Growing Use of Solvents and Additives in Multiple Industries to Drive Propylene Carbonate Market to US$ 642.5 Mn by 2031, notes TMR Study
- Propylene carbonate in aqueous dispersion/emulsion form is increasingly utilized in a variety of segments, including cleaners & degreasers and textiles
- Demand for propylene carbonate as an electrolyte in Li-ion batteries is growing, which is driving the demand for propylene carbonate; growing inclination toward use of electric vehicles to boost use of Li-ion batteries
ALBANY, N.Y., Dec. 8, 2021 /PRNewswire/ -- Propylene carbonate is used in the making of solvents. There have been a rising demand for cosmetics and cleansers °reasers, and both of them make use of solvents extensively. Hence, the production of propylene carbonate is increasing in a number of countries, which is likely to work in the favor of the global propylene carbonate market during the forecast period.
Propylene carbonate comes with a high degree of polarity, making it ideal for creating a solvation shell of lithium ions. A conductive electrolyte is made by the solvation shell surrounding lithium-ion. It is commonly utilized as an electrolyte in lithium batteries due to its high permittivity. Growth in demand for Li-ion batteries and rise in popularity of electric vehicles are two significant drivers expected to propel the global propylene carbonate market in the near future.
The global propylene carbonate market is projected to grow at a CAGR of 5.2% during the forecast period, from 2021 to 2031. The market is expected to reach the valuation of US$ 642.5 Mn by 2031.
Increasing Use in Additives and Solvents to Fuel Demand for Propylene Carbonate
Propylene carbonate is a clear polar solvent with a high flash point and boiling point. Manufacturers in the propylene carbonate market are concentrating on applications that need high purity or a water-white product. LyondellBasell is expanding its propylene carbonate range of products, which can be utilized as isocyanate and solvent for unsaturated polyester resin cleaning.
Propylene carbonate is useful for baked coatings as well as various other applications that need a gradual release of solvent. It is used in coatings as a reactive diluent and improves the characteristics of paints &coatings by reducing viscosity. The rise in demand for coatings globally is expected to foster the growth of the propylene carbonate market. The demand for low-VOC solvents such as propylene carbonate is likely to benefit from the restrictions controlling VOC level in coatings. Propylene carbonate is a VOC-exempt material under various regions regulations.
Textile dye carriers and cleaning applications are helping propylene carbonate manufacturers expand their income sources. Propylene carbonate is increasingly being utilized in applications, such as lithium battery electrolytes, polar additive for clay gellants, and foundry.
Market Players to Observe Increase in Revenue Sources Due to Rise in Coating Applications
Manufacturers are observing a boost in income prospects with rise in the number of coating applications. BASF SE is ramping up production of propylene carbonate in order to increase income from coating applications such as phenol resins, polyurethanes, and polyester wire enamels, among others.
The demand for textile manufacturing and cleansers, crop protection formulations, and pharmaceutical processing solvents is likely to aid in the expansion of global propylene carbonate market during the forecast period.
Demand for cosmetics is likely to propel the growth of the propylene carbonate market, as it is commonly used in the composition of cosmetics, which include lipsticks, eye shadow, mascara, and various skin cleaning products
Given the excellent features of lithium-ion batteries, it is increasingly being used in different electric vehicles such as passenger vehicles, bikes, electric buses, and trucks. Use of electric vehicles is encouraged by different governments, which is expected to drive the propylene carbonate market.
Growing inclination toward environmental sustainability is likely to drive the usage of propylene carbonate as an organic solvent in paints and coatings, which is projected to boost its demand in the near future
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