Ethylene Carbonate Market - 35% of Growth to Originate from North America, Technavio

NEW YORK, March 27, 2024 /PRNewswire/ -- The global ethylene carbonate market size is estimated to grow by USD 223.48 mn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of almost 10.32% during the forecast period. North America held the largest share of the global market in 2023, and the market in the region is estimated to witness an incremental growth of 35%. 

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North America is expected to play a pivotal role in propelling the global ethylene carbonate market

Geographic Landscape:

The Ethylene Carbonate (EC) market in North America is experiencing significant growth due to its increasing applications in various industries. In the oil & gas sector, the surge in crude oil production in the US, the largest in North America, is driving the demand for EC as a plasticizer and vinylene carbonate precursor in drilling operations. The automotive industry is another major contributor to the EC market, with rising automobile production leading to increased demand for EC in battery production, particularly for lithium-ion batteries and electrolytes. EC is also used in medical applications, such as in medical equipment and pharmaceuticals, for viscosity reduction. In the electronic industry, EC is used as a solvent in organic synthesis applications and as a soldering flux. The market's environmental impact is a concern, as EC is produced from ethylene oxide and carbon dioxide, which contribute to greenhouse gas emissions. The market's future growth is expected to be driven by the expanding use of EC in energy storage systems, renewable energy storage, and high-density plastics. The market's production and sales are influenced by chemical changes, shelf life, temperature, and viscosity. EC is also used as a precursor in the production of lithium-sulfur batteries and solid electrolytes for capacitor and battery electrolytes. Additionally, EC finds applications in cosmetics and industrial waste streams.

Market Drivers

Ethylene carbonate, a versatile chemical compound, gains significance in various industries due to its superior properties. In the energy storage sector, it is increasingly used as a solid electrolyte in lithium-ion and lithium-sulfur batteries. Its application extends to capacitor electrolytes and solid battery electrolytes. Ethylene carbonate finds use in cosmetics as a viscosity reducer, in soldering fluxes, and in pharmaceuticals. The chemical is also employed in drilling operations and oil & gas industries. Its high dielectric strength makes it essential in energy storage systems and portable electronics. Ethylene carbonate is produced from ethylene oxide and carbon dioxide, and its production process involves industrial waste streams and reactor systems. The market for ethylene carbonate is driven by the growing demand for high-density plastics, additives, and its use as a solvent in the production of lithium-ion battery electrolytes. Ethylene carbonate's long shelf life, temperature stability, and resistance to chemical changes make it a preferred choice in various industries. Its lubricity properties are valuable in petroleum and natural gas industries.

Challenges

Ethylene Carbonate is a versatile chemical used in various industries, primarily in the production of Lithium-ion Batteries (Li-ion Batteries) for electric vehicles (EVs) and consumer electronics. In the battery sector, it functions as a chemical intermediate, solvent, plasticizer, and battery electrolyte. Ethylene Carbonate's demand stems from its application in solid and liquid Li-ion battery electrolytes, contributing to the growth of the battery market and the Lithium-ion battery market. Beyond batteries, Ethylene Carbonate is used in polymers for lithium-sulfur batteries, surface coatings, and lubricants. It also serves as a precursor in organic synthesis applications and vinylene carbonate production. Ethylene Carbonate's environmental impact is a concern, but its use in energy storage systems, renewable energy storage, and portable electronics offsets this. Additionally, Ethylene Carbonate finds applications in medical devices, cosmetics, soldering fluxes, and pharmaceuticals, where it aids in viscosity reduction. In the oil & gas industry, it is used in drilling operations and as a solvent. Ethylene Carbonate's role in chemical reactions, plasticizer applications, and capacitor electrolytes further expands its market reach.

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Market Overview

The Ethylene Carbonate market is a significant segment of the chemical industry, characterized by its production through the reaction of ethylene oxide and carbon dioxide. Polymers, solvents, and lubricants are among the primary applications of Ethylene Carbonate. The market is driven by the increasing demand for these applications, particularly in the automotive and electronics industries. Solvents, such as Ethylene Carbonate, are used in the production of Li-ion batteries, which are essential for electric vehicles. Capacitors, coatings, and adhesives are other applications of Ethylene Carbonate. The market is expected to grow due to the rising demand for these applications and the increasing focus on renewable energy sources. The market is competitive, with key players including DuPont, Asahi Kasei, and SABIC. The use of Ethylene Carbonate in various industries, including automotive, electronics, and renewable energy, makes it a vital component in these sectors.

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Key Company

Ethylene Carbonate Market  is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Ethylene Carbonate Market report includes information on the product launches, sustainability, and prospects of leading vendors including Actylis, Asahi Kasei Corp., ATAMAN Kimya AS, BASF SE, Ereztech LLC, FUJIFILM Holdings Corp., Haihang Industry Co. Ltd., Merck KGaA, Mitsubishi Chemical Group Corp., National Analytical Corp., Oriental Union Chemical Corp., Otto Chemie Pvt. Ltd., Shandong Lixing Advanced Material Co. Ltd., Toagosei Co. Ltd., Tokyo Chemical Industry Co. Ltd., Vizag Chemical International, Zhengzhou Alfa Chemical Co. Ltd., Zhengzhou Meiya Chemical Products Co. Ltd., Spectrum Laboratory Products Inc., Huntsman International LLC .

Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio