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. 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:
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: