Market Highlights
The Global Ethylene Carbonate Market is estimated
to be valued at USD 427,427.9 Thousand by 2024 and is expected
to register a CAGR of 6.35% during the forecast period.
The use of ethylene carbonate as an electrolyte in lithium
batteries is the primary driver of the global ethylene carbonate market. The
rising demand for electric vehicles due to the stringent government regulations
for environment protection is expected to propel the demand for lithium
batteries, which in turn, will increase the use of ethylene carbonate
electrolyte. It is employed in the removal of carbon dioxide from gaseous
mixtures containing a significant amount of ethane and heavy hydrocarbons,
which further drives the global market growth. Moreover, it is used for olefin
separation, which further fuels its demand in the oil & gas industry.
Segment Analysis
The global ethylene
carbonate market has been segregated on the basis of form, application,
end-use industry, and region.
On the basis of form, the global market has been divided
into liquid and solid, with the liquid segment accounting for a major market
share in 2018. This is due to its widespread use in lithium-ion batteries,
as a solvent for lubricants, as a crosslinking agent in the superabsorber
polymer production, as well as in the separation of gas washing process and oil
fields.
By application, the market has been categorized into lithium
battery electrolytes, lubricants, plasticizers, surface coatings, chemical
intermediates, fiber processing agents, dyes, and others. The lithium battery
electrolytes segment is projected to reach a value of USD 136,103.8
thousand during the review period. The segment’s growth is attributed to
the rising demand for electric vehicles in line with the various government
initiatives for environmental protection across the globe.
By end-use industry, the market has been divided into
automotive, oil & gas, textile, chemical, medical, personal care &
hygiene, agriculture, and others. The automotive end-use industry segment
accounted for nearly 30% of the overall market share in 2018.
The growth of the segment is primarily attributed to the increasing
manufacturing and sale of electronic vehicles across the globe. Moreover, with
the increasing environmental concern and reducing carbon emission, government
across various countries are taking initiatives to promote the growth of
electric vehicles.
Market Players
Market Research Future (MRFR) recognizes Huntsman
International LLC (US), New Japan Chemical Co., Ltd (Japan), Mitsubishi
Chemical Corporation (Japan), BASF SE (Germany), Shandong Senjie Cleantech Co.,
Ltd (China), Merck KGaA (Germany), Toagosei Co., Ltd (Japan), PANAX ETEC (South
Korea), Zibo Donghai Industries Co., Ltd (China), OUCC (China), and Tokyo
Chemical Industry Co., Ltd (Japan) as the key players in the global
ethylene carbonate market.
Regional Analysis
The global ethylene carbonate market, by region,
has been segmented into Asia-Pacific, Europe, North America, Latin America, and
the Middle East & Africa. Asia-Pacific dominated the global market in
2017 on account of the growth of major end-use industries in the region.
The markets in North America and Europe are projected to
register a significant growth rates during the review period. The growth in
both these regions is attributed to the high production and sale of electric
vehicles as well as the growth of other end-use industries such as chemical,
medical, and personal care & hygiene.
Key Findings of the Study:
- The Global
Ethylene Carbonate Market is projected to reach USD 427,427.9
thousand by 2024 at a CAGR of 6.35% during the review
period of 2019 to 2024.
- Asia-Pacific
accounted for the largest market share in 2017. China accounted for nearly
30% of the market share in 2017 and is projected to register a CAGR
of over 8%.
- Some
of the prominent players in this market are BASF SE, Huntsman
International LLC, OUCC, and Mitsubishi Chemical Corporation, among
others.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/ethylene-carbonate-market-7335
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