Global Ethylene Carbonate Market is projected to reach US$ 450.5 Million by 2027 |CAGR: 6.6%: Astute Analytica

NEW DELHI, March 30, 2022 /PRNewswire/ -- According to the study undertaken by Astute Analytica the global ethylene carbonate market was valued at US$ 303.2 Million in 2021 and is forecasted to reach US$ 450.5 Million by 2027. The market is expected to register a CAGR of 6.6 % during the forecast period 2022-2027. In terms of volume, the market is registering a growth at a CAGR of 6.3% during the forecast period. Ethylene Carbonate (EC) is an organic solvent with high polarity, superior solubility in water, organic solvents and high polymers. Generally, ethylene carbonate is colourless and odourless in nature and is only slightly soluble in water. Ethylene carbonate is used as a polar solvent or a cross linking agent in various applications. It also being increasingly used as an electrolyte in lithium-ion batteries. Ethylene carbonate is also used in various oil and gas processes as it provides low toxicity in nature.

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Factors such as growing demand for ethylene carbonate in lithium-ion electrolytes and significant industrial growth in Asia Pacific drives the growth in the global ethylene carbonate market. The growing demand for ethylene carbonate in lithium-ion battery electrolytes is mainly due to the widespread use of lithium-ion batteries in electric vehicles. The rechargeable lithium-ion batteries have transformed portable electronics and are the technology of choice for electric vehicles. Hence, continuous increasing application of li-ion batteries in multiple sectors is expected to create the demand for ethylene carbonate in the near future. Moreover, industrial sector is one of the major drivers of the global ethylene carbonate market and with such rise in the industrial sector in Asia Pacific, the ethylene carbonate market will witness considerable growth in the region. Also, manufacturing has emerged as one of the high growth sectors in Asia Pacific. However, the cost of raw material used in the production of ethylene carbonate has experienced volatility in recent years, impacting the global ethylene carbonate market.

Market Segmentation

Industry Grade is expected to project the highest share in the Global Ethylene Market

Based on grade, the ethylene carbonate market is bifurcated into battery grade and industry grade. The industry grade segment is estimated to have the highest market share during the forecast period. Whereas, battery grade segment is projected to grow at the highest CAGR during the forecast period owing to the increasing demand for high quality ethylene carbonate for lithium-ion batteries. Also, battery grade segment is gaining traction in the emerging region due to increasing awareness of recycled batteries across the regions.

Solid form segment holds the highest share in 2021 in the Global Ethylene Carbonate Market

Based on form, the ethylene carbonate market is bifurcated into solid and liquid. The solid form dominated the market share in 2021 owing to its usage in various applications. The segment is projected to continue its lead position during the forecast period, attributed to its usage as high permittivity component of electrolytes in lithium and lithium-ion batteries. Furthermore, liquid segment is projected to grow at the highest CAGR of 7.3% during the forecast period owing to its extensive usage as an electrolyte in lithium-ion batteries.

Chemical Intermediates segment is expected to register the highest CAGR during the forecast period

Based on the application, the ethylene carbonate market is segmented into lithium battery electrolytes, resist strip solvents, fiber processing agents, lubricants, plasticizers, surface coatings, chemical intermediates, dyes and others. The lubricant segment is estimated to have the highest market share during the forecast period due to its growing usage in industrial, oil & gas and automotive end-use industry. In the automotive sector, lubricants are used as cooling and cleaning agents. Moreover, chemical intermediate segment is projected to grow at the highest CAGR during the forecast period owing to its growing application in chemical intermediate and solvent.

Automotive segment dominated the Global Ethylene Carbonate Market in 2021

Based on industry, the ethylene carbonate market is segmented into the automotive, healthcare & pharmaceuticals, chemicals, oil & gas, textile, personal care & hygiene, agriculture and others. Automotive segment holds the highest market share in 2021 due to the rising demand for electric vehicles in the marketplace. Furthermore, oil & gas segment is projected to grow at the highest CAGR during the forecast period. The growing adoption of ethylene carbonate in the gas separation process in the oil & gas industry is expected to drive the market growth during the forecast period.

Asia Pacific held the major share in terms of revenue, in the Global Ethylene Carbonate Market in 2021

Based on geography, Asia Pacific dominated the global ethylene carbonate market in 2021 and is also expected to project the highest CAGR in the global market during the forecast period owing to its increasing usage in various end-use industries such as oil & gas, automotive, industrial and medical. China and Japan are the major contributors in the growth of the regional market. Moreover, the funding for automotive sector and the supportive government initiatives for the industrial sector will further surge the market growth in the region.

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Company Profile

• BASF SE is a chemical company which operates in six segments including chemicals, plastics, performance products, functional solutions, agricultural solutions and oil and gas. BASF offers products for the energy & resources, furniture & wood, home care and industrial & institutional cleaning solutions, paints & coatings, personal care & hygiene, pharmaceuticals, pulp & paper, footwear & textile and provides a range of system solutions and services. Moreover, the company targets to strengthens its customers base throughout the entire organization. It will also aim to create chemistry for a sustainable future by growing profitably and creating a value for society.
• Huntsman International LLC operates as a chemical manufacturing company. It mainly operates in five business segments: polyurethanes, advanced materials, textile effects, performance products and pigments. It manufactures and markets specialty and commodity chemicals as well as produces polyurethanes, propylene oxides, adhesives, aerospace composites and electrical insulating materials. It also offers carbonate electrolyte solvents for reliable operation and long working life of lithium-ion batteries for electronics and electric vehicles. Moreover, in terms of business revenue segmentation, polyurethanes hold the highest market share.
• Toagosei Co., Ltd. is a Japanese chemical company, producing cyanoacrylate adhesives and other chemical products of the company include high purity gases, soda and chlorine products and instant glue. It operates through five business categories, i.e., commodity chemicals, polymer & oligomer, adhesive material, performance chemicals and plastics. Moreover, the group focuses to strengthen marketing activities and reduce costs to maintain its competitive edge over rival companies that are able to sell products with the same qualities at lower prices.

Competitive Insight

Global Ethylene Carbonate Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global ethylene market include BASF SE, Huntsman International LLC, Merck KGaA, Mitsubishi Chemical Corporation, Toagosei Co., Ltd., Sigma-Aldrich, Lixing Chemical, Tokyo Chemical Industry Co., Ltd. and OUCC among others. 

Segmentation Overview

Global Ethylene Carbonate Market is segmented based on grade, form, application, industry and region. The industry trends in global ethylene carbonate market are sub-divided into different categories in order to get a holistic view of the global marketplace. Following are the different segments of the Global Ethylene Carbonate Market:

• By Grade segment of the Global Ethylene Carbonate Market is sub-segmented into:
• Battery Grade
• Industry Grade
• By Form segment of the Global Ethylene Carbonate Market is sub-segmented into:
• Solid
• Liquid
• By Application segment of the Global Ethylene Carbonate Market is sub-segmented into:
• Lithium Battery Electrolytes
• Capacitor Electrolytes
• Resist Strip Solvents
• Fiber Processing Agents
• Lubricants
• Soil Hardening Agents
• Organic Solvents
• Plasticizers
• Surface Coatings
• Chemical Intermediates
• Dyes
• Others
• By Industry segment of the Global Ethylene Carbonate Market is sub-segmented into:
• Healthcare & Pharmaceuticals
• Automotive
• Chemicals
• Oil & Gas
• Textile
• Personal Care & Hygiene
• Agriculture
• Others
• By Region segment of the Global Ethylene Carbonate Market is sub-segmented into:
• North America
• The U.S.
• Canada
• Mexico
• Europe
• The UK
• Germany
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• Korea
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

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