H1 2023: In the first quarter of 2023, Propylene Carbonate market prices in the Chinese domestic region exhibited a bullish trend. During January, prices experienced hike due to supply constraints arising during the Lunar New Year holidays, as noted by market experts. In February, prices continued to rise, supported by positive cost dynamics from upstream Propylene Oxide in the Chinese market. Despite a moderate demand outlook from downstream battery manufacturing during this period, prices saw a jump. By March, market sentiments stabilized, influenced by weaker cost support from upstream raw materials. In April, the price of propylene carbonate in the Chinese market experienced a bearish trend, influenced by low prices of feedstock propylene oxide. Despite this, the supply chain demonstrated resilience. The downstream value chain, particularly in chemical industries, exhibited a bearish trend due to a sluggish demand, There was a decline in the price of Propylene Carbonate in the Chinese market in H1 2023. Inquiries indicated a decrease in Chinese exports to the US, attributed to high inflationary pressures and subdued consumer sentiments. Although demand from the electric vehicle (EV) industry remained stable, exports to Europe and North America saw a decline. In the Indian market, propylene carbonate prices followed a similar downward trend from March-June 2023. Weak demand persisted in the downstream value chain, and operational capacity remained on the lower side.
The global Propylene Carbonate market stood at approximately 470 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 5.6% during the forecast period until 2032. Propylene carbonate, derived from propylene oxide, serves as a polar, aprotic solvent in applications like paints, coatings, cosmetics, and personal care products. Additionally, it finds utility in the removal of carbon dioxide from natural gas and volatile organic compounds (VOCs) from paints and coatings.
Propylene carbonate (PC) stands out as a versatile organic compound with diverse applications in several industries. Primarily recognized as a solvent, PC plays a pivotal role in various chemical reactions, notably in the synthesis of pharmaceuticals, polymers, and specialty chemicals. Additionally, it finds application as an electrolyte component in lithium-ion batteries, contributing to enhanced battery performance and stability. The low toxicity and excellent solvency of PC make it a preferred solvent in the formulation of environmentally friendly paints and coatings. Propylene carbonate functions as a high-boiling solvent, acting as an aid in film formation and offering environmental advantages over alternative solvents in wire enamel coatings. It is well-suited for baked coatings and similar applications where a gradual solvent release is needed. In the coatings industry, it is employed as a reactive diluent, enhancing paint and coating properties by lowering viscosity. Its utility extends to the adhesive industry, where it serves as a solvent, influencing the bonding properties of adhesives. Furthermore, PC is present in personal care products, including cosmetics and skin care items, functioning either as a solvent or a component in formulations. Its applications stretch across diverse sectors, encompassing gas sweetening in the oil and gas industry, usage in cleaning products due to its effective solvent properties, and involvement in dyeing and finishing processes within the textile industry.
The market for Propylene Carbonate is strongly driven by the demand for Personal Care & Cosmetics. The personal care industry has also witnessed a notable uptick in the use of propylene carbonate. Its incorporation into cosmetics and skin care products has risen, driven by its solvent capabilities and compatibility with formulations in the personal care sector. The increasing demand for electric vehicles and portable electronic devices, particularly in the expanding electric vehicle market, is also driving the propylene carbonate market where as it serves as an electrolyte in lithium-ion batteries. This surge in demand aligns with the broader trend of a global shift towards sustainable transportation solutions. Propylene carbonate's versatility as a solvent is a major contributor to its sustained demand across diverse industries. The market's growth is further propelled by the rising importance of environmental sustainability. Stringent environmental regulations and a growing emphasis on eco-friendly solutions have positioned propylene carbonate favourably due to its low toxicity and biodegradability. Industries seeking greener alternatives are increasingly turning to propylene carbonate in their formulations .The global Propylene Carbonate market is anticipated to reach nearly 800 thousand tonnes by 2032.
Based on region, Asia Pacific region serves as the biggest consumer of Propylene Carbonate. The Asia Pacific, particularly China, has become a global manufacturing hub for diverse industries like electronics, automotive, and chemicals. Additionally, the Asia Pacific is a significant player in the production and consumption of electronic devices and electric vehicles (EVs). Propylene carbonate's essential role in the production of lithium-ion batteries, widely used in electronics and EVs, aligns with the region's heightened demand for these technologies. China is the global hub of automobile production and is likely to maintain this position in the coming years as well. Also, the Asia Pacific region is witnessing significant growth in the personal care and cosmetics sector, marked by a flourishing industry landscape. The upward trajectory in the incorporation of propylene carbonate is a key driver of its elevated consumption in the region. As the personal care and cosmetics industry continues to thrive in the Asia Pacific, the strategic use of propylene carbonate in formulations is likely to rise and curate higher demand in the upcoming years.
Based on the end-user industry, the global Propylene Carbonate market is divided into Lithium-Ion Batteries, Personal Care & Cosmetics, Pharmaceuticals, Textile, and Others. However, Personal Care & Cosmetics is the largest consumer and held approximately 30% of the global Propylene Carbonate market in 2022. Propylene carbonate serves primarily as a solvent in both oral and topical pharmaceutical formulations. In topical uses, it has been employed alongside propylene glycol as a solvent for corticosteroids.
Notable players in the Global Propylene Carbonate market are LyondellBasell Industries, Shandong Depu Chemical, BASF, Shida Shenghua Chemical, Daze Group, Huntsman Corporation, Linyi Evergreen Chemical Co., Ltd, and SMC – Global.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Propylene Carbonate which covers production, demand and supply of Propylene Carbonate market in the globe.
• To analyse and forecast the market size of Propylene Carbonate
• To classify and forecast Global Propylene Carbonate market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Propylene Carbonate market in the globe.
To extract data for Global Propylene Carbonate market, primary research surveys were conducted with Propylene Carbonate manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Propylene Carbonate market over the coming years.
ChemAnalyst calculated Propylene Carbonate demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Propylene Carbonate. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Propylene Carbonate manufacturers and other stakeholders
• Organizations, forums and alliances related to Propylene Carbonate distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Propylene Carbonate manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Propylene Carbonate market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
470 thousand tonnes
Market size Volume in 2032
800 thousand tonnes
Growth Rate
CAGR of 5.6% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Lithium-Ion Batteries, Personal Care & Cosmetics, Pharmaceuticals, Textile, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Propylene Carbonate market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Propylene Carbonate.
3. Capacity By Location
To better understand the regional supply of Propylene Carbonate by analyzing its manufacturers' location-based capacity.
4. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
5. Production By Company [Quarterly Update]
Study the historical annual production of Propylene Carbonate by the leading players and forecast how it will grow in the coming years.
6. Demand by End- Use [Quarterly Update]
Discover which end-user industry (Lithium-Ion Batteries, Personal Care & Cosmetics, Pharmaceuticals, Textile, and Others) are creating a market and the forecast for the growth of the Propylene Carbonate market.
7. Demand by Region
Analyzing the change in demand of Propylene Carbonate in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
8. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Propylene Carbonate. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
9. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Propylene Carbonate.
10. Company Share
Figure out what proportion of the market share of Propylene Carbonate is currently held by leading players across the globe.
11. Manufacturing Process
Discover insights into the intricate manufacturing process of Propylene Carbonate.
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of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What was the net market size of Propylene Carbonate in terms of volume in 2022?
Ans:
The global market size of Propylene Carbonate had reached approximately 470 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Propylene Carbonate?
Ans:
Asia Pacific region is the leading consumer of Propylene Carbonate globally.
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