The global ethylene carbonate market has planned to achieve 5.7% CAGR and aimed to achieve its target of the market value of USD 418 Million by the end of the year 2027.
Because of the high electrolyte production in lithium-ion batteries employing ethylene carbonate, the ethylene carbonate market is in great demand. Furthermore, electric vehicles are becoming increasingly popular due to their ease of maintenance, cost-effectiveness, fuel efficiency, and lower gasoline expenses. The expanding usage of lithium-ion batteries in electric vehicles is driving up demand for ethylene carbonate in lithium-ion battery electrolytes. Lithium-sulfur batteries are becoming more popular due to their ability to store energy. These batteries have ten times the energy storage capacity of lithium-ion batteries. In lithium-sulfur batteries, ethylene carbonate is employed as an electrolyte. Lithium-sulfur batteries are seen as promising next-generation electric car batteries. This is because, unlike lithium-ion batteries, they use a sulphur cathode, which is inexpensive and readily available, and has a low harmful impact on the environment. The need for ethylene carbonate in lithium-sulfur batteries is likely to rise as a result.
Environmental standards in the EU and the US Environmental Protection Agency, on the other hand, have established protective rules that limit CO2 emissions in the environment, bolstering demand for ethylene carbonate manufacturing. The introduction of ethylene carbonate goods is a great way for the industry’s major companies to expand their business.
Because of new social distance conventions and non-operational chemical plants, the pandemic has impacted numerous solvent manufacturing businesses. In the current environment, some COVID-19 laws have been relaxed, and the market is establishing its enormous operations all over the world. The demand for plasticizers, lubricants, and Li-ion batteries is slowly increasing, and it will soon reach its target of 2027. Because the ethylene carbonate market has been closed for several months, the primary drivers will need to employ a variety of techniques to boost their business productivity and sales. Nowadays, public desire for more items is expanding, which is driving up ethylene carbonate market demand.
Segmentation of the Market
On the basis of form, application, end-use industry, and region, the worldwide ethylene carbonate market has been segmented.
The global market has been segmented into liquid and solid segments based on form, with the liquid segment accounting for the majority of market share in 2018. This is due to its broad application in lithium-ion batteries, as a lubricant solvent, as a crosslinking agent in the manufacturing of superabsorber polymers, and in gas washing and oil field separation.
Lithium battery electrolytes, lubricants, plasticizers, surface coatings, chemical intermediates, fibre processing agents, dyes, and others are among the market’s applications. During the forecast period, the lithium battery electrolytes segment is expected to reach a value of USD 136,103.8 thousand. The increased demand for electric vehicles, in line with numerous government measures for environmental protection around the world, is credited to the segment’s growth.
The market has been segmented into automotive, oil & gas, textile, chemical, medical, personal care & hygiene, agriculture, and others based on end-use industry. In 2018, the automotive end-use industry category accounted for roughly 30% of total market share. The rising manufacturing and sale of electronic cars around the world is primarily responsible for the segment’s rise. Furthermore, in response to growing environmental concerns and a desire to reduce carbon emissions, governments in a variety of nations are taking steps to promote the adoption of electric vehicles.
Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa are the regions that make up the global ethylene carbonate market.
Due to the expansion of major end-use industries in the region, Asia-Pacific led the global market in 2017. Furthermore, market development is aided by China’s and Taiwan’s growing populations, increased disposable income, and economic expansion. During the projection period, these factors are projected to fuel demand for ethylene carbonate in the region.
During the review period, the markets in North America and Europe are expected to rise at significant rates. The increasing production and sale of electric vehicles, as well as the rise of other end-use sectors such as chemical, medical, and personal care and hygiene, are responsible for the rise in both of these regions.
Market Research Future (MRFR) recognizes Huntsman International LLC (US), New Japan Chemical Co., Ltd (Japan), Mitsubishi Chemical Corporation (Japan), BASF SE (Germany), Shandong Senjie Cleantech Co., Ltd (China), Merck KGaA (Germany), Toagosei Co., Ltd (Japan), PANAX ETEC (South Korea), Zibo Donghai Industries Co., Ltd (China), OUCC (China), and Tokyo Chemical Industry Co., Ltd (Japan) as the key players in the global ethylene carbonate market.
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