CHICAGO , July 8, 2024
/PRNewswire/ -- The report "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 - Global Forecast to 2029", size is
expected to grow from USD 0.8 billion
in 2024 to USD 1.5 billion by 2029,
at a CAGR of 14.4%, during the forecast period. Key drivers of the
ethylene carbonate industry are rising demand across the
Asia Pacific region and expanding
usage in diverse applications such as lithium battery electrolytes,
lubricants, coatings, and plasticizers.
Browse in-depth TOC on "Ethylene Carbonate Market"
265 – Tables
40 – Figures
251 –
Pages
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Ethylene carbonate in liquid form will dominate the global
market throughout the forecast period.
The global ethylene carbonate market, segmented by form into
solid and liquid categories, is poised for significant growth in
the liquid segment during the forecast period. While the liquid
segment held a smaller market share in 2023, it is projected to
surpass the solid segment in the coming years. This growth is
driven by increasing demand across various applications, including
battery electrolytes, solvents, and chemical intermediates. Liquid
ethylene carbonate finds extensive use in automotive, medical,
chemical, and industrial industries, contributing to its rising
popularity. These factors will drive robust demand growth for
liquid ethylene carbonate in the forecast period.
Lithium battery electrolytes to dominate the global ethylene
carbonate market during the forecast period.
The ethylene carbonate market is segmented by its applications
into several key categories: lubricants, lithium battery
electrolytes, plasticizers, surface coatings, and other uses. Among
these, the lithium battery electrolytes segment is anticipated to
lead the market by 2029. This dominant growth is primarily
attributed to the rising global demand for electric vehicles (EVs),
which heavily depend on lithium-ion batteries. These batteries use
ethylene carbonate as a critical component in their electrolytes,
essential for enhancing battery performance, longevity, and safety.
The increasing adoption of EVs, driven by environmental regulations
and consumer preference for sustainable transport, is expected to
significantly boost the demand for ethylene carbonate in the coming
years.
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Automotive segment to dominate the global ethylene carbonate
market during the forecast period
The end-use industry has divided the market into automotive,
industrial, medical, oil & gas, personal care & hygiene,
and others. In 2023, the automotive segment held the largest market
share and is projected to experience substantial growth in the
forecast period. This growth is primarily driven by the rising
sales of vehicles, particularly electric vehicles (EVs). Ethylene
carbonate is utilized in automotive applications such as lubricants
and protective coatings and as an electrolyte in lithium batteries.
Moreover, the trend towards vehicle light-weighting has increased
the demand for various plastics, including polycarbonates used in
vehicle body manufacturing, thereby boosting the adoption of
ethylene carbonate as a plasticizer. These factors are expected to
drive significant demand growth in the forecast period.
The Asia Pacific region is
poised to hold the top in the global ethylene carbonate market
throughout the forecast period.
Asia Pacific is anticipated to
lead the ethylene carbonate market during the forecast period. The
regional market's expansion is driven by the increasing demand for
ethylene carbonate applications across various end-use industries
such as industrial, automotive, and oil and gas. A strong
industrial base, supportive government policies for electric
vehicles, and competitive labor costs are key factors bolstering
the ethylene carbonate sector and attracting significant investment
from major industry players in the region.
Key Players
Oriental Union Chemical Corporation (Taiwan), Huntsman (US), Shandong Shida
Shenghua Chemical Group Co., Ltd. (China), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan) are some of the leading manufacturers
of ethylene carbonate profiled in this report.
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