Austin, April 23, 2025 (GLOBE NEWSWIRE) -- The Propylene Carbonate Market Size was valued at 396.40 Million in 2023 and is expected to reach USD 672.63 Million by 2032, growing at a CAGR of 6.05% over the forecast period of 2024-2032.
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Expanding Role of Propylene Carbonate in Green Chemistry and High-Performance Applications
The Propylene Carbonate market is experiencing substantial growth, primarily driven by its rising demand in solvent applications across various industries. Widely used as a polar aprotic solvent in lithium-ion batteries, paints & coatings, and pharmaceuticals, its adoption has been reinforced by regulatory support. The U.S. EPA has endorsed Propylene Carbonate as a safer alternative to conventional solvents, while the ECHA classifies it as non-toxic and biodegradable. Companies like BASF have expanded production capacities to meet increasing demand. The surge in lithium-ion battery usage, particularly in electric vehicles, has further propelled market expansion, with global EV sales surpassing 10 million units in 2023, according to the IEA. Additionally, its growing presence in cosmetics and personal care due to non-irritating properties strengthens its market position. With sustainability at the forefront, the shift toward green chemistry continues to drive demand for Propylene Carbonate globally.
Key Players:
- BASF SE (PC Pure, Solvenon PC)
- Huntsman Corporation (Jeffsol PC, Ultrapure PC)
- LyondellBasell Industries (Propylene Carbonate Industrial, PC Ultra)
- Dow Inc. (PC-100, UCON Solvent PC)
- Lotte Chemical Corporation (Lotte PC, High-Purity PC)
- Shandong Shida Shenghua Chemical Group Co., Ltd. (Shenghua PC, Shida Solvent PC)
- Shandong Depu Chemical Industry Science & Technology Co., Ltd. (Depu PC-99, Industrial PC)
- Hi-Tech Chemicals Co., Ltd. (Hi-Tech PC, Battery-Grade PC)
- Shandong Haike Chemical Group (Haike PC, Ultra-Pure PC)
- Lixing Chemical (Lixing PC, High-Purity PC Solvent)
- Nippon Chemical Industrial Co., Ltd. (NCIC PC, Nippon Pure PC)
- Eastman Chemical Company (Eastman PC, Technical Grade PC)
- Mitsubishi Chemical Corporation (MCC PC, Battery-Grade Solvent PC)
- Jiangsu Aoke Chemical Co., Ltd. (Aoke PC, Electronic Grade PC)
- Repsol S.A. (Repsol PC, High-Performance PC)
- Merck KGaA (Merck Solvent PC, Ultra-Pure Battery PC)
- Shandong Wells Chemicals Co., Ltd. (Wells PC, High-Purity PC)
- Hangzhou Dayangchem Co., Ltd. (Dayangchem PC, Chemical-Grade PC)
- Iolitec Ionic Liquids Technologies GmbH (Iolitec PC, Ionic Solvent PC)
- Haihang Industry Co., Ltd. (Haihang PC, Technical Solvent PC)
Propylene Carbonate Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 396.40 Million |
| Market Size by 2032 | USD 672.63 Million |
| CAGR | CAGR of 6.05% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Application (Solvent, Electrolyte, Catalyst, Additives, Cleaners, Others) • By End-User (Paints & Coatings, Pharmaceuticals, Cosmetics & Personal Care, Textile, Energy & Power, Mining, Others) |
| Key Drivers | • Rising demand for lithium-ion batteries which drives the market growth. |
Technological Advancements in Propylene Carbonate
- The development of high-purity Propylene Carbonate for lithium-ion batteries has enhanced battery performance and longevity.
- Companies are investing in sustainable production methods using bio-based feedstocks to reduce carbon footprints.
- New formulations of Propylene Carbonate are being introduced to replace toxic solvents in industrial cleaning and coatings.
- Advanced distillation and purification techniques are improving the efficiency and cost-effectiveness of Propylene Carbonate production.
- Research is underway to enhance the compatibility of Propylene Carbonate in polymer and composite applications.
By Application, Solvent Application Dominated the Propylene Carbonate Market in 2023 with a 32% Market Share
This dominance is attributed to propylene carbonate's exceptional solvency power, low volatility, and ability to dissolve a wide range of resins and pigments. These properties make it indispensable in the formulation of paints, coatings, adhesives, and sealants. For instance, in the automotive industry, propylene carbonate-based coatings provide superior finish and durability, enhancing vehicle aesthetics and longevity. Additionally, its use in industrial degreasers ensures efficient removal of contaminants without compromising worker safety, reflecting its low toxicity. The compound's versatility extends to its role as a solvent in lithium-ion batteries, where it enhances ionic conductivity and thermal stability, crucial for the performance of electronic devices and electric vehicles. The growing emphasis on eco-friendly and sustainable solvents has further cemented propylene carbonate's position in various industrial applications.
By End User, Paints & Coatings Segment Dominated the Propylene Carbonate Market in 2023 with a 25% Market Share
In 2023, the solvent application segment dominated the propylene carbonate market. This was driven by its superior solvency, low volatility, and eco-friendly nature, making it essential in paints, coatings, adhesives, and sealants. In the automotive sector, it enhances coating durability, while in industrial degreasers, it ensures safe contaminant removal. Additionally, its role in lithium-ion batteries improves ionic conductivity and thermal stability, supporting the growing EV and electronics industries. The increasing demand for sustainable solvents further strengthens its market position across diverse industrial applications, reinforcing its dominance in the propylene carbonate market.
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Asia Pacific accounted for 42% of the global market share in 2023, making it the largest regional market.
This dominance is primarily attributed to rapid industrialization and technological advancements in countries such as China, Japan, and South Korea. China's robust manufacturing sector, particularly in electronics and automotive industries, has led to increased demand for propylene carbonate in applications like lithium-ion batteries and high-performance coatings. Japan's focus on sustainable technologies and South Korea's advancements in semiconductor manufacturing further contribute to regional market growth. Government initiatives promoting clean energy and electric vehicle adoption have also spurred the use of propylene carbonate in battery technologies. The compound's versatility and alignment with environmental regulations make it a preferred choice in various industrial applications across the region.
North America Region Emerged as the Fastest Growing Region in Propylene Carbonate Market with A Significant Growth Rate in The Forecast Period
The surge in demand for sustainable and biodegradable solvents, coupled with the expansion of electric vehicle production, has driven market growth. The U.S. is a major hub for lithium-ion battery production, with companies such as Tesla and LG Energy Solution increasing their reliance on Propylene Carbonate-based electrolytes. Additionally, the growing adoption of Propylene Carbonate in pharmaceutical formulations and industrial applications has contributed to the region's rapid expansion.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Propylene Carbonate Market Segmentation, By Application
8. Propylene Carbonate Market Segmentation, By End-Use Industry
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practice
12. Conclusion
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