Propylene Carbonate Market: No VOC Emitting Solvent
- Propylene carbonate is widely used in the formulation of several cosmetic products such as eye shadow, mascara, lipsticks, and other skin cleansing products. Rise in trend in usage of make-up products and cosmetics among the young population is projected to fuel the demand for propylene carbonate in the next few years.
- According to the Cosmetics Europe – the Personal Care Association (PCA), the cosmetics products market in Europe was valued at more than US$ 88 Bn in 2018, while that in the U.S. stoodt at around US$ 75.5 Bn in the same year. The cosmetics products market in China was valued at more than US$ 53.5 Bn in 2018.
- Increase in awareness about personal grooming and personal care among the young population is a key factor driving the demand for cosmetics products. High demand for cosmetics product is estimated to fuel the propylene carbonate market in the next few years.
- Propylene carbonate is also known as cyclic propylene carbonate. It is an organic chemical and cyclic carbonate ester derived from propylene glycol compound. Propylene carbonate is synthesized from propylene oxide and carbon dioxide.
- It is extensively used in the manufacture of paints, adhesives, and cosmetic products. Propylene carbonate is primarily used in the plastic industry as a plasticizer. It is also employed as a solvent for the removal of carbon dioxide from natural gas.
Paints & Coatings to Offer Significant Growth for Propylene Carbonate Market
- Increase in demand for paints and coatings products across the world is projected to boost the propylene carbonate market during the forecast period. Propylene carbonate is widely used in the manufacture of different shades of paints and coatings products around the globe.
- In terms of volume, the global paints & coatings market stood at around 42 billion liters in 2017. In terms of value, the market was valued at more than US$ 160 Bn in the same year. The global paints & coatings market in terms of revenue is anticipated to continue to expand at a CAGR of more than 5% during the forecast period.
- Rise in demand for new construction residential buildings with attractive architecture and designs is a key factor boosting the demand for appealing paints colors and coatings across the globe. High demand for attractive paints and coatings in several countries is likely to fuel the propylene carbonate market in the near future.
Solvent and Electrolyte Application to Offer Lucrative Opportunities
- Propylene carbonate is widely used as a solvent in various applications such as foundry, polyester polyol, wire coating, polyurethane, pesticide solvent, surface coating, textile production, and cleaners
- Versatile chemical properties are expected to increase the number of applications for propylene carbonates such as solvent, electrolyte, additives & chemical intermediates, and others. This is anticipated to fuel the propylene carbonate market in the next few years.
- Propylene carbonate offers excellent polarity to create a solvation shell for lithium ions. It is widely used as a high permittivity component in lithium batteries as an electrolyte. This solvation shell around lithium-ion creates a conductive electrolyte. However, increase in trend of electric vehicles and rise in demand for batteries are major factors projected to boost the propylene carbonate market in the next few years.
Decreasing Prices and High Flammability to Hinder Market Growth
- The global trend of decreasing prices of propylene carbonate is a prominent factor restraining the propylene carbonate market
- Propylene carbonate delivers flammable characteristics. It catches fire quickly. These flammable properties cause risk of damage and require high standard for safe handling, especially in transportation. This is estimated to hamper the propylene carbonate market during the forecast period.
- Rise in stringent regulations in several countries for the manufacture and usage of flammable liquids may hamper market growth. The manufacturing companies are required to seek permission from the local authorities by defining manufacturing objectives. This may adversely affect the demand for propylene carbonate during the forecast period.
Asia Pacific Expected to Lead Global Propylene Carbonate Market
- Increase in demand for paints and coatings products owing to the growth in construction and renovation industries is expected to augment the propylene carbonate market in Asia Pacific in the near future
- Asia Pacific is projected to constitute major share of the global propylene carbonate market during the forecast period. China has strong presence of major paints and coatings manufacturers.
- Rise in infrastructure development projects in emerging economies such as South Korea, India, and Indonesia is fuelling the demand for paints and coatings products across the region. These factors are anticipated to boost the propylene carbonate market in the next few years.
- The market in North America and Europe is expected to expand at a moderate pace during the forecast period. Increase in disposable income of consumers in the U.S., Germany, France, and the U.K. is projected to drive the propylene carbonate market during the forecast period.
- Propylene carbonate is widely used in hair care, cosmetic, and personal care products across the globe. This is anticipated to boost the global propylene carbonate market in the near future.
- The market in Latin America & Middle East & Africa is anticipated to expand at a sluggish pace due to the limited presence of technology and manufacturing companies in these regions
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Key Players in Market
Large numbers of companies operate in the global propylene carbonate market. Prominent manufacturers of propylene carbonate include:
- BASF SE
- Huntsman International LLC
- LyondellBasell Industries Holdings B.V.
- Anmol Chemicals Group