Ethylene carbonate is a chemical intermediate which can be used in different applications. It is a solid or liquid chemical that is commonly produced through the use of calcium hydroxide, zinc chloride, phosgene, and ethylene oxide. These chemicals are used to manufacture various products like lubricants, adhesives, and polymers. Other applications include separation processes in the oil and gas industry, chemical solutions, and resist strip solvents.
Market Statistics:
The global Ethylene Carbonate Market is estimated to account for US$ 782.51 Mn in terms of value by the end of 2021.
Global Ethylene Carbonate Market: Drivers
The increasing demand for lubricants has led to a growth of the ethylene carbonate market. Lubricants are used in industrial machinery, which makes it essential for manufacturers to produce ethylene carbonate. Some of the common end use industries include automotive, medical, and oil & gas. Demand for lubricants is expected to increase due to the increasing use of EV cars.
Global Ethylene Carbonate Market: Opportunities
Increase in the demand for lithium batteries is expected to offer significant growth opportunities for ethylene carbonate market. Lithium battery electrolytes are manufactured using liquid ethylene carbonate. In this segment, it is necessary to provide high-quality ethylene carbonate to the lithium battery manufacturers. Moreover, the increasing demand for mobile phones has further led to the rise in the production of a large number of lithium-ion batteries. Furthermore, the government has set a limitation on the use of fossil-fuel engines in cars, which has triggered the increased demand for electric vehicles.
Global Ethylene Carbonate Market: Restraints
Volatile price of raw materials is a key factor expected to hamper the market growth of ethylene carbonate market. Also, use of highly toxic raw materials in the production of ethylene carbonate is also anticipated to restrict the market growth over the forecast period.
Global Ethylene Carbonate Market - Impact of Coronavirus (Covid-19) Pandemic:
While the COVID-19 pandemic started in Wuhan, China, during the last quarter of 2019, it spread to about 184 countries, including India, the United States, Italy, and Spain, among others, due to international air commute. As of June 18, 2020, the number of global coronavirus cases had reached over 183.4 million, with the number of cases continuing to increase. Considering the situation, COVID-19 was declared as a pandemic, and governments across the world imposed complete lockdowns as per the condition in their respective countries. Due to this lockdown, all economic activities, except specific shops, such as medical shop, supermarkets, hospitals, ration stores, and few online stores, have come to a temporary standstill. Almost all other production and manufacturing facilities were shut down and experienced a huge downfall. In 2021, due to availability of medication and other recovery facilities, manufacturing industries are expected to recover till the end of the year.
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Key Takeaways:
The global ethylene carbonate market was valued at US$ 782.51 Mn in 2021 and is forecast to reach a value of US$ 1,848.89 Mn by 2030 at a CAGR of 9.73% between 2022 and 2030.
Intermediates and Agents segment held dominant position in the global ethylene carbonate market in 2021, accounting for 58.51% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Ethylene Carbonate Market Trends:
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. Ethylene carbonate is a greener product, as it can be produced in a green manner. It can be manufactured through the use of direct chlorination of ethanol. Also, it offers good dielectric strength and resistance to oxidation.
Ethylene carbonate is a raw material for organic synthesis and is used in the manufacture of various medications. Thus, increasing demand from pharmaceutical sector and growing investment in the pharma industry are propelling growth of the market.
Global Ethylene Carbonate Market: Competitive Landscape
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
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