Propylene carbonate serves as an electrolyte solvent in lithium-ion batteries due to its high boiling point, chemical stability, and low toxicity. The rapid expansion of the electric vehicle (EV) industry, along with the growing demand for portable electronic devices, is expected to further accelerate market growth in battery applications.

In addition, industries such as paints, coatings, and pharmaceuticals are increasingly adopting propylene carbonate owing to its environmentally friendly properties. It is considered less hazardous than many conventional solvents, which makes it attractive in sectors facing stringent environmental regulations.

Key Market Trends & Insights

• Asia Pacific dominated the market with a 34.6% revenue share in 2023.

• The U.S. market is projected to grow at a CAGR of 5.7% during the forecast period.

• Based on application, the solvent segment led the market with a 37.5% revenue share in 2023.

• Based on end use, the paints & coatings segment accounted for the largest share of 27.2% in 2023.

Market Size & Forecast

• 2023 Market Size: USD 393.1 Million

• 2030 Projected Market Size: USD 610.9 Million

• CAGR (2024–2030): 5.6%

• Largest Regional Market (2023): Asia Pacific

Key Company Insights

BASF SE and Huntsman International LLC are among the leading players in the global propylene carbonate market.

• BASF SE, headquartered in Germany, operates across six business segments: chemicals, surface technologies, materials, nutrition & care, industrial solutions, and agricultural solutions. The company manufactures a broad range of products, including those derived from mineral and natural oils, specialty emulsions, organosilicon-based solutions, and silicone-free and star-polymer defoamers.

• Huntsman International LLC, a multinational chemical company, produces polyurethanes, performance products, and advanced materials. It has operations in more than 100 countries, with production facilities in 69 of them.

Emerging market participants include Central Drug House and Tokyo Chemical Industry Co., Ltd. (TCI).

• Tokyo Chemical Industry Co., Ltd. (TCI) manufactures specialty chemicals used in pharmaceuticals, cosmetics, and laboratory research. The company operates across Europe, Asia Pacific, and North America, offering a diverse product portfolio including organic reagents, materials science products, and chromatography columns.

• Central Drug House specializes in dehydrated culture media and laboratory fine chemicals, with a global distribution network supported by numerous dealers and stockists.

Leading Propylene Carbonate Companies

• LyondellBasell Industries

• Shandong Depu Chemical

• BASF SE

• Empower Materials

• Huntsman International LLC

• Dhalop Chemicals

• Tokyo Chemical Industry Co., Ltd. (TCI)

• Linyi Evergreen Chemical Co., Ltd.

• Central Drug House

• Carl Roth

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