As per the report published by Allied Market Research, the global ethylene carbonate market accounted for $288.0 million in 2019, and is projected to reach $418.5 million by 2027, growing at a CAGR of 6.0% from 2020 to 2027.
Growing automotive industry in Asia-Pacific and increasing need for ethylene carbonate in lithium-ion electrolytes and lubricant applications drive the growth of the global ethylene carbonate market. However, volatility in raw material prices hampers the market growth. On the contrary, surge in adoption of new technologies in lithium-ion batteries is expected to open new opportunities for the market players in the coming years.
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- The lockdown across various countries has affected the manufacturing of various solvents due to social distancing norms and the shutdown of chemical factories to curb the spread of Coronavirus.
- However, as governments have declared relaxation in lockdown regulations, the demand for Li-ion batteries, plasticizers, and lubricants is expected to increase, which would get the market back on track soon.
The global ethylene carbonate market is segmented on the basis of form, application, end use, and region. Based on form, the market is divided into solid and liquid. The solid segment held the largest share in 2019, accounting for more than three-fifths of the market. However, the liquid segment is projected to register the highest CAGR of 6.3% during the forecast period.
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On the basis of application, the market is classified into lubricants, surface coatings, plasticizers, lithium battery electrolytes, and others. The lubricants segment held the lion’s share in 2019, contributing to more than one-third of the market. However, the lithium battery electrolytes segment is projected to portray the highest CAGR of 6.6% from 2020 to 2027.
The global ethylene carbonate market is analyzed across various regions such as North America, Asia-Pacific, LAMEA, and Europe. The market across Asia-Pacific held the largest share in 2019, accounting for half of the market. However, the market across North America is estimated to register the highest CAGR of 6.7% during the forecast period.
The global ethylene carbonate market report includes an in-depth analysis of the major market players such as Asahi Kasei Corp., Cole-Parmer Instrument Company, LLC., BASF SE, Huntsman Corporation, Empower Materials, Mitsubishi Chemicals, Merck KGaA, Thermo Fisher Scientific, Prasol Chemicals Lts, and Vizag Chemicals International.
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