NEWARK, Del., June 28, 2024 (GLOBE NEWSWIRE) — The propylene carbonate market is gradually growing. CAGR of 5.9% From 2024 to 2034. This implies that the valuation of the business is increasing by approximately US$275.8 million Another important construction in 2024 US$488.3 million By 2034. The industry is being driven by the increasing demand for eco-friendly solvents and chemical intermediates in various end-use industries such as automobile, electronics and pharmaceuticals.
Propylene carbonate is gaining popularity as a permanent backup to traditional solvents due to stringent environmental regulations and increasing consumer awareness. Furthermore, growing programs of propylene carbonate in lithium-ion batteries for electric vehicles and power depot systems are driving additional market expansion as the shift towards electrification increases globally.
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Despite promising expansion prospects, the propylene carbonate business faces positive constraints that may hinder its further growth. One such constraint is the volatility in raw material prices, especially propylene oxide, which is a major feedstock for propylene carbonate manufacturing.
Fluctuations in propylene oxide prices can significantly impact the respective cost structure of propylene carbonate manufacturers, leading to pressure on margins and hindering market expansion. Additionally, regulatory demanding conditions to match environmental compliance and safety regulations create additional barriers for business players, requiring investment in sustainable manufacturing processes and tighter controls on measures to mitigate hazards.
Developments in green chemistry and process optimization technologies provide opportunities to improve the efficiency and sustainability of propylene carbonate production, reduce spoilage prices and enhance competitiveness. Furthermore, the growing interest in bio-based propylene carbonate derived from renewable feedstock provides an unprecedented option to meet market differentiation and the evolving individual tastes of environmentally conscious customers.
Several notable developments are shaping the propylene carbonate business. A major development goal is the expansion focus on financial system ideas, using projects for the recycling and re-use of propylene carbonate and its derivatives.
Manufacturers are exploring closed-loop methods and round supply chains to reduce waste and maximize useful resource efficiency during the product lifecycle. Additionally, there is increasing emphasis on product differentiation and customization to meet the precise requirements of various end-use programs, driving investment in analysis and manufacturing for magazine formulations and specification grades of propylene carbonate.
“The propylene carbonate industry is full of opportunities for expansion and innovation. The growing demand for high-performance and sustainable materials in emerging economies presents an attractive growth opportunity for market players. , Says Nikhil Kaitwade (Assistant Vice President of Presen Marketplace Insights, Inc.).
Learn about key findings from the market
- Propylene carbonate business in the US is poised to grow at a CAGR of 3.3% between 2024 and 2034.
- Aqueous propylene carbonate emerges as the leader securing 84.3% share in 2024 due to its safety, versatility, and eco-friendly nature.
- India’s Propylene Carbonate market is witnessing robust expansion, driven by a powerful CAGR of 8.8% by 2034.
- The cleaning and detergent sector is leading with a projected 33.1% proportion in 2024.
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Pageant Outlook of the Propylene Carbonate Marketplace
The Propylene Carbonate market is witnessing a dynamic celebration between established players and emerging gamers. The fee is BASF, a chemical giant with global achievements. BASF leverages its extensive manufacturing capacity and established distribution network to secure a dominant market position. They often spend money on analysis and manufacturing, specializing in cutting-edge programs for propylene carbonate beyond its traditional uses. This determination towards innovation allows them to meet the evolving demands of various industries.
Established players face tough times from nimble regional players like Shida Shenghua Chemical Team Co., Ltd. (SDSH) in China. SDSH leverages its geographical proximity to key Asian markets to tackle aggressive pricing and eco-friendly logistics. Furthermore, SDSH is adept at expanding its manufacturing capacity to meet the expected growth in demand for propylene carbonate, especially in the fast-growing electric car battery sector. This strategic focus positions them to capture a significant share of the market in the coming years. The aggressive ground is guaranteed to be heated as major gamers vie for market share through a mix of innovation, strategic growth and cost-efficiency.
Contemporary Trends:
Tesla, which is headquartered in the US, made a significant commitment in August 2023. The company entered into a multi-year collaboration with Eastman Chemical, an important step in its commitment to sustainable transportation.
Germany-based BASF SE launches an unprecedented program in 2023 to promote environmental stewardship. The company introduced a top class carrier known as Product Carbon Footprints (PCF) specifically to meet the needs of buyers of its plastic components.
Propylene Carbonate Manufacturers
- BASF SE
- Huntsman Global LLC.
- LyondellBasell Industries Holdings B.V.
- Shandong Shida Shenghua Chemical Staff Co., Ltd.
- Linyi Evergreen Chemical Co., Ltd.
- smc-world
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Major branches of Marketplace Records
Through method:
Propylene carbonate market trades in two main modes which are aqueous solution and pellets.
Via Utility:
Regarding software, the sections are labeled Paints and Coatings, Cleaning and Detergents, Personal Aids and Cosmetics, Textile Dyeing, Lithium-Ion Batteries and Electronics, and Others.
Via Patch:
The regions covered in the document are North America, Latin America, Europe, East Asia, South Asia and the Pacific, and the Middle East and Africa.
Written by:
Nikhil Kaitwade (Assistant Vice President, Presen Marketplace Insights, Inc.) has over a decade of experience in marketplace analysis and industry consulting. They have effectively delivered over 1500 customer assignments primarily in the car, chemical, commercial equipment, oil and fuel and provider industries.
His core competency is formulating analysis methodology, developing a unique research framework, fashioning statistical information for pricing research, festival mapping and market feasibility research. His experience is additionally vast and extends to past research, advising buyers on potential expansion, funding/divestiture options and market access decisions in established and market segments of interest.
Nikhil has MBA level in Advertising & Marketing and IT and graduation in Mechanical Engineering. Nikhil has written several publications and has been quoted in magazines such as EMS Now, EPR Booklet and EE Occasions.
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About Presen Marketplace Insights (FMI)
Presen Marketplace Insights (FMI) is a leading supplier of marketplace knowledge and consulting products and services, serving buyers in more than 150 international locations. FMI is headquartered in Dubai and has delivery facilities in the United Kingdom, the United States and India. FMI’s latest marketplace analytics experience and business research are helping companies navigate difficult situations and make critical choices with confidence and readability amid the breakneck festival season. Our custom designed and syndicated marketplace analysis experiences provide actionable insights that compel sustainable expansion. At FMI a team of expert-led analysts frequently monitor growing developments and events across a wide range of industries to ensure that our buyers are prepared for the evolving desires of their clients.
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