MarketsandMarkets projects that the global ethylene carbonate market size will grow from USD 290 million in 2021 to USD 389 million by 2026, at a CAGR of 6.1%, during the forecast period. The growth of the market can be attributed to the increasing consumption of ethylene carbonate in various end-use industries, such as oil & gas, automotive, industrial, and medical. Furthermore, the shift in consumer preference toward high-quality standard products is propelling the growth of the ethylene carbonate market across the globe. However, the volatility in raw material prices acts as a restraint in the growth of the ethylene carbonate market.
Ethylene carbonate is used as an ionic solvent, reagent, or electrolyte in various applications, such as lithium-ion batteries, lubricants, coatings, and plasticizers. It is also used as a precursor to vinylene carbonate; and a plasticizer for organic synthesis and in polymer formulations. The addition of plasticizers, such as ethylene carbonate and propylene carbonate, considerably improves the amorphicity of the medium, which favors high conductivity and helps easy thermal stability and ion motion of the high energy lithium-ion battery.
In 1980, Asahi Kasei Corporation developed a process for ethylene carbonate production by reacting ethylene oxide with carbon dioxide in the presence of anionic exchanger resin. Currently, this technology is also utilized to produce dimethyl carbonate (DMC) and diphenyl carbonate by transesterification of ethylene carbonate with phenol and methanol. Moreover, ester exchange and carbonylation technology are being used by many companies, for instance, Oriental Union Chemical Corporation for Chi Mei Corporation in Taiwan.
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Based on form, the ethylene carbonate market is segmented into solid and liquid. The liquid segment is projected to grow at the highest growth rate owing to increasing demand for ethylene carbonate as a lithium battery electrolyte due to increase in demand for electric vehicles.
Based on end-use industry, the ethylene carbonate market is segmented into automotive, oil & gas, industrial, medical, personal & hygiene, and others. The personal & hygienesegment is projected to grow at the highest growth rate owing to the in per capita income of consumers.
By application, the ethylene carbonate market is segmented into lubricants, lithium battery electrolytes, plasticizers, surface coating, and others. The lithium battery electrolyte segment is expected to grow at a significant rate during the forecast period, due to the increasing use of ethylene carbonate in battery electrolyte for lithium-ion batteries and the dynamic shift of the automotive industry toward the use of sustainable and clean fuels.
APAC is the largest and fastest-growing market for ethylene carbonate. The growth in the region can be attributed to the increasing consumption of ethylene carbonate. The growing demand for lithium battery electrolytes, plasticizers, and surface coating-based products from China, South Korea, Taiwan, and Japan is a key driver of the market in the region.The rapidly growing demand for ethylene carbonate in applications, competitive manufacturing costs, and high economic growth rates are the favorable forces driving the market of ethylene carbonate in this region.
Many major players are expanding into the emerging economies of APAC, such as China and South Korea, to explore the untapped markets of the region. Moreover, the low cost of setting up manufacturing facilities is driving the growth of the ethylene carbonate market in the region. The availability of skilled labor at a low cost compared to other regions attracts the ethylene carbonate manufacturers to set up their manufacturing units in the region.