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.
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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.
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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
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
Global Propylene Carbonate Market: Research Scope
Global Propylene Carbonate Market, by Application
- Chemical Intermediates
- Others (Catalyst, Additives)
Global Propylene Carbonate Market, by End-use
- Paints & Coatings
- Cosmetic & Personal Care
- Energy & Power
- Others (Mining and Metal)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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