The dimethyl carbonate market is projected to grow from USD 895 million in 2019 to USD 1,207 million by 2024, at a CAGR of 6.2% from 2019 to 2024. The increasing demand for polycarbonates and lithium-ion batteries is expected to drive the global dimethyl carbonate market.
The market for dimethyl carbonate is growing rapidly in countries such as China, Japan, Germany, and the US. The consumption of dimethyl carbonate in Europe and North America has increased after declaring it as a VOC exempt solvent. Moreover, the eco-friendly nature of DMC has accelerated the adoption of it in different applications.
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Based on end-use industry, the dimethyl carbonate market is segmented into plastics, paints & coating, pharmaceutical, batteries, agrochemicals, and others. The paints & coatings segment is projected to grow at the highest growth rate owing to the increasing adaptation of green solvents instead of halogenation ones, due to environmental concerns.
By application, the dimethyl carbonate market is segmented into polycarbonate synthesis, battery electrolyte, solvents, reagents, and others. The battery electrolyte segment is expected to grow at a significant rate during the forecast period, due to the increasing use of dimethyl carbonate in battery electrolyte for lithium-ion batteries.
Based on grade, the dimethyl carbonate market is segmented into industry grade (>99.0 weight %), pharmaceutical grade (>99.5 weight %), and battery grade (>99.9 weight %). The industry grade segment accounted for the largest share of the dimethyl carbonate market in 2018, as it is widely used in polycarbonate synthesis, organic synthesis, and reagents; and as solvents in paints & coating, adhesives & sealants, and inks. However, the growth of the industry grade segment is anticipated to be rapid owing to the growing acceptance of eco-friendly chemicals instead of halogenated one.
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Asia Pacific, North America, and Europe are significant regional markets for dimethyl carbonate. The Asia Pacific market is expected to grow at the highest rate between 2019 and 2024. This region also dominated the global dimethyl carbonate market in terms of value and volume in 2018. Massive economic expansion and the flourishing electronics and automotive industries in some Asia Pacific countries, such as China, India, Japan, South Korea, Thailand, and Taiwan, are responsible for the high growth of the market in the region. Currently, China is the largest market for dimethyl carbonate in the Asia Pacific region. The market in this country is also projected to grow at the highest CAGR during the forecast period (2019-2024) in terms of value and volume.
