Propylene Carbonate Market to be Worth US$ 583.0 Million by 2030
Reports and Insights has published a new report titled, “Propylene Carbonate Market: Opportunity Analysis and Future Assessment 2022-2030”
Global Propylene Carbonate Market, Global Propylene Carbonate Market, By Type (Aqueous Form, Pellet Form), By Application (Paints & Coatings, Cleaning & Degreasing, Personal Care & Cosmetics, Textile Dyeing, Lithium-Ion Batteries & Electronics, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The propylene carbonate market is estimated to reach at a value of US$ 389.8 Mn by the end of 2022 and expected to reach at a value of US$ 583.0 Mn by 2030 with a significant CAGR of 5.1%.
Propylene carbonate can be perceived as an organic compound derived from propylene. It is comprehensively employed as a polar, aprotic solvent in adhesives, surface cleaners, paints & coatings as well as cosmetic & personal care products.
In addition to that, propylene carbonate also serves its application in removing volatile organic compounds (VOC) from paints & coatings and carbon dioxide from natural gas. One of the major factors that is primarily driving the demand of propylene carbonate is the soaring usage of lithium-ion batteries in various kinds of electric vehicles such as electric bikes, trucks, buses, and passenger vehicles, attributing to its excellent attributes of lithium-ion batteries including its lightweight nature and energy density which is significantly better in comparison to nickel-cadmium and nickel-metal hydride batteries.
In the same manner, the rapidly flourishing automotive industry all across the world along with strengthened production of electric vehicles with a view to eradicate the carbon emissions is further boosting the demand of lithium-ion batteries and thus, propylene carbonate.
In addition to that, the growing application of propylene carbonate in paint and coatings as a biodegradable and non-toxic solvent administered by increasing consumption in the building and construction industry as one of the chief application areas is further estimated to offer major breakthroughs to the growth of the global propylene carbonate market. Notably, the propylene carbonate easily fuses with other materials and is a biodegradable chemical which is certainly helping it gain traction in natural-based beauty products. Thus, the increased popularity and demand for organic beauty products is projected to provide lucrative opportunities for the manufacturers of propylene carbonate and offer significant growth over the forecast period. However, the volatile raw materials prices are likely to hinder the market growth.
Reports and Insights Study identifies some of the key participating players in the propylene carbonate market globally are BASF SE, Huntsman International LLC., LyondellBasell Industries Holdings B.V., Shandong Shida Shenghua Chemical Group Co., Ltd., Linyi Evergreen Chemical Co., Ltd, SMC – Global, among others.
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