all report title image
  • Published On : Jan 2023
  • Code : CMI5498
  • Industry : Bulk Chemicals
  • Pages : 125
  • Formats :

The global ethylene carbonate market size was valued at USD 782.51 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 9.73% from 2022 to 2030. Due to its increasing demand, ethylene carbonate market is expected to grow at a significant rate in the coming years. The growth is mainly driven by a number of factors such as increasing application in a wide range of end-use industries. A large part of this growth is also attributed to the rising production of electronic devices. Furthermore, growing government policies on fuel efficiency have further fueled the industry growth. Besides, the increasing demand for lubricants and the growing demand for lithium battery electrolytes are some of the other factors driving market growth.

Global Ethylene Carbonate Market: Regional Insights

Regionally, Asia-Pacific is expected to dominate the global ethylene carbonate market. Countries such as China, Taiwan, and Japan are major consumers of ethylene carbonate. Increasing industrialization and the rising middle class have resulted in the rapid expansion of the manufacturing sector in the countries. This has prompted the demand for ethylene carbonate in a wide range of applications.        

Europe is expected to witness fastest growth over the forecast period owing to the strong presence of automotive sector. According to Germany's Association of International Motor Vehicle Manufacturers, there were more than 90,000 newly registered electric vehicles in the first half of 2020, an increase of about 90%, including more than 43,000 battery-electric drive cars (an increase of 40%) and some 47,000 plug-in hybrids (a 190% increase).

Figure.1: Global Ethylene Carbonate Market Share (%), By region, 2021

Ethylene Carbonate  | Coherent Market Insights

Global Ethylene Carbonate Market Drivers:

Increasing Penetration of Electric Vehicle to Augment Ethylene Carbonate Market Growth

Ethylene carbonate is widely used in manufacturing lithium-ion batteries and lithium batteries are important component of electric vehicles. According to the IEA, in 2030, global electric vehicle sales are expected to reach 23 million as per the New Policies Scenario (excluding two-/three-wheelers). In the EV30@30 Scenario, in 2030, around 70% of the vehicle sales in China are likely to be EVs. Moreover, it is estimated that the global market share of EVs may reach 30% (245 million vehicles) by 2030.

Growing Demand As Chemical Intermediates In Chemical Sector To Foster Market Growth

Strong growth of chemical sector is fuelling growth of the market. Ethylene carbonate is widely used as intermediates in various chemical synthesis process. Global chemical output volume is predicted to expand by 3.9% in 2021, according to the American Chemistry Council (ACC), following a fall of 2.6% in 2020, which was the greatest decline in the last 40 years.

Global Ethylene Carbonate Market Opportunities:

Growing demand for lithium sulfur-batteries is projected to present significant growth opportunities for key players in the near future. Moreover, the emergence of new technology such as liquid cooling systems is projected to offer lucrative opportunities to the ethylene carbonate market in the coming years. Moreover, increasing manufacturing activities is further projected to augment market growth.

Growing use of bio-based plasticizers is again projected to serve major growth opportunities. For instance, in October 2021, Cargill launched Biovero bio-based plasticizer. It will be useful for variety of product manufacturing applications such as flooring, clothing, wires, cables and plastic films and sheets for its industrial customers throughout North America

CMI table icon

Ethylene Carbonate Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 782.51 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 9.73% 2030 Value Projection: US$ 1,848.89 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Application: Lithium Batteries, Lubricants, Medical Products, Intermediates and Agents, Other Applications (Photochromic Applications)    
  • By End-User Industry: Automotive, Pharmaceuticals, Oil and Gas, Other End-user Industries
Companies covered:

BASF SE, Huntsman International LLC, Lixing Chemical, Merck KGaA, Mitsubishi Chemical Corporation, OUCC, Shandong Senjie Cleantech Co. Ltd, Shandong Shida Shenghua Chemical Group Co. Ltd, Toagosei Co. Ltd, Tokyo Chemical Industry Co. Ltd, Zibo Donghai Industries Co. Ltd., Liaoning Ganglong Chemical Co., Ltd., and Taixing Taida Fine Chemical Co., Ltd

