Global Ethylene Carbonate Market Overview:
According to MRFR analysis, the global ethylene carbonate market was valued at USD 263.5 million in 2017 and is estimated to reach USD 368.2 million with a robust CAGR of 6.3% during the forecast period. There is a surging demand for ethylene carbonate in lithium-ion electrolytes and lubricants which is expected to drive the global market growth. Ethylene carbonate is a cyclic chemical compound which is manufactured by reaction between ethylene oxide and carbon dioxide. It is an organic compound with fruity odor and has colorless to yellowish solid color. This carbonate ester is a highly polar solvent and dissolves large amount of electrolyte, largely used in lithium-ion batteries. They possess high boiling point, high polarity, and superior solubility, which makes it an ideal solvent for coating, dyes, plasticizer, among others.
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Based on form, the global ethylene carbonate market has been segmented into liquid and solid. The liquid form segment dominated the market in 2017 and is expected to register for the highest CAGR in the coming years due to the growing consumption for the product in lithium battery electrolytes, fiber processing agents; and solvents in coatings and dyes.
On the basis of purity, the global ethylene carbonate market has been categorized into high purity (>99%), medium purity (96 to 99%), and low purity (<96%). The high purity (>99%) segment accounted for the largest market share in 2017 and is expected to be the fastest-growing segment in the coming years. This is attributed to the growing consumption of the product in lithium batteries electrolyte, capacitor electrolytes, organic solvents, release agent, and fiber processing agents.
By application, the global ethylene carbonate market has been classified into lithium battery electrolytes, lubricants, plasticizers, surface coatings, chemical intermediate, fiber processing agents, dyes, and others. The lithium battery electrolytes segment held the largest market share in 2017 and is expected to register a robust CAGR during the forecast period. This is attributed to the rising need for high power and energy density, which, in turn, increased the demand for safe and reliable batteries for automotive and consumer electronics industries. Growing demand for the product in lithium battery electrolytes in electric vehicles is further expected to drive the market growth.
Based on end-use industry, the global ethylene carbonate market has been divided into automotive, oil & gas, medical, personal care & hygiene, chemical, textile, and others. The automotive segment is anticipated to lead the global market growth in 2017 and is projected to grow at a significant CAGR in the following years owing to the enhanced surface coatings and the growing demand for the product in lubricants. In addition to this, it is used in lithium-ion batteries in electric vehicles which further fuels the market growth.
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Market Segmentation
The global ethylene carbonate market has been segmented based on form, purity, application, end-use industry, and region.
By form, the global ethylene carbonate market has been bifurcated into solid and liquid.
On the basis purity, the global ethylene carbonate market has been divided into high purity (>99%), medium purity (96 to 99%), and low purity (<96%).
Based on application, the global ethylene carbonate market has been categorized lithium battery electrolytes, lubricants, plasticizers, surface coatings, chemical intermediate, fiber processing agents, dyes, and others.
By end-use industry, the global ethylene carbonate market has been classified into automotive, oil & gas, medical, personal care & hygiene, chemical, textile, and others.
The global ethylene carbonate market has been analyzed across five major regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Regional Analysis
Geographically, the global ethylene carbonate market has been studied across the five regions —Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The Asia-Pacific market lead the global market growth in 2017 and is expected to regsiter a healthy CAGR during the forecast period. This is attributed to the rapid industrialization, growing automotive industry, and increasing disposable income. China is the leading country in the region owing to the surging demand for the product in electric vehicles segment; and lubricant and coatings in automobiles.Other regions contributing to the regional market growth are India, Japan, Taiwan, and South Korea.
Competitive Analysis
OUCC (Taiwan), BASF SE (Germany), Mitsubishi Chemical Corporation (Japan), Huntsman International LLC (US), TOAGOSEI CO., LTD. (Japan), New Japan Chemical Co., Ltd. (Japan), Zibo Donghai Industries Co.,Ltd. (China), Shandong Senjie Cleantech Co., Ltd (China), Alchem Chemical Company (US), Merck KGaA (Germany), and PANAX ETEC (South Korea) are some of the key players operating in the global ethylene carbonate market.
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