Market Research Future Published Study Research Report on The Propylene Carbonate Market Research Report – Global Forecast till 2024
Propylene Carbonate Market is Increasing Manufacturing of Electric Vehicles is Likely to Propel the Growth Over 2024
Propylene Carbonate Market Highlights:
The Global Propylene Carbonate Market is estimated to be valued at USD 752.3 Million by 2024, registering a CAGR of 5.57%.
Propylene Carbonate Market Key Players:
Market Research Future (MRFR) recognizes LyondellBasell Industries B.V. (US), Shandong Depu Chemical (China), BASF SE (Germany), Empower Materials (US), Shida Shenghua Chemical (China), Daze Group (China), Huntsman Corporation (US), Taixing Fengming Chemical Industry (China), MegaChem Ltd (Singapore), and Hi-Tech Spring Chemical (China) as the key players in the global propylene carbonate market.
Key Findings of the Study:
The Global Propylene Carbonate Market is projected to reach over USD 752.3 Million by 2024 at a 57% CAGR during the review period of 2019 to 2024.
Asia-Pacific accounted for the largest market share, with China being the major contributor to the growth of the market.
The Li-ion batteries segment is projected to register 67% CAGR during the forecast period to reach USD 255.2 Million by the end of 2024.
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Propylene Carbonate Market Segment Analysis:
The global propylene carbonate market has been segmented on the basis of grade, application, end-use industry, and region. On the basis of grade, the global market has been divided into lithium battery and industrial. The industrial segment accounted for the largest market share, valued at USD 362.4 million in 2018 and is expected to register 5.65% during the review period. Industrial grade carbonate is being used in various industries including paints & coatings, cosmetics & personal care, oil & gas, textile, foundry, and plastics. Among these, propylene carbonate is being widely used in the oil & gas, textile, and plastics industries. The lithium battery segment is expected to register 5.39% CAGR by the end of 2024. The growth is attributed to the increasing use of lithium battery grade carbonates in lithium batteries as lithium salts are soluble in carbonates, and they provide adequate conductivities for batteries.
Based on application, the global market has been divided into solvents, electrolytes, chemical intermediates, and others. The electrolyte segment accounted for the largest share of the global propylene carbonate market in 2018 and is expected to record a CAGR of around 5.61% to reach to around USD 308 Million by the end of 2024. The use of lithium batteries is increasing in the automotive & transportation and electrical & electronics industries due to their superior properties such as higher energy density and lightweight. Additionally, around 80% of a rechargeable lithium battery is a filling which includes propylene carbonate. The solvents segment was valued at around USD 202.04 Million in 2018 and is expected to exhibit a CAGR of 5.78% by the end of 2024.
Based on end-use industry, the global market has been divided into Li-ion batteries, paints & coatings, cosmetics & personal care, foundry, electronics, and others. The Li-ion batteries segment accounted for the larger market share in 2018 and is expected to register 5.67% CAGR to reach USD 255.2 Million by the end of 2024. The segment’s growth is attributed to the expanding automotive industry on account of increasing manufacturing of electric vehicles to reduce the carbon emissions. The use of lithium-ion batteries is increasing in different types of electric vehicles including electric buses, trucks, bikes, and passenger vehicles due to their superior properties such as higher energy density and lightweight as compared to nickel-cadmium and nickel-metal hydride batteries. The paints & coatings industry is expected to register the highest CAGR of 6.01% during the review period on account of rising demand for organic solvents to reduce volatile organic compounds (VOC) emissions.
Propylene Carbonate Market Table Of Contents to be Continue……,
Browse key industry insights spread across 185 pages with 272 market data tables & 47 figures & charts from the report, “Global Propylene Carbonate Market: Information by Grade (Lithium Battery and Industrial), Application (Solvent, Electrolyte, Chemical Intermediate), End-Use Industry (Li-Ion Batteries, Paints & Coatings, Personal Care & Cosmetics, Foundry, Electronics) and Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) – Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023” in detail along with the table of contents @ https://www.marketresearchfuture.com/reports/propylene-carbonate-market-8089
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