Ethylene Carbonate Market By Application (Coatings, Dyes, Lithium Batteries, Lubricants, Organic Solvents, and Medical Products), By End-Use Industry (Automotive, Healthcare, Paints & Coatings, Plastics, Chemicals, Textiles, Oil & Gas, and Agriculture) - Global Analysis & Forecast 2020-2030
Report ID : 337 | Published Date : Jul 2020 | Pages : 150 | Region : Global | Report Code : CM-34
Ethylene Carbonate Market Overview and Introduction
Ethylene carbonate is an organic compound that can be colorless or yellowish in color. It is a highly polar solvent that offers a high boiling point, low toxicity, and high solubility for polymeric applications.
The growing utilization of ethylene carbonate for automotive batteries stands to be one of the key drivers. As ethylene carbonate is a highly polar solvent, it is widely utilized in electrolyte solutions in lithium-ion batteries. The growing utilization of lithium-ion batteries by leading automobile companies, such as Tesla, BYD, and others, is generating several growth opportunities in the market. These factors are expected to surge the demand for ethylene carbonate in the coming years. Huntsman, for instance, offers ethylene carbonate under the brand name, ULTRAPURE that is used in battery applications. The rising utilization of ethylene carbonate for other applications such as coating, dyeing, and lubricating, among others is further expected to surge its demand in the coming years. For instance, it is used as a solvent for lubricants, in the separation of gas washing processes, as a cross-linking agent in the super absorber polymer production and as an intermediate in the synthesis of polycarbonate diol, among others.
However, the price volatility of ethylene carbonate acts as a major market barrier. However, owing to the outbreak of COVID-19 worldwide, manufacturing and logistics issues are further likely to impede market growth in the coming years.
The global ethylene carbonate market can be segmented by application, end-use industry, and region.
Ethylene Carbonate Market By Application
Based on application, the ethylene carbonate market can be segmented into coatings, dyes, batteries, lubricants, organic solvents, medical products, and others. The lubricant segment held the largest market share in 2019. Lubricants are used as cooling and cleaning agents and have widespread applications in several industries, including oil & gas and automotive, among others. For instance, it is widely used for gas washing in the oil & gas industry. Such applications are expected to propel the market demand in the coming years.
Ethylene Carbonate Market By End-Use Industry
Based on end-use industry, the ethylene carbonate market can be segmented into the healthcare, paints & coatings, plastics, chemical, textile, oil & gas, and agriculture, among others. The automotive segment accounted for the largest market in 2019. Owing to the increasing concerns regarding carbon footprint and the growing adoption of electric vehicles, the demand for lithium batteries is expected to witness high growth in the coming years. According to the International Energy Agency (IEA), under the EV30@30 scenario, the global electric vehicle sale is expected to reach 44 million per year by 2030, which is expected to generate a high demand for lithium batteries and further propel the demand for ethylene carbonate.
Ethylene Carbonate Market By Region
The global ethylene carbonate market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific is the largest market for ethylene carbonate owing to its heavy utilization in chemicals, paints and coatings, and personal care industries, among others. China stands to be the largest producer of ethyl carbonate in the Asia Pacific region. Rising economic activities in the region coupled with growing healthcare, plastic, and automotive industries in China, India, and South Korea are also generating opportunities for the regional region. Furthermore, the rising production of ethyl carbonate in China is expected to support market growth in the coming years.
Ethylene Carbonate Market Prominent Players
Some of the prominent players in the global ethylene carbonate market are BASF SE, Huntsman International LLC, Mitsubishi Chemical Corporation, Oriental Union Chemical Corporation, TOAGOSEI CO., LTD., Asahi Kasei Corporation, New Japan Chemical Co., Ltd., ZIBO DONGHAI INDUSTRIES CO., LTD., Empower Materials, and Vizag Chemicals, among others.