Growth Drivers:
  • Increasing Penetration of Electric Vehicle 
  • Growing Demand As Chemical Intermediates In Chemical Sector
Restraints & Challenges:
  • High Cost Of Ethylene Carbonate 
  • Covid-19 Impact

Global Ethylene Carbonate Market Trends:

Rapid Urbanization

Rapid urbanization and increasing construction activities are acting as trend for the global market. Moreover, rising pharmaceutical sector has boosted the demand for ethylene carbonate-based intermediates

Increasing Production Capacity

Growing focus on increasing production capacity of ethylene carbonate is another major trend observed in the market. For instance, in June 2021, Huntsman Corporation announced that its Performance Products division is planning to significantly increase its existing capacity for ULTRAPURE Ethylene Carbonate at its Conroe, Texas facility by mid-2023.

Global Ethylene Carbonate Market Restraints:

High Cost Of Ethylene Carbonate

Owing to the high cost of ethylene carbonate, its use may be restricted in certain regions. Additionally, government policies regarding fuel efficiency may also hinder the development of the ethylene carbonate market. Hence, consumers are looking for eco-friendly and sustainable products.

Global Ethylene Carbonate Market - Impact of Coronavirus (Covid-19) Pandemic:

Unfavorable conditions arising due to the outbreak of Covid-19 is expected to restrict the market growth. The COVID-19 pandemic has had an impact on the global economy, led to considerable drop in demand for products and raw materials manufactured by various sectors across the world    

Figure.2: Global Ethylene Carbonate Market Share (%), By segments, 2021

Ethylene Carbonate  | Coherent Market Insights

Global Ethylene Carbonate Market Segmentation:

The global ethylene carbonate market report is segmented into application, end-user industry, and geography

Based on application, the market is segmented into Lithium Batteries, Lubricants, Medical Products, Intermediates and Agents, and Other Applications. Out of which, Lithium Batteries is expected to dominate the global market over the forecast period and this is attributed to the growing demand from electric vehicles, mobiles, energy storage systems, power backup/UPS, laptops, and other applications. Thus, growing demand for electronic products is propelling segment growth.

Lubricants segment is also expected to witness significant growth in the near future. Ethylene carbonate is generally used as a key intermediate in the production of lubricants and greases.

Based on end-user industry, the market is segmented into Automotive, Pharmaceuticals, Oil and Gas, and Other End-user Industries. Out of which, Automotive is expected to dominate the global market over the forecast period and this is attributed to the increasing use of ethylene carbonate in production of lithium batteries which are important component of electric vehicle.

Pharmaceuticals segment is also expected to witness significant growth in the near future and this is owing to the increasing use of ethylene carbonate in the preparation of various drug formulations.

Global Ethylene Carbonate Market: Key Developments

In June 2021, Huntsman Corporation announced that its Performance Products division is planning to significantly increase its existing capacity for ULTRAPURE Ethylene Carbonate at its Conroe, Texas, facility by mid-2023. ULTRAPURE Ethylene Carbonate is critical to the reliable operation and long working life of lithium- ion batteries for electric vehicles (EVs) and electronics.

Global Ethylene Carbonate Market: Key Companies Insights

The global ethylene carbonate market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global ethylene carbonate market are BASF SE, Huntsman International LLC, Lixing Chemical, Merck KGaA, Mitsubishi Chemical Corporation, OUCC, Shandong Senjie Cleantech Co. Ltd, Shandong Shida Shenghua Chemical Group Co. Ltd, Toagosei Co. Ltd, Tokyo Chemical Industry Co. Ltd, Zibo Donghai Industries Co. Ltd., Liaoning Ganglong Chemical Co., Ltd., and Taixing Taida Fine Chemical Co., Ltd

*Definition: Ethylene carbonate is a chemical compound used in various applications, including lubricants, surface coatings and lithium battery electrolytes. It is manufactured from propane and crude oil-based derivatives. In a liquid form, ethylene has a melting point of 34-37 degrees Celsius. The odourless, transparent solid is a building block for many products, including plasticizers and cosmetics.

