The demand for ethylene carbonate in lithium-particle batteries is witnessing a rise owing to its wide utilization in electric vehicles.
The global ethylene carbonate market is 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. Ethylene carbonate sometimes known as EC is an organic compound. At room temperature, it is a transparent crystalline solid and soluble in water and is odorless and colorless compound. Ethylene carbonate has various applications in different end-use industries such as automotive, and oil & gas.
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 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.
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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:
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 leading players operating in the global ethylene carbonate market.
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:
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More Insights into 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 of 2017-2021 and forecast statistics for the period of 2022-2032. To understand the global market potential, its growth, and scope, the market is segmented based on product form (solid & liquid), by application (lithium battery electrolyte, plasticizers, lubricants, surface coatings, and others), by end-use industry (oil & gas, automotive, pharmaceuticals, and others) & by region ( North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
About FMI – Chemicals and Materials
The Chemicals and Materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
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.
Apr 27, 2023