The global propylene carbonate (PC) (CAS 108-32-7) market was worth US$660 mn in 2018 and the report suggests that the market will reach US$940 mn by 2025, surging at a robust CAGR of 5.3% during the forecast period. The demand for an eco-friendly solution for the automobile industry has spiked the growth of global propylene carbonate (PC) (CAS 108-32-7) market.
The team of QY Research analysts has published a detailed report of the market, titled “Global Propylene Carbonate (PC) (CAS 108-32-7) Market Report, History and Forecast 2014-2025, Breakdown Data by Manufacturers, Key Regions, Types and Application”
Global Propylene Carbonate (PC) (CAS 108-32-7) Market: Drivers and Restraints
Hybrid and electric vehicles are gaining popularity as environment pollution is a serious growing concern. This is driving governments to promote renewable energy resources, which is expected to propel the demand for propylene carbonate batteries as they are environment-friendly. The high energy absorption capacity, thermal stability, and low weight makes it one of the best choices for vehicle batteries. It is also being used in multiple electrical applications as it is chemical resistant.
Propylene carbonate is also used in the paints and coatings industries. This organic compound is also used as an additive and cleaning solvent. It has its demand in textiles, cosmetics packaging, personal care, and electronics market as well.
Among the restraints of the propylene carbonate market, the most prominent one is the fluctuating prices of raw materials used in its production. Furthermore, polypropylene carbonate may decompose releasing CO2, in the presence of metal oxide, acid, base, or salt. Hence, certain chemical industries strictly avoid it. These factors thwart the global propylene carbonate (PC) (CAS 108-32-7) market.
Global Propylene Carbonate (PC) (CAS 108-32-7) Market: Segment Analysis
The global propylene carbonate (PC) (CAS 108-32-7) market is segmented on the basis of type and application. In terms of type, the market is segmented into lithium battery grade and industrial grade. In terms of application, the market is segmented as a lithium battery, dimethyl carbonate, industrial solvent, and others. The lithium battery is one of the most profitable segments as it is supported by the automotive industry’s investment in developing eco-friendly vehicles.
Global Propylene Carbonate (PC) (CAS 108-32-7) Market: Regional Analysis
On the basis of region, the global propylene carbonate (PC) (CAS 108-32-7) market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific is dominating the global market of propylene carbonate (PC) (CAS 108-32-7) as it assumes the responsibility to control the greenhouse gas emissions seriously. North America and Europe also have created the demand for the global propylene carbonate market.
Global Propylene Carbonate (PC) (CAS 108-32-7) Market: The Key Players
The key players studied in the global Propylene Carbonate (PC) (CAS 108-32-7) market are Huntsman, BASF, LyondellBasell, Daze Group, Shida Shenghua Chemical, Shandong Depu Chemical, Linyi Evergreen Chemical, Hi-tech Spring Chemical, Shandong Feiyang Chemical, Taixing Fengming Chemical, and Lixing Chemical. These companies are striving to be the best in the market by continuous exploration of their capabilities.