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 market is driven mainly by the application expansion achieved through the improved quality of ethylene carbonate & lithium batteries electrolytes, lubricants, coatings, and plasticizers in various end-use industries such as automotive, industrial, electronics, medical and others, globally.
The increase in demand for high-quality, durable products is the key factor driving the use of ethylene carbonate in end-use industries. The rising demand for lithium-ion batteries and lubricants in the emerging Asia Pacific region, high growth in end-use industries, and a shift in consumer preference toward high-quality products are propelling the growth of the ethylene carbonate market globally. However, factors such as the global economic slowdown and volatile raw material prices could affect market growth.
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Oriental Union Chemical Corporation (Taiwan), Huntsman (US), BASF (Germany), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan), Asahi Kasei (Japan), New Japan Chemical Co. Ltd (Japan), Shandong Shida Shenghua Chemical Group (China) and Zibo Donghai Industries Co. Ltd. (China), Shandong Senjie Cleantech Co. Ltd (China), among others, are the leading ethylene carbonate manufacturers, globally. These companies have established their brands, and ethylene carbonate produced by these companies is consumed domestically. It is supplied further to various countries such as China, Japan, New Zealand, Australia, and others within the Asia Pacific region. Partnerships, expansions, and mergers & acquisitions have been the most dominating strategy adopted by major players from 2017 to 2020, which helped them to innovate on their offerings and broaden their customer base.
Mitsubishi Chemical Holdings is the third largest company in the market. Ethylene carbonate offered by the company is of high quality with low impurity levels and moisture. The company provides ethylene carbonate that is used as a solvent for lubricants and crosslinking agents in super absorber polymer production. It has a diversified product portfolio and adheres to stringent quality standards. Also, the company is actively investing in technological developments to enhance its product offerings. In 2017, Mitsubishi Chemical Holdings merged its three group companies Mitsubishi Chemical Corporation (MCC), Mitsubishi Plastics (MPI), and Mitsubishi Rayon (MRC), into one company, which resulted in the mutual sharing of resources and enhanced business expertise in the Asian, European, and US markets.
Huntsman accounted for the second-largest share in the market owing to the vast experience in the manufacturing of ethylene carbonate, broad product portfolio, huge production, sales, logistics, and technical service network. The company is highly focused on R&D and operates facilities in over 30 countries. It offers ethylene carbonate for various applications such as chemical intermediates, surface coatings, wood binder resins, lubricants, plasticizers, and electrolytes. The company is currently investing in advanced production technologies and carbonate derivatives to meet the customer’s demand. In Jan 2021, Huntsman Corporation announced the expansion of its partnership with distributor partner Azelis Americas CASE, LLC in the US and Azelis Canada, Inc. in Canada. This expansion agreement is expected to lead the distribution of the company’s business for Advanced Materials in the US and Canada.
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