Ethylene Carbonate Market is anticipated to grow at a CAGR of 4.5% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Ethylene Carbonate Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030.” According to the report, the global ethylene carbonate market is anticipated to grow at a CAGR of 4.5% from 2020 to 2030.
The significant market growth can be attributed to the high demand for ethylene carbonate across various industries. The growing demand for lithium batteries stands to be one of the major market drivers. Owing to favorable government regulations, there is a rising demand for electric vehicles globally, which is further expected to boost the demand for ethylene carbonate, a key ingredient in lithium ion battery production. Furthermore, its utilization in the plastic manufacturing process where it is used as a solvent for polymers, such as polyacrylonitrile and other resins, is further expected to propel market growth. Additionally, the increasing applications of ethylene carbonate as a pharmaceutical intermediate and its utilization in the textile industry as solvent, reactant, and plasticizer will also supplement market growth.
However, the price volatility of ethylene carbonate and adverse effects on the environment are major market barriers. Owing to the outbreak of COVID-19 worldwide, the production and supply is likely to take a hit, which will impact market growth in the coming years.
Asia Pacific stands to be the largest market for ethylene carbonate owing to its high utilization in different end-use industries such as automotive, textile, and chemical, among others. The growing demand for lubricants in the automotive sector is likely to play a key growth driver in the region. Additionally, the rising number of manufacturing hubs in countries, such as China, Taiwan, India, and South Korea, is expected to contribute to market growth in the coming years.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/ethylene-carbonate-market/337
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.
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