The global ethylene carbonate market, valued at USD 275.4 million in 2021, is set for robust expansion with a projected Compound Annual Growth Rate (CAGR) of 5.5 percent during the forecast period. The rising demand for ethylene carbonate (EC) as a raw material for lubricants and its versatile applications across various industries are key drivers of this growth. The increasing trend towards electric vehicles (EVs) and the demand for lithium-ion batteries are playing a significant role in driving the market forward.
Key Drivers:
- EV Adoption and Lithium-ion Battery Demand: With the increasing adoption of electric vehicles and the demand for lithium-ion batteries, the requirement for ethylene carbonate as an electrolyte solvent is on the rise. The efficiency and environmental benefits of lithium batteries have led to a significant expansion of the EV market, thereby increasing the demand for ethylene carbonate.
- Use in Plasticizers: Ethylene carbonate serves as a plasticizer in various applications, such as PVC cable, vinyl flooring, and vehicle part manufacturing. With stringent regulations against hazardous phthalates, there is a growing demand for environmentally friendly plasticizers based on ethylene carbonate.
Key Restraints:
- Hazardous Raw Materials: The conventional production process of ethylene carbonate involves the use of hazardous substances like carbon dioxide and ethylene oxide. These compounds are regulated due to their adverse effects on health and the environment, restricting the markets potential for expansion.
Segment Overview:
- Solid Form Dominance: Solid ethylene carbonate holds a significant revenue share due to its wide range of applications, including lubricants, solvents, plasticizers, and chemical intermediates. It is employed in various industries such as automotive, medical, chemical, and industrial.
- Lubricants Leading Application: The lubricants segment dominates the market, driven by its use in automotive, industrial, and oil & gas sectors. The growth of the manufacturing sector, along with increasing demand for synthetic lubricants, is boosting the ethylene carbonate market.
Regional Landscape:
- Asia Pacific Leads: Asia-Pacific is expected to dominate the market due to its developed electronics industry and the high production of lithium-ion batteries in countries like China and Japan. The growing demand for electric vehicles in the region is driving the need for ethylene carbonate.
- North Americas Significant Expansion: North America is poised for substantial growth due to its large market potential, driven by the presence of major players, a growing automotive industry, and increased demand for EVs.
Impact of COVID-19:
The global lockdowns impacted the ethylene carbonate market, disrupting supply chains and causing the closure of chemical plants. However, as economies reopen and demand for EVs, lubricants, and Li-ion batteries increases, the market is recovering and gradually stabilizing.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/ethylene-carbonate-market
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