Propylene Carbonate Market To witness Huge Expansion By 2030
Propylene Carbonate Industry The global propylene carbonate market size was estimated at USD 393.1 million in 2023 and is forecasted to grow at a CAGR of 5.6% from 2024 to 2030. This growth is attributed to the growing demand for lithium-ion batteries products. Propylene carbonate is used as an electrolyte solvent in lithium-ion batteries due to its high boiling point, stability, and low toxicity. Furthermore, the expanding electric vehicle (EV) market and increasing demand for portable electronic devices are expected to drive the product growth in battery applications. The market is witnessing increased adoption of this product in industries like paints, coatings, and pharmaceuticals where environmental concerns are critical. Propylene carbonate is considered less hazardous compared to other solvents, making it attractive in industries facing stringent environmental regulations. In addition to this, the product is used as a solvent and carrier in cosmetics and personal care prod...