxide, a key raw material, is subject to supply chain volatility, affecting production costs. Additionally, regulatory challenges concerning solvent disposal and industrial usage may limit its widespread adoption in less developed regions.

✅Market Opportunities

The market is poised for new opportunities with the increasing focus on green energy and sustainable solvents. As industries phase out hazardous chemicals, biodegradable alternatives like propylene carbonate are set to witness higher demand. Moreover, advancements in battery technology and the global shift to electric mobility open up new growth avenues, particularly in developing regions with expanding automotive sectors.

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👉Frequently Asked Questions (FAQs):

➤How Big is the Propylene Carbonate Market in 2024 and what is the forecast for 2031?
➤Who are the Key Players in the Global Propylene Carbonate Market?
➤What is the Projected Growth Rate of the Propylene Carbonate Market from 2024 to 2031?
➤What is the Market Forecast for Propylene Carbonate through 2032?
➤Which Region is Estimated to Dominate the Propylene Carbonate Industry through the Forecast Period?

📌Key Players

The propylene carbonate market is characterized by a mix of global chemical manufacturers and regional suppliers actively engaged in capacity expansions and strategic collaborations.

✦ BASF SE
✦ Huntsman Corporation
✦ LyondellBasell Industries N.V.
✦ TCI Chemicals (India) Pvt. Ltd.
✦ Shandong Shida Shenghua Chemical Group Co., Ltd.
✦ Empower Materials, Inc.
✦ Alfa Aesar
✦ Tokyo Chemical Industry Co., Ltd.

■ In 2024, BASF announced a strategic partnership to enhance its green solvent portfolio, including propylene carbonate.
■ Huntsman Corporation expanded its propylene carbonate production facility to meet growing demand in Asia Pacific.

By integrating key growth trends, segmentation insights, and market dynamics, this report delivers a comprehensive understanding of the propylene carbonate market. Businesses and investors can leverage this analysis to stay ahead in a market set for consistent expansion driven by the green chemistry movement and the global transition to energy-efficient technologies.

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