The global Ethylene Carbonate Market is valued at USD 455 Million in 2022 and is projected to reach a value of USD 1189 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 12.9 between 2023 and 2030.
Ethylene carbonate versatility has been positioned as a key component in various industries, with a primary focus on lithium-ion batteries, where it plays a crucial role in enhancing practical energy density for electric vehicles, portable electronics, and energy storage devices. Usually, the electrolytes of lithium-ion batteries have predominantly featured ethylene carbonate, reflecting its significance in ensuring optimal battery performance. The current surge in demand for rechargeable batteries, driven by the push towards sustainable energy solutions, has propelled ethylene carbonate to the forefront. Moreover, ethylene carbonate's lifecycle extends beyond its initial use, as it becomes one of the chemicals reclaimed for utilization in new batteries during recycling processes. This sustainable approach aligns with the broader goals of reducing environmental impact and fostering a circular economy. As sustainability takes center stage, innovations in production methods and strategic investments by industry leaders like LOTTE Chemical point towards a promising future where ethylene carbonate continues to play a pivotal role in shaping the way we harness and store energy.
Ethylene Carbonate Market Size, 2022 To 2030 (USD Million)
- The increased automotive industry has led to a high demand for lubricants, contributing to the rising demand for ethylene carbonate, which is used as a solvent in these lubricants. This factor is driving the ethylene carbonate industry.
- The Asia Pacific accounted for the largest growth, with a revenue share of 36% in 2022.
- The Solid form segment accounted for the largest market growth and contributed more than 51% of the total revenue share in 2022.
- The Automotive segment revealed the most significant market growth and contributed around 45% of the total revenue share in 2022.
- Based on Application, Lithium Battery Electrolyte segment accounted for the largest market growth in 2022.
Top Market Trends
- Ethylene carbonate is a crucial element of the electrolytes used in lithium-ion batteries, the dominant battery type in electric vehicles. There is a high demand for ethylene carbonate because of the augmented demand for EVs, fuelling the overall market increase.
- Ethylene carbonate is used for the production of polycarbonate plastics, which are utilized in numerous applications such as automotive, electronics, and construction. The rise in demand for polycarbonate plastics is propelling the development of the ethylene carbonate market.
- 3. Ethylene carbonate is utilized as a chemical intermediate in generating different chemical substances, which include solvents, plasticizers, and lubricants. The expansion of the chemical intermediates industry is projected to increase the demand for ethylene carbonate further.
- 4. Manufacturers increasingly focus on producing sustainable ethylene carbonate, using renewable feedstocks, and reducing their environmental impact.
- 5. Asia Pacific is the largest and fastest-increasing market for ethylene carbonate because of its strong growth in the automotive, electronics, and construction industries.
Report Coverage & Deliverables
- Real-Time Data Updates:
- Competitor Benchmarking
- Market Trends Heatmap
- Custom Research Queries
- Market Sentiment Analysis
- Demographic and Geographic Insights
The economic outlook for the ethylene carbonate industry is favorable. The market is poised for sustained development in the future, driven by the rising demand for lithium-ion batteries, the expanding adoption of polycarbonate plastics, and the growth of the chemical intermediates industry. In addition, the ethylene carbonate industry is subject to various regulatory policies, which may impact its growth. For example, the European Union's REACH regulations restrict the use of certain chemicals due to environmental and health concerns. Compliance with such regulations might pose challenges to the industry.
The Global Ethylene Carbonate Market is segregated into the below-mentioned segments as:
The global Ethylene Carbonate market can be categorized into Form, Application , End Use, Region. The Ethylene Carbonate market can be categorized into Solid, Liquid based on Form. The Ethylene Carbonate market can be categorized into Lithium Battery Electrolyte, Lubricants, Surface Coatings, Plasticizers, Others (Capacitor Electrolyte, Resist Strip Solvent, Fiber Processing Agents, Soil Hardening Agents, Organic Solvents, and Pharmaceuticals) based on Application . The Ethylene Carbonate market can be categorized into Automotive, Industrial, Oil & Gas, Medical, Personal Care & Hygiene, Others (Electronics, Textile, and Energy) based on End Use. The Ethylene Carbonate market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.
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Based on Form
Solid Form Segment to Lead Maximum Market Share
In 2022, the solid segment dominated the market due to its prolonged shelf life and ability to endure elevated temperatures without chemical alterations. Solid ethylene carbonate is widely employed across diverse industries such as automotive, chemical, medical, and industrial sectors. It functions as an additive in the manufacturing of cosmetics, pharmaceuticals, and soldering fluxes.
Based on Application
Lithium Battery Electrolyte Segment Expected to be the Major Market Revenue Share
The lithium battery electrolyte segment is witnessing the greatest market growth during the forecast period. The extensive adoption of lithium-ion batteries in consumer electronics like tablets, smartphones, and medical devices has spurred the demand for ethylene carbonate, a crucial ingredient in lithium-ion battery electrolytes. The significant volume of electrolytes dissolved in ethylene carbonate drives the market's growth.
Based on End-use
Automotive Segment Expects Dominion Status in the Forecast Period
The automotive segment is expected to experience significant market growth over the forecast period. The high demand can be attributed to manufacturers' demand for minimizing the release of volatile organic compounds that contribute to smog. In addition, the growth is propelled by the increasing demand for electric vehicles as a solution to mitigate pollution and environmental concerns.
Based on Region
Asia Pacific to Dominate Global Sales in the Projected Period
The Asia Pacific dominated the global ethylene carbonate market in 2022. The rise in the adoption of electric vehicles and the growing demand for energy storage systems in the region drive the market. Moreover, favorable government policies, a strong industrial base, and the availability of cost-effective labor incentivize major industry players to invest, which are other factors expected to boost market growth. Also, the region is foremost in producing lithium-ion battery electrolytes and EV lithium-ion batteries. This is likely to propel the market expansion during the forecast period.
The industry is marked by ongoing research and development, advancements in product offerings, strategic partnerships, and expansion initiatives undertaken by major players to uphold their market standings and address the changing needs of diverse sectors. For example, Huntsman Corporation is increasing the production capacity of Ultrapure Ethylene Carbonate at its Texas facility within the performance products division.
The key players in the global Ethylene Carbonate market include - Huntsman International LLC (U.S.), Mitsubishi Chemical Corporation (Japan), Oriental Union Chemical Corporation (Taiwan), BASF SE (Germany), Merck KGA (Germany), FUJIFILM Wako Pure Chemical Corporation (U.S.), Vizag Chemicals International (India), Asahi Kasei Corporation (Japan), Toagosei Co. Ltd. (Japan), Empower Materials (U.S.) among others.
Recent Market Developments
- In June 2022, LOTTE Chemical made a significant investment in the Daesan Petrochemical Complex in order to enhance its competitiveness in producing environmentally friendly and specialized materials, as well as contribute to the local economy. The company will invest around 602 billion KRW to construct new facilities, including an EV battery electrolyte organic solvent plant and CO2 capture and liquefaction facilities, as well as expand the EOA and HPEO plants.
Segmentation of the Global Ethylene Carbonate Market
- Lithium Battery Electrolyte
- Surface Coatings
- Others (Capacitor Electrolyte, Resist Strip Solvent, Fiber Processing Agents, Soil Hardening Agents, Organic Solvents, and Pharmaceuticals)
By End Use
- Oil & Gas
- Personal Care & Hygiene
- Others (Electronics, Textile, and Energy)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Huntsman International LLC (U.S.)
- Mitsubishi Chemical Corporation (Japan)
- Oriental Union Chemical Corporation (Taiwan)
- BASF SE (Germany)
- Merck KGA (Germany)
- FUJIFILM Wako Pure Chemical Corporation (U.S.)
- Vizag Chemicals International (India)
- Asahi Kasei Corporation (Japan)
- Toagosei Co. Ltd. (Japan)
- Empower Materials (U.S.)
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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