In a recent market analysis, Future Market Insights (FMI) projects that the global ethylene carbonate market will grow at a 6.2% CAGR between 2022 and 2032. EC, also referred to as ethylene carbonate, is an organic chemical. It is an odorless, colorless chemical that is a transparent, crystalline solid at room temperature that is soluble in water. Applications for ethylene carbonate are numerous in a variety of end-use industries, including the oil and gas and automotive sectors.
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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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
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:
- 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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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 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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