CHICAGO, Sept. 6, 2022 /PRNewswire/ -- Ethylene Carbonate Market is expected to grow from USD 473 million in 2022 to USD 901 million by 2027, at a CAGR of 13.7%, during the forecast period, according to a new report by MarketsandMarkets. The major factors driving the ethylene carbonate industry include its increasing demand from the Asia Pacific and growing consumption in various applications such as lithium battery electrolytes, lubricants, coatings, and plasticizers.
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Liquid form ethylene carbonate to overtake the lead in the global ethylene carbonate market during the forecast period
The ethylene carbonate industry has been segmented based on form into solid and liquid. The liquid segment accounted for the smaller share of the market in 2021. However, it is going to overtake the lead during the forecast period. The growth in this segment is attributed to the increasing demand from various applications including battery electrolytes, solvents, chemical intermediates, among others. Ethylene carbonate in liquid form is extensively used in these applications to cater end use industries such as automotive, medical, chemical, and industrial. These factors are expected to drive the demand for liquid ethylene carbonate during the forecast period.
Lithium battery electrolytes to dominate the global ethylene carbonate market during the forecast period
The ethylene carbonate industry has been segmented based on application into lubricants, lithium battery electrolytes, plasticizers, surface coatings, and others. The lithium battery electrolytes segment is projected to hold the largest share by 2027. The growth in this segment is attributed to the increasing sales of electric vehicles across the globe. According to International Energy Agency, the global sales of electric vehicles have doubled in 2021 as compared to 2020. A similar growth trend is expected to continue during the forecast period, driving the demand for battery electrolytes, and in turn of ethylene carbonate.
Automotive end-use industry segment to dominate the global ethylene carbonate market during the forecast period
The market has been segmented based on the end-use industry into automotive, industrial, medical, oil & gas, personal care & hygiene, and others. The automotive segment accounted for the largest share of the market in 2021 and is expected to witness significant growth during the forecast period. This increase is attributed to increase in sales of vehicles, especially EVs. For instance, in Europe, the sales of electric vehicles in 2021 increased by 66% year-on-year, accounting for 2.3 million cars. Ethylene carbonate finds application in production of automotive lubricants, in protective surface coatings, and in lithium batteries as an electrolyte. Furthermore, light-weighting trend has expanded the demand of various plastics, including polycarbonate in vehicle body manufacture, leading to increasing uptake of ethylene carbonate as a plasticizer. These factors are expected to drive demand during the forecast period.
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Asia Pacific is expected to have the largest market size in the global ethylene carbonate industry during the forecast period
Asia Pacific is projected to be the leading ethylene carbonate market during the forecast period. The growth in the regional market can be attributed to the rising demand for ethylene carbonate applications from various end-use industries, including industrial, automotive, and oil & gas. The presence of a robust industrial base, favorable government policies for electric vehicles, and low labor costs are factors strengthening the ethylene carbonate industry and attracting major players to invest in the region.
Oriental Union Chemical Corporation (Taiwan), Huntsman (US), BASF (Germany), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan), among others, are the key players operating in the ethylene carbonate market..
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