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ethylene carbonate market

Ethylene Carbonate Market Share, Size, Trends, Industry Analysis Report, By Form (Solid, Liquid); By End-Use (Oil & Gas, Automotive, Personal Care, Medical, Textile, Industrial, Others); By Application; By Region; Segment Forecast, 2021 - 2028

  • Published Date: Oct 2021
  • Pages: 117
  • Format: PDF
  • Report ID: PM2094
  • Base Year: 2020
  • Historical Data: 2016 - 2019

Report Summary

The global ethylene carbonate market size was valued at USD 307.7 million in 2020 and is expected to grow at a CAGR of 6.0% during the forecast period. Ethylene carbonate is an organic compound offering properties such as high polarity, high boiling point, high permittivity, and low toxicity.

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Ethylene carbonate is primarily used in lithium battery electrolytes and lubricants. Lithium-ion batteries are used in electric vehicles owing to their higher energy density. These batteries use a combination of anode and cathode materials based on features such as cost, lifespan, safety, and performance, among others. Ethylene carbonate is also used in other applications such as organic solvents, capacitor electrolytes, fiber processing agents, soil hardening agents, and medical products, among others.

The COVID-19 outbreak has negatively impacted the growth of the market due to operational challenges, transportation delays, and travel restrictions. The oil and gas, manufacturing, and plastic industries have been severely affected by the pandemic and have experienced disruption of the supply chain, the shutdown of factories, and workforce impairment.

The automotive industry has experienced reduced demand for commercial and personal vehicles and the closure of stores due to lockdowns and roadblocks across the globe. Battery manufacturing activities have also been halted due to various government regulations across the world. Restrictions on imports of goods to curb the spread of the virus have further contributed to restricting the market growth.

Industry Dynamics

Growth Drivers
The growing application of ethylene carbonate in electric vehicles drives the growth of the market. Rising environmental awareness coupled with stringent emission regulations has resulted in increased acceptance of electric vehicles. Rapid urbanization coupled with increasing industrialization across the globe has led to the expansion of industries such as automotive, oil and gas, industrial and medical, increasing the demand for ethylene carbonate from these sectors.

Global players are expanding into emerging countries to tap market potential, further boosting the market growth for ethylene carbonate. Technological advancements and rising investments in R&D are expected to offer growth opportunities during the forecast period.

Increasing environmental concerns and growing electrification of vehicles have increased the demand for ethylene carbonate in the automotive sector. There has been a significant reduction in the prices of Li-ion batteries over the years, further boosting the electric vehicle market growth.

Governments of various countries are offering monetary advantages and non-monetary subsidies in the form of driving and parking access to promote the adoption of electric cars. Industry players are collaborating with governmental organizations to launch initiatives and schemes to boost the adoption of electric vehicles, which in turn supports the industry growth for ethylene carbonate.

Report Segmentation

The market is primarily segmented on the basis of form, application, end-use, and region.

By Form

By Application

By End-Use

By Region

  • Solid
  • Liquid
  • Surface Coatings
  • Solvent
  • Lubricants
  • Lithium Battery Electrolytes
  • Plasticizers
  • Others
  • Oil & Gas
  • Automotive
  • Medical
  • Personal Care
  • Textile
  • Industrial
  • Others
  • North America (U.S., Canada)
  • Europe (Germany, UK, France, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, South Africa, Israel, UAE)

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Insight by Form

Based on form, the market is segmented into solid ethylene carbonate, liquid ethylene carbonate. The demand for solid ethylene carbonate is expected to be high during the forecast period. Increasing utilization of solid form in solvents and lubricants supports the industry growth. It is also used in plasticizers, solid battery electrolytes, and certain medical products.

Insight by Application

The application segment has been divided into surface coatings, solvents, lubricants, lithium battery electrolytes, plasticizers, and others. The lubricants segment accounted for a major share in the global market in 2020, owing to increasing demand from automotive, oil and gas, and industrial sectors.

The economic growth in developing countries and industrialization boost the market growth. However, the lithium battery electrolytes segment is expected to grow at a significant pace during the forecast period. The growth in production volume, increasing need for fuel-efficient vehicles, and supportive government regulations support the market growth for ethylene carbonate.

Insight by End-Use

On the basis of the end-use industry, the market is segmented into oil & gas, automotive, medical, personal care, textile, industrial, and others. The demand from the automotive segment is expected to increase during the forecast period. Increasing demand for lubricants and coatings for vehicles drives the market growth for ethylene carbonate.

Stringent regulations regarding volatile organic compounds (VOCs), coupled with the rising adoption of electric vehicles, boost the demand for ethylene carbonate from the automotive sector. Governments worldwide are investing significantly towards the development of electric vehicles and offering incentives and schemes to promote their adoption, increasing the application of ethylene carbonate in lithium-ion batteries.

Geographic Overview

Asia Pacific dominated the global ethylene carbonate market in 2020. Increasing urbanization, growing research and development activities, expansion of international players in this region, and technological advancements drive the growth of this region. The industrial growth in countries such as China, India, and Japan, rising automotive penetration and strengthening the oil and gas sector further boost the demand for ethylene carbonate.

There have been increasing applications in personal care, textile, and industrial sectors in the region. Increasing penetration of passenger vehicles and initiatives to promote the use of electric vehicles in developing countries of this region have contributed to greater utilization of ethylene carbonate.

Competitive Landscape

The leading players in the ethylene carbonate market include BASF SE, MERCK KGaA, Huntsman Corporation, Thermo Fisher Scientific, Cole-Parmer Instrument Company, LLC., Oriental Union Chemical Corporation, Asahi Kasei Corp., Toagosei Co., Ltd., Parasol Chemicals Ltd., Vizag Chemicals International, New Japan Chemical Co. Ltd, Empower Materials, Inc., Alfa Aesar, Alchem Chemical Company, and Mitsubishi Chemical Holdings.

These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen their presence in the market. The companies are also introducing new innovative products in the market to cater to the growing consumer demands.

Ethylene Carbonate Market Report Scope

Report Attributes

Details

Market size value in 2020

USD 307.7million

Revenue forecast in 2028

USD 435.0 million

CAGR

6.0 % from 2021 - 2028

Base year

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Segments covered

By Form, By Application, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Alchem Chemical Company, Alfa Aesar, Asahi Kasei Corp., BASF SE, Cole-Parmer Instrument Company, LLC., Empower Materials, Inc., Fujifilm Wako Pure Chemical Corporation, Huntsman Corporation, Liaoning Oxiranchem Inc., MERCK KGaA, Mitsubishi Chemical Holdings, New Japan Chemical Co. Ltd., Oriental Union Chemical Corporation, Otto Chemie Pvt. Ltd., Panax Etec, Parasol Chemicals Ltd., RX Marine International, Shandong Lixing Chemicals Co. Ltd., Shandong Senjei Cleantech Co. Ltd, Shandong Shida Shenghua Chemical Group, Taixing Taida Fine Chemical Co. Ltd., Thermo Fisher Scientific, Toagosei Co., Ltd., Tokyo Chemical Industry, Vizag Chemicals International, Zhengzhou Meiya Chemical Products Co. Ltd., Zibo Donghai Industries Co. Ltd.

Key Take-Away
Polaris Market Research
Ethylene Carbonate Market Size, Industry Share and Forecast 2028