Ethylene Carbonate Market by Application (Lubricants, Lithium Battery Electrolyte, Plasticizers, Surface Coatings), End-Use Industry (Automotive, Oil & Gas, Industrial, Medical, Personal Care & Hygiene), and Region - Global Forecast to 2029
DONGYING HI-TECH SPRING CHEMICAL INDUSTRY CO., LTD.
HEFEI TNJ CHEMICAL INDUSTRY CO., LTD.
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The global ethylene carbonate market will rise from USD 0.8 billion in 2024 to USD 1.5 billion by 2029, at a CAGR of 14.4% from 2024 to 2029. The growth in the industrial sector drives the ethylene carbonate industry. Industrial machinery requires lubricants for smooth functioning and reduced wear & tear. Also, many machines utilize surface coatings to reduce the risk of rusting and chemical attack. These manufacturers of lubricants and surface coatings increasingly use ethylene carbonate as a highly polar solvent. Moreover, increased demand for electric vehicles has pushed for battery electrolyte requirements, translating into growth for the ethylene carbonate market. However, factors such as the scarcity of raw materials and regulations on the use of ethylene carbonates are likely to hinder the market's growth.
Scope of the Report
Years Considered for the Study
2019-2029
Base Year
2023
Forecast Period
2024-2029
Units Considered
Value (USD Million/Billion), Volume (Tons)
Segments
Form, Application, End-Use Industry, and Region
Regions covered
North America, Asia Pacific, Europe, South America, and Middle East & Africa
"The rapid growth of the liquid form is primarily attributed to its excellent polar solvency capacity."
The ethylene carbonate market is segmented into solid and liquid forms, with the liquid form expected to experience the fastest growth rate during the forecast period. Liquid ethylene carbonate is a highly polar solvent capable of effectively dissolving significant solutes, including electrolytes and various chemicals. As a result, it has extensive applications in industries such as lithium battery electrolytes and solvents and as a reagent in multiple processes.
"Lithium battery electrolytes accounted for the larger share of the ethylene carbonate market primarily due to the rapid growth in demand for lithium-ion batteries."
The ethylene carbonate market is segmented based on applications such as lubricants, lithium battery electrolytes, plasticizers, surface coatings, etc. Among these applications, lithium battery electrolytes accounted for the larger share of the market in 2023. Lithium-ion batteries are extensively used in various applications such as consumer electronics, electric vehicles, and energy storage systems. Ethylene carbonate is a crucial component in the formulation of electrolytes for lithium-ion batteries due to its ability to improve the performance and stability of these batteries. As the market for lithium-ion batteries expands globally, driven by the shift towards electric mobility and renewable energy solutions, the demand for ethylene carbonate as a key electrolyte material has correspondingly increased, contributing to its significant market share.
"The increasing adoption of electric vehicles has driven the demand for ethylene carbonate within the automotive sector."
The automotive sector thrives as manufacturers strive to reduce volatile organic compounds (VOCs) emissions, contributing to smog formation. Efforts include adopting lightweight materials like plastics, leading to increased demand for plasticizers such as ethylene carbonate. Additionally, the global adoption of electric vehicles has steadily risen over the past five years, driving sales of ethylene carbonate, particularly in applications such as lubricants and battery electrolytes within the automotive industry.
"Asia Pacific is projected to experience the highest growth rate in the forecast period."
Asia Pacific is anticipated to achieve the highest growth rate in the forecast period, driven by countries like China, Japan, South Korea, and India, which are prominent hubs for manufacturing batteries, lubricants, paints, and coatings. The economic growth in these significant countries has spurred expansion in the industrial and automotive sectors, fostering increased demand for ethylene carbonate across diverse applications. Meanwhile, Europe is expected to hold the second-largest market size by the end of the forecast period.
Breakdown of primary interviews for the report on the ethylene carbonate market
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the ethylene carbonate marketplace.
By Company Type - Tier 1: 55%, Tier 2: 30%, and Tier 3: 15%
By Designation - C Level: 21%, Directors: 23%, Others: 56%
By Region - North America: 45%, Europe: 27%, APAC: 15%, Middle East & Africa: 6% and South America: 7%
The ethylene carbonate market comprises significant solution providers, such as Oriental Union Chemical Corporation (Taiwan), Huntsman (US), Shandong Shida Shenghua Chemical Group Co., Ltd. (China), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan). The study includes an in-depth competitive analysis of these key players, with their company profiles and key market strategies.
