Propylene Carbonate Market: Introduction
Propylene Carbonate is a transparent organic chemical compound made by reacting propylene with carbon dioxide. Propylene Carbonate is a propylene glycol derived from carbonate ester, known as a VOC-exempt solvent aprotic and polar solvent. Along with high boiling and flash points and a mild ether-like odor, propylene carbonate is also non-corrosive. Being listed in the EPA Safer Chemicals Ingredients List in the Solvents category, propylene carbonate is used in a number of end uses including paints & coatings, adhesives & sealants, pharmaceuticals, Li-ion batteries, personal care and cleaners amongst others. Though not all companies offer the pharmaceutical grade propylene carbonate, majority of the market offers the battery and industrial grades of propylene carbonate for use in the above mentioned application areas.
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Propylene Carbonate Market: Dynamics
The key driving factor for the global Propylene Carbonate market is the paints & coatings market and its use as an electrolyte in Lithium-ion batteries. The other key applications of propylene carbonate are its use as a cleaning solvent and additive. An increasing emergence of and popularity of hybrid and electric vehicles is being observed globally owing to environmental change concerns, forcing governments to promote renewable energy resource adoption. Strict policies are being recommended by governments on exhaust standards in automotives with a goal to reduce polluting factors and protect the environment.
A number of automotive manufacturers have also set a target time frame between 2025 and 2030 to produce atleast 50% or 100% electric vehicles. This will push the demand for lithium-ion batteries in the long-term forecast, promoting the use of propylene carbonate. Other than Li-ion batteries, the global demand for paints & coatings will also be a key growth factor in the propylene carbonates market. Government regulations pertaining to the levels of VOC content in paints & coatings shall offer growth avenues for low-VOC solvents like propylene carbonate. Being VOC exempt, this can be a potential hot-spot for propylene carbonate in this sector. Propylene carbonate is also used in the synthesis of polyether polyols, which are further used in the manufacture of polyurethanes and polyurethane foams.
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Propylene Carbonate Market: Segmentation
The global Propylene Carbonate market is segmented on the basis of grade, end-use industry and region.
Based on the application, the global Propylene Carbonate market is segmented as:
- Additive & Chemical intermediate
Based on the end use, the global Propylene Carbonate market is segmented as:
- Li-ion batteries
- Paints & Coatings
- Cosmetics & Personal Care
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Based on region, the global Propylene Carbonate market is segmented as:
- North America
- Latin America
- CIS & Russia
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)
The application of Propylene Carbonate in Lithium-ion batteries (as an electrolyte) and paints & coatings & cleaning applications is estimated to account for over 50% of the market over the forecast period owing to its versatility and wide scale applications.
Propylene Carbonate Market: Regional Outlook
Based on geographies, the global Propylene Carbonate market is segmented into seven regions including North America, Latin America, Europe, CIS & Russia, Japan, APEJ (the Asia Pacific excluding Japan) and MEA. Among the above-mentioned regions, North America and Europe is estimated to account for more than 35% of global propylene carbonate consumption with major producers having their propylene carbonate manufacturing facilities in the regions. Asia-Pacific excluding Japan on the back of China and other emerging economies is anticipated to witness a medium to high growth in the global Propylene Carbonate market during the long-term forecast. Moreover, North America followed by Europe are projected to showcase moderate growth in the global Propylene Carbonate market with Japan following a trend similar to these regions. Middle East & Africa and Latin America account for a mere single digit market share in terms of propylene carbonate demand.
Propylene Carbonate Market: Prominent players
Prominent players for the global Propylene Carbonate market are BASF SE, Eastman Chemical Company and Huntsman Corporation are major market contenders serving the global markets with manufacturing facilities in the U.S. and Europe. The Propylene Carbonate market consists of well-diversified global and regional players with the global vendors ruling the market.
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