The global ethylene carbonate market size is expected to grow from USD 290 million in 2021 to USD 389 million by 2026, at a CAGR of 6.1%, during the forecast period. The major factors driving the ethylene carbonate industry include its increasing demand from APAC and growing consumption in various applications such as lithium battery electrolytes, lubricants, coatings, and plasticizers.
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Solid form ethylene carbonate to dominate the global ethylene carbonate market
The ethylene carbonate industry has been segmented based on form into solid and liquid. The solid segment accounted for the larger share of the market in 2020. The growth in this segment is attributed to the increasing demand from various applications lubricants, plastisizers, solvents, chemical intermediates, among others. Ethylene carbonate in solid form is extensively used in these applications to cater end use industries sucha as automotive, medical, chemical, industrial, among others. These factors are expected to drive the demand for ethylene carbonates during the forecast period.
Lubricants to dominate the global ethylene carbonate market
The ethylene carbonate industry has been segmented based on application into lubricants, lithium battery electrolytes, plasticizers, surface coatings, and others. The lubricant segment accounted for the larger share of the market in 2020. The growth in this segment is attributed to the increasing demand from various end-use industries such as industrial and automotive. They are used in automotive engines as cooling and cleaning agents. These factors are expected to drive the demand for ethylene carbonates during the forecast period.
Automotive end-use industry segment to dominate the global ethylene carbonate market
The market has been segmented based on the end-use industry into automotive, industrial, medical, oil & gas, personal care & hygiene, and others. The automotive segment accounted for the largest share of the market in 2020 and is expected to witness significant growth during the forecast period. The increase in this segment is attributed to different requirements by manufacturers, such as reduced emissions of volatile organic compounds (VOCs) and durable protective surface coating on vehicles. The motorization rate has increased over the last five years because of the rise in the disposable income of people and industrial growth across the globe. These factors are expected to drive demand during the forecast period.
APAC is expected to have the largest market size in the global ethylene carbonate industry during the forecast period
APAC is projected to be the leading ethylene carbonate market during the forecast period. The growth in the APAC region can be attributed to the rising demand for ethylene carbonate applications from various end-use industries, including industrial, automotive, and oil & gas. The presence of a robust industrial base, favorable government policies, and low labor costs along with growing demand for ethylene carbonate in the region are factors further strengthening the ethylene carbonate industry and attracting major players to invest in the region.
Oriental Union Chemical Corporation (Taiwan), Huntsman (US), BASF (Germany), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan), among others, are the key players operating in the ethylene carbonate market.
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