Research Coverage:
The report defines, segments, and projects the ethylene carbonate market size-based derivative, application, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments, such as new product development, agreements, acquisitions, and expansions they undertake in the market.
Reasons to Buy the Report:
The report will help market leaders and new entrants with information on the closest approximations of the revenue numbers for the overall ethylene carbonate market and the subsegments. It will also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of critical drivers (Growing demand for ethylene carbonate in lithium battery electrolyte and lubricant applications), restraints (Volatility in raw material prices), opportunities (Emergence of lithium-sulfur batteries), and challenges (Fluctuating oil & gas prices) influencing the growth of the ethylene carbonate market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the ethylene carbonate market.
Market Development: Comprehensive information about lucrative markets - the report analyses the ethylene carbonate market across varied regions.
Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the ethylene carbonate market.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Oriental Union Chemical Corporation (Taiwan), Huntsman (US), Shandong Shida Shenghua Chemical Group Co., Ltd. (China), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan) are the leading ethylene carbonate players, globally. Asahi Kasei (Japan), New Japan Chemical Co. Ltd (Japan), Zibo Donghai Industries Co. Ltd. (China), and Shandong Senjie Cleantech Co. Ltd (China), among others, in the ethylene carbonate market.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS & EXCLUSIONS OF STUDY
1.3 MARKET SCOPE
1.3.1 ETHYLENE CARBONATE MARKET SEGMENTATION
1.3.2 REGIONAL SCOPE
1.3.3 YEARS CONSIDERED
1.4 CURRENCY
1.5 UNITS CONSIDERED
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Key insights
2.1.2.3 List of participating companies for primary research
11.2.5 SHIDA SHENGHUA NEW MATERIALS GROUP CO., LTD.
11.2.6 SHANDONG SENJIE CLEANTECH CO., LTD.
11.2.7 DUBI CHEM MARINE INTERNATIONAL
11.2.8 ZIBO DONGHAI INDUSTRIES CO., LTD.
11.2.9 TOKYO CHEMICAL INDUSTRY CO., LTD.
11.2.10 TAIXING TAIDA FINE CHEMICAL CO., LTD.
*Details on Business overview, Products/Solutions/Services offered, Recent Developments, MnM view, Deals, Key strengths, Strategic choices, Weaknesses and competitive threats might not be captured in case of unlisted companies.
11.3 OTHER PLAYERS
11.3.1 EMPOWER MATERIALS
11.3.2 ZHENGZHOU MEIYA CHEMICAL PRODUCTS CO., LTD.
11.3.3 OTTO CHEMIE PVT. LTD.
11.3.4 VIZAG CHEMICAL INTERNATIONAL
11.3.5 FUJIFILM WAKO PURE CHEMICAL CORPORATION
11.3.6 RX MARINE INTERNATIONAL
11.3.7 ANTARES CHEM PRIVATE LIMITED
11.3.8 SHANDONG LIXING CHEMICAL CO., LTD.
11.3.9 DONGYING HI-TECH SPRING CHEMICAL INDUSTRY CO., LTD.
11.3.10 HEFEI TNJ CHEMICAL INDUSTRY CO., LTD.
12 ADJACENT AND INTERCONNECTED MARKETS
12.1 INTRODUCTION
12.2 LIMITATIONS
12.3 INTERCONNECTED MARKETS
12.3.1 DIMETHYL CARBONATE MARKET
12.3.1.1 Market definition
12.3.1.2 Market overview
12.3.2 DIMETHYL CARBONATE MARKET, BY GRADE
12.3.2.1 Industrial grade (>99.0% weight)
12.3.2.1.1 Expanding electronics and automotive industries to drive market
12.3.2.2 Pharmaceutical grade (>99.5% weight)
12.3.2.2.1 Presence of large number of leading players to support market growth
12.3.2.3 Battery grade (>99.9% weight)
12.3.2.3.1 Growing demand for electric vehicles to drive market