The global ethylene carbonate market it is expected to expand aa 6.2% CAGR during the forecast period between 2022 and 2032, finds Future Market Insights (FMI) in a recent market analysis. Ethylene carbonate sometimes known as EC is an organic compound. At room temperature, it is a transparent crystalline solid that is soluble in water and is an odorless and colorless compound. Ethylene carbonate has various applications in different end-use industries such as automotive and oil and gas.
The growing use of lithium-ion batteries in electric vehicles will boost the market growth. Ethylene carbonate is one of the most reactive solvents relevant to lithium ion (EC) batteries. Increasing sales of electric vehicles is increasing the demand for lithium-ion batteries, thus favoring the growth of the ethylene carbonate market.
Ethylene carbonate is an important reactive intermediate in the production of lubricants and fats. Lubricants are widely used in the manufacturing and transportation industries to ensure smooth operation of the object. Ethylene carbonate consumption is expected to grow in the industrial, automotive, and oil and gas sectors, where lubricants are widely used.
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According to IMF, the global ethylene carbonate market is expected to be dominated by East Asia and the trend is expected to continue during the forecast period. Ethylene carbonate market in East Asia is expected to be higher US$175.0 million by 2032.
“During the assessment period, sales of ethylene carbonate are expected to be driven by its consumption in lithium battery electrolytes and lubricants worldwide, followed by plasticizers and surface coatings.” says an IMF analyst.
Key points:
- By application, the lubricants segment is expected to account for approximately 32% of the total market share by 2022.
- Sales in the lithium battery electrolyte segment will grow at 6.4% CAGR through 2032.
- In terms of end-use, the demand from the automotive segment will reach a valuation of $204.1 million by 2032.
- The Ethylene Carbonate market in India is projected to expand at a CAGR of 6.8% during the assessment period.
- China ethylene carbonate market will reach a valuation of USD 127.3 million by 2032.
- East Asia will become an attractive market for ethylene carbonate, creating an incremental USD opportunity of USD 83.5 million during the forecast period.
Competitive landscape
Huntsman Corporation, BASF SE, Oriental Union Chemical Corporation, Mitsubishi Chemical Corporation, Toagosei Co., Ltd., Asahi Kasei, Shandong Shida Shenghua Chemical Group, Shandong Senjie Chemical, Zibo Donghai Industries and others are some of the major players operating in the sector. world market of ethylene carbonate.
Key players are investing in mergers, acquisitions and collaborations to enhance their product portfolios. They are also investing in production facility expansions to meet growing demand from various end-use sectors. For example:
- In June 2021, Huntsman Corporation’s Performance Products Division announced plans to significantly increase its existing ULTRAPURETM Ethylene Carbonate capacity at its Conroe, Texas facility by mid-2023. Ethylene Carbonate ULTRAPURETM is essential for the safe operation and long life of lithium-ion batteries used in electric vehicles (EVs) and electronics.
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Learn more about the Global Ethylene Carbonate Market Report
In its latest report, FMI offers an unbiased analysis of the global ethylene carbonate market, providing historical data for the period 2017-2021 and forecast statistics for the period 2022-2032. To understand the global market potential, its growth and scope, the market is segmented based on product form (solid and liquid), by application (lithium battery electrolyte, plasticizers, lubricants, surface coatings, and others), by end-use industry. (oil and gas, automotive, pharmaceuticals and others) and by region (North America, Latin America, Europe, East Asia, South Asia and the Pacific and the Middle East and Africa).
About FMI – Chemicals and materials
FMI’s Chemicals & Materials division provides clear and accurate analysis of the Chemicals & Materials industry. This comprehensive coverage extends from commodities, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular, with particular emphasis on ‘green alternatives’, recycling and renewable technology developments and assessment of supply, demand and trade. Our research studies serve as benchmark market guidelines for chemical manufacturers, research institutions, channel partners and government bodies to develop: ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights (an ESOMAR-certified market research organization and member of the Greater New York Chamber of Commerce) provides detailed insight into the driving factors driving market demand. It reveals opportunities that will drive market growth across various segments based on source, application, sales channel, and end-use over the next 10 years.
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