According to Future Market Insights (FMI), a new market analysis projects that the worldwide ethylene carbonate market will grow at a 6.2% CAGR between 2022 and 2032. Organic compound ethylene carbonate, also referred to as EC, is one of them. It is a transparent, crystalline solid that is soluble in water and is an odorless, colorless chemical at room temperature. Ethylene carbonate is used in a wide range of end-use industries, including the automotive and oil and gas sectors.
Lithium-ion batteries are increasingly being used in electric vehicles, which will accelerate market expansion. One of the most reactive solvents pertinent to lithium-ion batteries (EC) is ethylene carbonate. Elevating the need for Li-ion batteries, rising electric vehicle sales are promoting the expansion of 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 to 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 Million 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.
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
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, 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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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