Ethylene carbonate is a clear, colorless crystalline solid which is used in numerous industries. It is a cyclic carbonate ester of ethylene glycol. Known for its high dielectric strength, ethylene carbonate ensures safety in the automotive industry. Ethylene carbonate is an essential component in various industries, ranging from oil and gas to plasticizers. Its properties include low friction, heavy load holding, and thermal stability. Moreover, it is also used as a raw material for organic synthesis. Liquid ethylene carbonate is widely used in the production of high density plastics and as an electrolyte for lithium-ion batteries.

Market Dynamics:

Increasing demand for lithium batteries is expected to boost ethylene carbonate market growth. So increasing penetration of electric vehicle will also favor the market growth. According to the International Energy Agency (IEA), after a decade of rapid growth, the global electric car stock reached 10 million units in 2020, a 43% increase over 2019 and a 1% stock share. In 2020, battery-electric vehicles accounted for two-thirds of new electric car registrations and two-third of the stock. Moreover, growing demand from oil and gas and plastic industry is further propelling market growth.

However, the ethylene carbonate market faces certain challenges such as a rise in the health hazards due to its toxicity, this in turn restricting market growth.

Key features of the study:

  • This report provides in-depth analysis of the global ethylene carbonate market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global ethylene carbonate market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include BASF SE, Huntsman International LLC, Lixing Chemical, Merck KGaA, Mitsubishi Chemical Corporation, OUCC, Shandong Senjie Cleantech Co. Ltd, Shandong Shida, Shenghua Chemical Group Co. Ltd, Toagosei Co. Ltd, Tokyo Chemical Industry Co. Ltd, Zibo Donghai Industries Co. Ltd., Liaoning Ganglong Chemical Co., Ltd., and Taixing Taida Fine Chemical Co., Ltd
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global ethylene carbonate market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global ethylene carbonate market

Detailed Segmentation:

  • Global Ethylene Carbonate Market By, Application
    • Lithium Batteries
    • Lubricants
    • Medical Products
    • Intermediates and Agents
    • Other Applications (Photochromic Applications)
  • Global Ethylene Carbonate Market By, End-Users Industry
    • Automotive
    • Pharmaceuticals
    • Oil and Gas
    • Other End-user Industries (Electrical and Electronics, Personal Care, Agriculture, Construction, and Consumer Goods)
  • Global Ethylene Carbonate Market By, Geography
    • Asia-Pacific
    • North America
    • Europe
    • South America
    • Middle East & Africa
  • Company Profiles
    • BASF SE
    • Huntsman International LLC
    • Lixing Chemical
    • Merck KGaA
    • Mitsubishi Chemical Corporation
    • OUCC
    • Shandong Senjie Cleantech Co. Ltd
    • Shandong Shida Shenghua Chemical Group Co. Ltd
    • Toagosei Co. Ltd
    • Tokyo Chemical Industry Co. Ltd
    • Zibo Donghai Industries Co. Ltd.
    • Liaoning Ganglong Chemical Co., Ltd.
    • Taixing Taida Fine Chemical Co., Ltd

Frequently Asked Questions

The global ethylene carbonate market size is estimated to be valued at US$ 782.51 Million in 2021 and is expected to exhibit a CAGR of 9.73% between 2022 and 2030 
Increasing penetration of electric vehicle and growing demand as chemical intermediates in chemical sector are fuelling the market.
The Intermediates and Agents segment is the leading component segment in the market.
High cost of ethylene carbonate and Covid-19 impact are the major factors restraining the market.
BASF SE, Huntsman International LLC, Lixing Chemical, Merck KGaA, Mitsubishi Chemical Corporation, OUCC, Shandong Senjie Cleantech Co. Ltd, Shandong Shida Shenghua Chemical Group Co. Ltd, Toagosei Co. Ltd, Tokyo Chemical Industry Co. Ltd, Zibo Donghai Industries Co. Ltd., Liaoning Ganglong Chemical Co., Ltd., and Taixing Taida Fine Chemical Co., Ltd

Related Reports

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo