A recent market analysis conducted by Future Market Insights (FMI) predicts a robust expansion in the global Ethylene Carbonate Market, estimating a Compound Annual Growth Rate (CAGR) of 6.2% from 2022 to 2032. Ethylene carbonate, also known as EC, is an organic compound characterized by its transparent crystalline nature, solubility in water, and colorless, odorless properties at room temperature. This versatile chemical finds widespread application across diverse industries, prominently in the automotive and oil and gas sectors.
The surge in demand for lithium-ion batteries for electric vehicles (EVs) is anticipated to be a significant driver for market growth. Ethylene carbonate plays a pivotal role as a highly reactive solvent in the context of lithium-ion batteries, making it an integral component in this domain. The escalating adoption of electric vehicles is contributing to an increased requirement for lithium-ion batteries, consequently fostering the expansion of the ethylene carbonate market.
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Ethylene carbonate is an important reactive intermediate in the production of lubricants and greases. Lubricants are widely used in the manufacturing and transportation industries to ensure smooth operation of the object. Consumption of ethylene carbonate is expected grow across the industrial, automotive, and oil and gas sectors, where lubricants are widely used.
As per FMI, the global ethylene carbonate market is expected to be dominated by East Asia and the trend is predicted to continue during the forecast period. The ethylene carbonate market in East Asia is projected to top US$ 175.0 Mn by 2032.
“Over the assessment period, sales of ethylene carbonate are expected to be driven by its consumption in lithium battery electrolytes & lubricants across the globe, followed by plasticizers and surface coatings.” says an FMI analyst.
Key Takeaways:
- Based on application, the lubricants segment is projected to hold approximately 32% of the total market share in 2022.
- Sales in the lithium battery electrolyte segment will grow at 6.4% CAGR through 2032.
- In terms of end use, demand in the automotive segment will reach a valuation of US$ 204.1 Mn by 2032.
- The India ethylene carbonate market is forecast to expand at a 6.8% CAGR over the assessment period.
- The China ethylene carbonate market will reach a valuation of US$ 127.3 Mn by 2032.
- East Asia will emerge as an attractive ethylene carbonate market, creating an incremental dollar opportunity of US$ 83.5 Mn over the forecast period.
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Competitive Landscape
Leading players operating in the global ethylene carbonate market
- Oriental Union Chemical Corporation
- Huntsman Corporation
- BASF SE
- Mitsubishi Chemical Corporation
- Toagosei Co., Ltd.
- Asahi Kasei
- Prasol Chemicals Ltd
- Shandong Shida Shenghua Chemical Group
- Shandong Senjie Chemical
- Dubi Chem
- Alfa Aesar
Key players are investing in mergers, acquisitions, and collaborations to improve their product potfolios. They are also investing in production facility expansions to cater to the growing demand from various end use sectors. For instance:
- In June 2021, Huntsman Corporation’s Performance Products division announced plans to significantly increase its existing capacity for ULTRAPURETM Ethylene Carbonate at its Conroe, Texas facility by mid-2023. ULTRAPURETM Ethylene Carbonate is essential for the safe operation and long life of lithium-ion batteries used in electric vehicles (EVs) and electronics.
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Ethylene Carbonate Market by Category
By Product Form:
- Solid
- Liquid
By Application:
- Lithium Battery Electrolyte
- Plasticizers
- Lubricants
- Surface Coatings
- Others
By End-Use Industry:
- Oil & Gas
- Automotive
- Pharmaceuticals
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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