From GlobeNewswire: 2025-04-23 09:15:00

The Propylene Carbonate Market was valued at $396.40 million in 2023 and is projected to reach $672.63 million by 2032, with a CAGR of 6.05% from 2024-2032. Its growth is driven by its use in solvent applications, particularly in lithium-ion batteries, paints, coatings, and pharmaceuticals, supported by regulatory endorsements for its safety and sustainability.

Key players in the market include BASF, Huntsman Corporation, LyondellBasell Industries, Dow Inc., Lotte Chemical Corporation, and more. The surge in lithium-ion battery usage, especially in electric vehicles, has fueled market expansion, with global EV sales surpassing 10 million units in 2023, according to the IEA. The shift towards green chemistry continues to drive demand for Propylene Carbonate globally.

Technological advancements have led to the development of high-purity Propylene Carbonate for lithium-ion batteries, enhancing battery performance and longevity. Companies are investing in sustainable production methods using bio-based feedstocks to reduce carbon footprints and introduce new formulations to replace toxic solvents in various applications.

In 2023, propylene carbonate dominated the market in solvent applications due to its exceptional solvency power, low volatility, and ability to dissolve a wide range of resins and pigments. It plays a crucial role in paints, coatings, adhesives, and sealants, offering superior finish and durability in automotive coatings and efficient contaminant removal in industrial degreasers.

The Asia Pacific region held 42% of the global market share in 2023, driven by rapid industrialization and technological advancements in countries like China, Japan, and South Korea. China’s manufacturing sector, Japan’s focus on sustainable technologies, and South Korea’s semiconductor manufacturing advancements contribute to regional market growth.

North America emerged as the fastest-growing region in the Propylene Carbonate Market, fueled by the demand for sustainable solvents and the expansion of electric vehicle production. The U.S. is a key hub for lithium-ion battery production, with companies like Tesla and LG Energy Solution increasing their use of Propylene Carbonate-based electrolytes.

Overall, the Propylene Carbonate Market is witnessing significant growth driven by its expanding role in green chemistry, high-performance applications, and the increasing demand for sustainable solvents in various industries. The compound’s versatility, safety, and sustainability make it a preferred choice for diverse applications globally.



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