(MENAFN- EIN Presswire)
CHICAGO, UNITED STATES, October 27, 2022 / / -- In 2021, the revenue was US$ 303.2 million. The global Ethylene Carbonate Market will reach a revenue of US$ 450.5 million by 2027, witnessing a CAGR of 6.6% during the forecast period from 2022 to 2027. During the projection period, based on volume, the market will register a CAGR of 6.3% during the forecast period.
Request Sample Report at:
Ethylene carbonate is typically odorless, colorless, and slightly soluble in water. In many applications, ethylene carbonate is utilized as a cross-linking agent or polar solvent. Additionally, it is being utilized in lithium-ion batteries as an electrolyte. Due to its low natural toxicity, ethylene carbonate is also used in numerous oil and gas activities.
Aspects Affecting Market Growth
Market Driver
The factor driving the global market include the rising demand for ethylene carbonate in lithium-ion electrolytes and the substantial rise in industries in the Asia Pacific.
Market Demand
Across-the-board use of lithium-ion batteries in electric vehicles are shaping the future scope of the global ethylene carbonate market. Lithium-ion rechargeable batteries have revolutionized portable gadgets and are the preferred power source for electric cars. Therefore, the high demand for ethylene carbonate in the near future is forecasted due to the continuously expanding application of li-ion batteries in numerous sectors, such as healthcare, automotive, oil & gas, etc.
Market Growth
The key segment driving the global ethylene carbonate market is the industrial sector. The ethylene carbonate market in Asia-Pacific will expand significantly due to this expansion in the industrial sector. Additionally, the high-growth industries in the Asia Pacific region have been manufacturing.
Market Restraint
The price of the raw materials required to produce ethylene carbonate has fluctuated recently, which has an effect on the market for ethylene carbonate on a global scale.
Segmentation Analysis of Market
Over the forecast period, Industry Grade segment is forecast to hold a significant share
On the basis of grade, the market divides into battery grade and industry grade.
Over the forecast period, the industry-grade segment is likely to expand at a considerable rate and wis holding the highest market share.
However, the battery grade segment is forecast to witness considerable growth over the projection period due to the rising need for high-quality ethylene carbonate for lithium-ion batteries.
The battery grade is attaining growth in the emerging region owing to the rising understanding of recycled batteries across the regions.
In 2021, the solid form segment maintained the highest share in the Global Market
In terms of form, the ethylene carbonate market bifurcates into liquid and solid.
The solid form segment held a dominant position in the market in 2021 due to its use in diverse applications. In addition, the solid form is likely to maintain its dominance over the forecast period as a result of its use as a high permittivity component of electrolytes in lithium and lithium-ion batteries.
During the projection period, the liquid segment will witness the highest CAGR of 7.3% due to its comprehensive use as an electrolyte in lithium-ion batteries.
During the forecast period, chemical intermediates segment is forecast to have a considerable growth
On the basis of application, the ethylene carbonate market sub-divides into dyes, lithium battery electrolytes, lubricants, fiber processing agents, resist strip solvents, chemical intermediates, plasticizers, surface coatings, and others.
Over the forecast period, the lubricant segment will have massive growth owing to its increasing usage in the oil & gas, industrial, and automotive end-use industry. The automotive sector uses lubricants as cleaning and cooling agents.
However, over the projection period, the chemical intermediate will witness the highest CAGR growth as a result of its increasing application in chemical intermediates and solvents.
In 2021, the automotive segment held dominance in the global market
On the basis of industry, the ethylene carbonate market sub-divides into healthcare & pharmaceuticals, personal care & hygiene, oil & gas, automotive, chemicals, textile, agriculture, and others.
In 2021, the automotive segment garnered the highest market share due to the growing demand for electric vehicles.
On the other hand, oil & gas is likely to grow at a considerable rate as a result of the rising adoption of ethylene carbonate in the gas separation process in the oil & gas industry.
In terms of revenue, Asia-Pacific garnered the highest share in the Global Ethylene Carbonate Market in 2021
On the basis of region, in 2021, Asia Pacific held dominance in the market and is likely to witness a considerable growth rate over the prediction period due to its growing application in multiple end-use sectors such as industrial, automotive, oil & gas, and medical. In addition, Japan and China contributes the highest in the Asia-Pacific ethylene carbonate market. Additionally, the rising funding for the automotive industry and the supporting government initiatives for the industrial industry are likely to fuel the regional market growth.
Browse Detailed Summary of Research Report:
Competitors Profile
Chemical manufacturer BASF SE engages in business across six different industries: plastics, agricultural solutions, performance goods, chemicals, functional solutions, and oil and gas. BASF offers products for different sectors, including energy & resources, paints & coatings, home care, industrial & institutional cleaning solutions, footwear & textile, furniture & wood, personal care & hygiene, pharmaceuticals, pulp & paper. Additionally, the business aims to broaden its consumer base across the board. It will also endeavor to grow commercially while adding value to society in order to develop chemistry for a sustainable future.
Huntsman International LLC is a manufacturer of chemicals. Advanced materials, performance products, textile effects, polyurethanes, and pigments make up its five primary business segments. In addition to producing adhesives, polyurethanes, aerospace composites, propylene oxides, and electrical insulating materials, it also makes and sells specialty and commodity chemicals. The firm provides carbonate electrolyte solvents for lithium-ion batteries' dependable functioning and long working lives in gadgets and electric cars. Additionally, polyurethanes have the largest market share in terms of business revenue segmentation.
The Japanese chemical company Toagosei Co., Ltd. manufactures cyanoacrylate adhesives in addition to instant glue and high-purity soda, gases, and chlorine products. Commodity chemicals, adhesive materials, performance chemicals, polymers & oligomers, and plastics make up its five business categories. Additionally, the group concentrates on bolstering marketing initiatives and cutting expenses to keep a competitive edge over other businesses that can offer goods with comparable characteristics at lower prices.
Segment Analysis
The global ethylene carbonate market segmentation focuses on grade, form, application, industry, and region.
By Grade segment
Battery Grade
Industry Grade
By Form segment
Solid
Liquid
By Application segment
Lithium Battery Electrolytes
Capacitor Electrolytes
Resist Strip Solvents
Fiber Processing Agents
Lubricants
Soil Hardening Agents
Organic Solvents
Plasticizers
Surface Coatings
Chemical Intermediates
Dyes
Others
By Industry segment
Healthcare & Pharmaceuticals
Automotive
Chemicals
Oil & Gas
Textile
Personal Care & Hygiene
Agriculture
Others
By Region segment
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Looking For Customization:
About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
+1 888-429-6757
Visit us on social media:
MENAFN26102022003118003196ID1105085177
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.