DUBLIN--(BUSINESS WIRE)--The "Global Ethylene Carbonate Market by Application (Lubricants, Lithium Battery Electrolyte, Plasticizers, Surface Coatings), End-Use Industry (Automotive, Oil & Gas, Industrial, Medical, Personal Care & Hygiene) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global ethylene carbonate market size is expected to grow from USD 473 million in 2022 to USD 901 million by 2027, at a CAGR of 13.7%, during the forecast period.
The ethylene carbonate industry has driven growth in the industrial sector. Industrial machinery requires lubricants for smooth functioning and reduced wear & tear. Also, many machines utilize surface coatings to reduce the risk of rusting and chemical attacks. These lubricants and surface coatings manufacturers are increasingly using ethylene carbonate as a highly polar solvent.
Moreover, An increase in demand for electric vehicles has pushed for battery electrolyte requirements, also translating into growth for the ethylene carbonate market. However, factors, such as the scarcity of raw materials and regulations on the use of ethylene carbonates are likely to hinder the growth of the market.
Excellent polar solvency capacity is the primary reason behind the fastest growth of liquid form
The ethylene carbonate market has been segmented based on form as solid and liquid. Among these forms, the liquid form is projected to grow at the fastest rate during the forecast period. The liquid form of ethylene carbonate acts as a highly polar solvent, suitable for dissolving large amounts of solute (electrolyte and chemicals). Therefore it is being largely used in applications such as lithium battery electrolytes, solvents, and reagents, among others.
Ethylene carbonate based lubricants enable smooth functioning of automobiles and industrial machinery
The ethylene carbonate market has been segmented based on applications such as lubricants, lithium battery electrolytes, plasticizers, surface coatings, and others. Among these applications, lubricants accounted for the larger share of the market in 2021. Ethylene carbonate acts as a reactive intermediate in the production of lubricants and greases. These lubricants enable the smooth functioning of industrial machinery and automotive engines. Thus, the demand for these lubricants is gaining traction, with an increase in demand for manufactured goods and automobiles, leading to the expansion of the ethylene carbonate market.
Rising sales of electric vehicles has pushed the demand for ethylene carbonate in the automotive industry
The automotive segment is flourishing owing to the efforts by manufacturers to the reduction in the emissions of volatile organic compounds (VOCs) that form smog. Manufacturers are trying to reduce the weight of the vehicles by employing materials such as plastics, resulting in a growing demand for plasticizers such as ethylene carbonate. Furthermore, there has been a consistent rise in the number of electric vehicles in use across the globe over the past five years. This is fueling the sales of ethylene carbonate, mainly in lubricants and battery electrolytes applications, in the automotive industry.
Asia Pacific is expected to record the highest growth rate during the forecast period
Asia Pacific is expected to have the highest growth rate during the forecast period due to countries such as China, Japan, South Korea, and India are hub for manufacturing products such as batteries, lubricants, and paints & coatings. Further, the economic growth in the major countries has led to an expansion in the industrial and automotive industries, driving the demand for ethylene carbonate in various applications. On the other hand, Europe is projected to have the second-largest market size by the end of the forecast period.
Market Dynamics
Drivers
- Growing Demand in Lithium-Ion Battery Electrolyte and Lubricant Applications
- Massive Industrial Growth in Asia and Africa
Restraints
- Volatility in Raw Material Prices
- Use of Highly Toxic Raw Materials in Production of Ethylene Carbonate
Opportunities
- Emergence of Lithium-Sulfur Batteries
- Increase in Use of Bio-based Plasticizers
Challenges
- Fluctuating Oil & Gas Prices
Companies Mentioned
- Alfa Aesar
- Antares Chem Private Limited
- BASF SE
- Cole-Parmer Instrument Company, LLC.
- Dongying Hi-Tech Spring Chemical Industry Co. Ltd.
- Dubi Chem Marine International
- Empower Materials
- Fujifilm Wako Pure Chemical Corporation
- Huntsman International LLC
- Liaoning Aoke Chemical Co. Ltd.
- Merck KGaA
- Mitsubishi Chemical Group Corporation
- National Analytical Corporation
- Oriental Union Chemical Corporation
- Otto Chemie Pvt. Ltd.
- Rx Marine International
- Shandong Lixing Chemical Co. Ltd.
- Shandong Senjei Cleantech Co. Ltd.
- Shandong Shida Shenghua Chemical Group Co. Ltd.
- Taixing Taida Fine Chemical Co. Ltd.
- Toagosei Co. Ltd.
- Tokyo Chemical Industry Co. Ltd.
- Vizag Chemicals International
- Zhengzhou Meiya Chemical Products Co. Ltd.
- Zibo Donghai Industries Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/adrs6l
