Propylene Carbonate Industry

The global propylene carbonate market size was estimated at USD 393.1 million in 2023 and is forecasted to grow at a CAGR of 5.6% from 2024 to 2030. This growth is attributed to the growing demand for lithium-ion batteries products. Propylene carbonate is used as an electrolyte solvent in lithium-ion batteries due to its high boiling point, stability, and low toxicity. Furthermore, the expanding electric vehicle (EV) market and increasing demand for portable electronic devices are expected to drive the product growth in battery applications.

The market is witnessing increased adoption of this product in industries like paints, coatings, and pharmaceuticals where environmental concerns are critical. Propylene carbonate is considered less hazardous compared to other solvents, making it attractive in industries facing stringent environmental regulations. In addition to this, the product is used as a solvent and carrier in cosmetics and personal care products due to its ability to enhance product stability and solubility. Therefore, rising disposable incomes and increasing consumer demand for premium personal care products are expected to fuel product growth over the coming years.

Gather more insights about the market drivers, restrains and growth of the Global Propylene Carbonate market

Furthermore, the development of eco-friendly production methods and sustainable sourcing of raw materials for propylene carbonate production is increasing its adoption by environmentally conscious consumers and industries seeking sustainable alternatives. Fluctuations in the prices of raw materials used in propylene carbonate production can impact production costs and profit margins, thereby creating challenges in maintaining stable pricing and profitability of manufacturers.

In addition to this, this product faces competition from alternative solvents and materials that may offer comparable or superior performance characteristics. Moreover, price competitiveness and technological advancements in substitutes could limit propylene carbonate market expansion in certain applications. Growing investments in renewable energy infrastructure create new opportunities for this product in energy storage applications. Propylene carbonate is used in renewable energy technologies such as wind and solar power systems for energy storage and efficiency enhancements. Furthermore, the development of more efficient and cost-effective production methods for the product can help in enhancing production capabilities leading to lower costs, improving product quality, and encouraging market growth.

Propylene Carbonate Market Report Segmentation

• Application Outlook (Revenue, USD Million, 2018 - 2030)
  • Solvent
  • Electrolyte
  • Catalyst
  • Additives
  • Cleaners
  • Other Applications
• End Use Outlook (Revenue, USD Million, 2018 - 2030)
  • Paints & Coatings
  • Pharmaceuticals
  • Cosmetics & Personal Care
  • Textile
  • Energy & Power
  • Mining
  • Other End Uses
• Regional Outlook (Revenue, USD Million, 2018 - 2030)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa

Key Propylene Carbonate Company Insights

Some key players operating in the market are BASF SE and Huntsman International LLC:

• BASF SE, a Germany-based chemicals manufacturing company, holds a significant position globally in the chemicals manufacturing industry. It operates through its 6 business segments namely: chemicals, surface technologies, materials, nutrition & care, industrial solutions, and agricultural solutions. BASF SE manufactures a variety of products, including those derived from mineral and natural oils, specialty emulsions, organosilicon-based solutions, as well as silicone-free and star-polymer defoamers.
• Huntsman International LLC is a multinational chemical manufacturing company that produces a variety of chemical products such as polyurethanes, performance products, and advanced materials. The company operates in more than 100 countries with production facilities in 69 countries.

Central Drug House and Tokyo Chemical Industry Co., Ltd. (TCI) are some emerging participants in the market. 

• Tokyo Chemical Industry Co., Ltd. (TCI) is involved in the manufacturing of specialty chemicals, offering pharmaceutical, functional, and cosmetic materials along with organic laboratory chemicals. Furthermore, this company operates its facilities across Europe, Asia Pacific, and North America. A few of the company’s product portfolio is categorized into organic laboratory reagents, chemistry, materials science, life science, glycoscience, analytical chemistry, chemicals by class, and chromatography columns.
• Central Drug House is involved in manufacturing and supplying dehydrated culture media and laboratory fine chemicals. Its product portfolio is segmented into chemicals, microbiology, plant and cell culture tested chemicals. Furthermore, its products are made available globally by an extensive network of dealers and stockiest.

Key Propylene Carbonate Companies:

The following are the leading companies in the propylene carbonate market. These companies collectively hold the largest market share and dictate industry trends.

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

Recent Developments

• In September 2022, Balaji Amines, a chemical manufacturing company received permission to start commercial production of propylene carbonate, propylene glycol, and di-methyl carbonate in its new plant located at Solapur, India. This manufacturing plant operates at the capacity of 15,000 MTA for every product.

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