Ethylene Carbonate Market

Ethylene Carbonate Market size reached USD 480 million in 2021 and is estimated to reach USD 788 million in 2029 and the market is estimated to grow at a CAGR of 6.4% from 2022-2029.

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Market Dynamic

Key Drivers and Emerging Trends

Increasing adoption of ethylene carbonate in several applications which include surface coatings, lubricants, and plasticizers stands to be a major factor fueling the ethylene carbonate market growth. In addition, growing demand for ethylene carbonate in lithium battery electrolyte owing to the growing demand for electric vehicles has strengthened the market growth. As per the EV Volumes data, the supply of electric vehicles across the globe in 2021 is estimated to be 6750 thousand units as compared to 3240 thousand units in 2020. Factors which include rising demand for mobiles and electronics, growing application for ethylene carbonate in the chemical sector, ongoing technological modernizations in developing economies, and emerging need for energy reserving sources, will augment the market growth. However, increasing health hazards owing to the innocuous nature ethylene carbonate and the availability of other substitutes are projected to impede the market growth.

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Application – Segment Analysis

Lubricant is forecast to dominate the ethylene carbonate market during the forecast period, owing to its growing usage as a cleaning and cooling agent in the automotive industry. In addition, the increasing adoption of lubricants in industrial and oil & gas end use industry is projected to expand the market over the upcoming years.

End-Use Industry – Segment Analysis

Automotive industry is expected to lead the market during the forecast period, primarily because of the increasing government initiatives and growing demand for electric vehicles. Additionally, the growing need to minimize emissions of volatile organic compounds (VOCs) and produce a durable protective surface coating on vehicles has bolstered the segment’s size.

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Region – Segment Analysis

Asia-Pacific is predicted to grow at the highest rate over the forecast period, because of the increasing investment to develop lithium technology. Increasing per capita income, rising population, economic expansion, and strict government norms on combustion engines in Asia have proliferate dthe regional growth. As per the Japan’s Ministry of Economy, Trade and Industry (METI), Japanese businesses have dominated the industry in lithium-ion battery production in recent years, and these batteries are used in gadgets as well as vehicles.

Top Market Players

Various notable players operating in the market include OUCC, Mitsubishi Chemical Corporation, BASF SE, TOAGOSEI CO., LTD., Huntsman International LLC, New Japan Chemical Co., Ltd., Asahi Kasei Corporation, Alfa Aesar, Zibo Donghai Industries, and Alchem Chemical Company, among others. 

Key Development:

• • In 2021, Huntsman Corporation entered into a strategic partnership with distributor partner Azelis Americas CASE, LLC in the US and Azelis Canada, Inc. in Canada. This agreement is projected to dominate the distribution of the company’s business for Advanced Materials in the US and Canada.
  • In 2021, Huntsman Corporation (NYSE: HUN) introduced its Performance Products division to expand its existing capacity for ULTRAPURE™ Ethylene Carbonate at its Conroe, Texas facility by mid-2023. ULTRAPURE™ Ethylene Carbonate is crucial for the reliable operation and long working life of lithium-ion batteries for electric vehicles (EVs) and electronics.

Segments covered in the Report:

The global ethylene carbonate market has been segmented on the basis of application, end-use industry, and regions. Based on application, the market is segmented into surface coatings, plasticizers, lubricants, lithium battery electrolytes, and others. Based on end-use industry, the market is segmented into automotive industry, oil & gas industry, personal care & hygiene industry, medical industry, and others. 

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Key questions answered in this research report:

• • At what pace is global ethylene carbonate market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in ethylene carbonate market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global ethylene carbonate market?
  • Which application generated maximum revenues in 2021 and identify the most promising application during the forecast period?
  • What are the various end-use industry areas of global ethylene carbonate market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Ethylene Carbonate Market by Application

• • Surface Coatings
  • Plasticizers
  • Lubricants
  • Lithium Battery Electrolytes
  • Others

Global Ethylene Carbonate Market by End-Use Industry

• • Automotive
  • Oil & Gas
  • Personal Care & Hygiene
  • Healthcare
  • Others

Global Ethylene Carbonate Market by Region

• • North America Ethylene Carbonate Market (Option 1: As a part of the free 25% customization)
    • By Application
    • By End-Use Industry
    • US Market All-Up
    • Canada Market All-Up
  • Europe Ethylene Carbonate Market (Option 2: As a part of the free 25% customization)
    • By Application
    • By End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Ethylene Carbonate Market (Option 3: As a part of the free 25% customization)
    • By Application
    • By End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Ethylene Carbonate Market (Option 4: As a part of the free 25% customization)
    • By Application
    • By End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Ethylene Carbonate (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • OUCC
  • Mitsubishi Chemical Corporation
  • BASF SE
  • TOAGOSEI CO., LTD.
  • Huntsman International LLC
  • New Japan Chemical Co., Ltd.
  • Asahi Kasei Corporation
  • Alfa Aesar
  • Zibo Donghai Industries
  • Alchem Chemical Company