Ethylene carbonate sometimes known as EC is an organic compound. At room temperature, it is a transparent crystalline solid 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 & gas. The global ethylene carbonate market sales are projected to expand at a 6.2% CAGR during the forecast period between 2022 and 2032, finds Future Market Insights (FMI) in a recent market analysis.
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 USD 175.0 Million by 2032.
Growing usage of lithium-ion batteries in electric vehicles will augment the growth in the market. Ethylene carbonate is one of the most reactive solvents relevant to lithium-ion batteries (EC). Increasing sales of electric vehicles are bolstering the demand for Li-ion batteries, thereby favoring the growth in the ethylene carbonate market.
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 the smooth operation of the object. Consumption of ethylene carbonate is expected to grow across the industrial, automotive, and oil and gas sectors, where lubricants are widely used.
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“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.
Opportunities: Emergence of lithium-sulfur batteries
The energy-storing capacity of lithium-sulfur batteries is leading to their growing demand. These batteries can store ten times more energy than lithium-ion batteries. Ethylene carbonate is used as an electrolyte in lithium-sulfur batteries. Lithium-sulfur batteries are considered promising next-generation batteries for electric vehicles. This is because they have a sulfur cathode that is cheap and easily available and has a low toxic impact on the environment compared to lithium-ion batteries. This is expected to increase the demand for ethylene carbonate in lithium-sulfur batteries.
Challenges: Fluctuating oil & gas prices
The increasing global demand for crude oil and the unrest in the Middle East are major factors responsible for the fluctuating prices of ethylene carbonate. The ethylene carbonate market is also affected by high transport costs, driven by rising fuel prices and high manufacturing costs, resulting from increased energy costs. Manufacturers of ethylene carbonate have responded to the increase in manufacturing cost by ensuring that the rise in prices is asymmetrically shared, with end-users paying the majority share. Hence, the fluctuating oil & gas prices act as a challenge for the ethylene carbonate market.
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 Million 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 Million by 2032.
- East Asia will emerge as an attractive ethylene carbonate market, creating an incremental dollar opportunity of US$ 83.5 Million over the forecast period.
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Competitive Landscape
Key Companies Profiled
- 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 portfolios. 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.
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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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