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NEWARK, Del, May 19, 2022 (GLOBE NEWSWIRE) -- The global ethylene carbonate market is projected to expand at a 6.2% CAGR during the forecast period between 2022 and 2032, finds Future Market Insights (FMI) in a recent market analysis. Ethylene carbonate sometimes known as EC is an organic compound. At room temperature, it is a transparent crystalline solid and soluble in water and is odorless and colorless compound. Ethylene carbonate has various applications in different end-use industries such as automotive, and oil & gas.
Growing usage of lithium-ion batteries in electric vehicles will augment the growth in the market. Ethylene carbonate is one of the most reactive solvents relevant to lithium-ion batteries (EC). Increasing sales of electric vehicles are bolstering the demand for Li-ion batteries, thereby favoring the growth in the ethylene carbonate market.
Ethylene carbonate is an important reactive intermediate in the production of lubricants and greases. Lubricants are widely used in the manufacturing and transportation industries to ensure smooth operation of the object. Consumption of ethylene carbonate is expected grow across the industrial, automotive, and oil and gas sectors, where lubricants are widely used.
As per FMI, the global ethylene carbonate market is expected to be dominated by East Asia and the trend is predicted to continue during the forecast period. The ethylene carbonate market in East Asia is projected to top US$ 175.0 Mn by 2032.
“Over the assessment period, sales of ethylene carbonate are expected to be driven by its consumption in lithium battery electrolytes & lubricants across the globe, followed by plasticizers and surface coatings.” says an FMI analyst.
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Opportunities: Emergence of lithium- sulfur batteries
The energy storing capacity of lithium-sulfur batteries is leading to their growing demand. These batteries can store ten times higher energy than lithium-ion batteries. Ethylene carbonate is used as an electrolyte in lithium-sulfur batteries. Lithium-sulfur batteries are considered promising next-generation batteries for electric vehicles. This is because they have sulfur cathode that is cheap and easily available and has low toxic impact on the environment compared to lithium-ion batteries. This is expected to increase the demand for ethylene carbonate in lithium-sulfur batteries.
Challenges: Fluctuating oil & gas prices
The increasing global demand for crude oil and the unrest in the Middle East are major factors responsible for fluctuating prices of ethylene carbonate. The ethylene carbonate market is also affected by high transport costs, driven by rising fuel prices and high manufacturing costs, resulting from increased energy costs. Manufacturers of ethylene carbonate have responded to the increase in manufacturing cost by ensuring that the rise in prices is asymmetrically shared, with end-users paying the majority share. Hence, the fluctuating oil & gas prices act as a challenge for the ethylene carbonate market.
Key Takeaways:
· Based on application, the lubricants segment is projected to hold approximately 32% of the total market share in 2022.
· Sales in the lithium battery electrolyte segment will grow at 6.4% CAGR through 2032.
· In terms of end use, demand in the automotive segment will reach a valuation of US$ 204.1 Mn by 2032.
· The India ethylene carbonate market is forecast to expand at a 6.8% CAGR over the assessment period.
· The China ethylene carbonate market will reach a valuation of US$ 127.3 Mn by 2032.
· East Asia will emerge as an attractive ethylene carbonate market, creating an incremental dollar opportunity of US$ 83.5 Mn over the forecast period.
Competitive Landscape
Huntsman Corporation, BASF SE, Oriental Union Chemical Corporation, Mitsubishi Chemical Corporation, Toagosei Co., Ltd., Asahi Kasei, Shandong Shida Shenghua Chemical Group, Shandong Senjie Chemical, Zibo Donghai Industries, and others are some of the leading players operating in the global ethylene carbonate market.
Key players are investing in mergers, acquisitions, and collaborations to improve their product potfolios. They are also investing in production facility expansions to cater to the growing demand from various end use sectors. For instance:
· In June 2021, Huntsman Corporation's Performance Products division announced plans to significantly increase its existing capacity for ULTRAPURETM Ethylene Carbonate at its Conroe, Texas facility by mid-2023. ULTRAPURETM Ethylene Carbonate is essential for the safe operation and long life of lithium-ion batteries used in electric vehicles (EVs) and electronics.
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Ethylene Carbonate Market by Category
By Product Form:
By Application:
- Lithium Battery Electrolyte
- Plasticizers
- Lubricants
- Surface Coatings
- Others
By End-Use Industry:
- Oil & Gas
- Automotive
- Pharmaceuticals
- Others
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product innovation & Diversification
4.3. Marketing and Brand management
4.4. Supply Chain Management
5. Global Ethylene Carbonate Market Demand Analysis 2017-2021 and Forecast, 2022-2032
5.1. Historical Market Volume (Tons) Analysis, 2017-2021
5.2. Current and Future Market Volume (Tons) Projections, 2022-2032
5.3. Y-o-Y Growth Trend Analysis
6. Global Ethylene Carbonate Market - Pricing Analysis
6.1. Regional Pricing Analysis
6.2. Pricing Analysis by Regions
TOC Continue…
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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