Segment Analysis of Ethylene Carbonate Market
The segment study of the global ethylene carbonate market is based on end-use industry, form, and application.
The form-based application of the global ethylene carbonate market is solid and liquid. The segment of liquid is likely to rise at high pace over the study tenure owing to the increase in number of its services. On the conclusion of the analysis term, the liquid segment of the ethylene carbonate market is likely to prompt the market upsurge by 2030. The large-scale utility of lithium-ion batteries as both a solvent and lubricants, in the automobile sector can add momentum to the market growth. The growing popularity of liquid ethylene carbonate as a crosslinking agent in the production of superabsorber polymer and its increasing utility in oil fields in the separation of gas washing process can benefit the market over the review tenure.
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The application-based segments of the ethylene carbonate market are plasticizers, lithium battery electrolytes, surface coatings, lubricants, fiber processing agents, chemical intermediates, and dyes among others. The segment of lithium battery electrolytes is expected to touch USD 136,103.8 thousand over the review tenure. The surge in demand for electric vehicles over the analysis tenure owing to different government initiatives for the protection of environmental across the world can benefit the ethylene carbonate market in the years to come.
The end-use industry-based segments of the ethylene carbonate market are textile, automotive, chemical, medical, oil & gas, agriculture, and personal care & hygiene among others. The segment of automotive end-industry of the ethylene carbonate market is expected to retain its hegemony over the analysis tenure. The rise in adoption of ethylene carbonate market by 30% over the analysis tenure is likely to promote the market expansion by 2030. The expansion of the ethylene carbonate market can also be attributed to the rise in the demand for production and sales of electronic vehicles throughout the globe. In addition, the increase in environmental concern to curb carbon emission, along with stringent government regulation in various regions, are other causes that expected to prompt the demand for electric vehicles, thus can benefit the market.
Market Highlights
Market Research Future (MRFR) studied the global ethylene carbonate market 2021 for the review period till 2030. As per MRFR analysis, the market of ethylene carbonate is expected to register 6.35% CAGR over the forecast period (from 2021 to 2030). By 2030, the ethylene carbonate market is likely to value at USD 427,427.9 thousand.
Market Drivers and Restrains
The surge in the utility of ethylene carbonate as the electrolyte in the sought-after lithium batteries is expected to drive the global market of ethylene carbonate. The growing demand for electric cars that use lithium batteries is expected to add to the market growth. The enforcement of stringent government regulations to protect environment from air pollution as the health index of different regions are observed to drop due to poor air quality can add to the ethylene carbonate market upsurge. The growing adoption of lithium batteries in vehicle to remove carbon dioxide from air, along with ethane and other heavy hydrocarbons are expected to prompt the market upsurge in the near future. The growing utility of olefin separation that creates the need for ethylene carbonate can fuel its demand in the expanding oil and gas industry, which, in turn, can benefit the market throughout the analysis tenure.
Market Players
Tokyo Chemical Industry Co., Ltd (Japan), Huntsman International LLC (US), Shandong Senjie Cleantech Co., Ltd (China), BASF SE (Germany), Merck KGaA (Germany), PANAX ETEC (South Korea), Toagosei Co., Ltd (Japan), New Japan Chemical Co., Ltd (Japan), Zibo Donghai Industries Co., Ltd (China), Mitsubishi Chemical Corporation (Japan), and OUCC (China) are some reputed companies in the global ethylene carbonate market that are recognized by MRFR and enlisted in the report.
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Regional Analysis
The regional assessment of the ethylene carbonate market is done across Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. In Asia Pacific, the market of ethylene carbonate is expected to expand at high pace owing to the rise in top-notch end-use industries in the region. In North America, the ethylene carbonate market is likely to register a healthy CAGR, following Europe, by 2030. The surge in sales of electric vehicles and the rise in demand for ethylene carbonate in chemical, personal care and hygiene, and medical, can favor the market in these regions.
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