ID: MRFR/CnM/5866-CR | 197 Pages | Published By Chitranshi Jaiswal on February 2023
Ethylene Carbonate Market Size was valued at USD 0.51 billion in 2022. The Ethylene Carbonate market industry is projected to grow from USD 0.56 Billion in 2023 to USD 1.03 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.18% during the forecast period (2023 - 2030).
Although ethylene carbonate does not naturally occur in colour, it has a solid look that is somewhat yellowish and has a distinct smell. Ethylene carbonate boiling point is higher and it is more polar, is highly soluble in polymers, and has no odour. Nowadays, ethylene carbonate uses have been increased because it has a low natural level of toxicity. Due to the rising electrolyte production in lithium-ion batteries employing ethylene carbonate, the ethylene carbonate market is in great demand. Electric vehicles are also widely used these days because they are simple to maintain, economical, fuel efficient, and have lower fuel expenses.
However, protective rules that limit CO2 emissions in the environment have been established by the US Environmental Protection Agency and EU environmental standards, encouraging the need for ethylene carbonate manufacturing. The development of ethylene carbonate products is a great way for the industry's major companies to expand their businesses.
Ethylene Carbonate Market Trends
The transportation industry currently relies heavily on oil as a fuel, which has raised worries among economists and environmentalists alike. Batteries have becoming more common in cars as people become more aware of the benefits of using sustainable energy sources. The International Energy Agency reports that there are now over 10 million electric vehicles on the road. Electric vehicle sales are also increasing year over year. The demand for ethylene carbonate is anticipated to increase significantly throughout the projection period since it serves as the polar solvent for the electrolytes used in these lithium-ion batteries.
In 2022, solid form dominated the world market. This is due to their increasing use in a variety of applications, including lubricants, ethylene carbonate solvents, plasticizers, and chemical intermediates. In order to serve end-use industries including the automotive, medical, chemical, and industrial, EC in solid form is frequently used in these applications. Cosmetics, medications, and soldering fluxes all contain solid ethylene carbonate as an ingredient. Additionally, it is employed as a solvent in the oil and gas sector to assist in reducing viscosity during high temperature or extreme pressure drilling operations where other fluids are too thin to work properly.
Additionally, lubricants and polymers employ liquid ethylene carbonate. The manufacturing of high-density polymers that can withstand impact and chemical deterioration uses this product extensively. Depending on the needs, substances like diethyl carbonate, ethene oxide, and propylene oxide can be combined with liquid EC to create specific materials. Additionally, liquid ethylene carbonate is employed in the production of the electrolyte for lithium-ion batteries. These elements are anticipated to increase demand for liquid ethylene carbonate.
In September 2021, KPX Chemical, a producer of polyurethanes in Korea, and Huntsman Corporation, a chemical manufacturer in The Woodlands, have formed a joint venture called KPX Huntsman Polyurethanes Automotive Co. The joint venture will operate a specialist polyurethane production facility at KPX Chemical's Ulsan project, which will supply polyurethane to Korean automakers.
In June 2021, Huntsman Corporation, announced the production capacity expansion of Texas's current ethylene carbonate by mid-2023.
Figure 2: ETHYLENE CARBONATE MARKET, BY FORM, 2022 & 2030 (USD BILLION)
Ethylene Carbonate Regional Insights
In 2022, Asia Pacific had a dominant share in the market. This is due to elements including a robust industrial base, supportive governmental regulations, and the availability of low labour costs that motivate important players to invest in the area. Along with producing EV lithium-ion batteries, the region also leads the world in the manufacture of lithium-ion battery electrolytes. The market is being driven by such reasons.
Due to the existence of huge firms in the chemical and automotive industries, North America is regarded as one of the primary product markets. Over the past ten years, North America has seen a steady increase in car utilization. The need for ethylene carbonate is growing as a result. Additionally, the U.S. market experienced strong demand for EV vehicles during the first quarter of 2022, which is anticipated to benefit the industry.
Figure 2: ETHYLENE CARBONATE MARKET, BY REGION, 2022 & 2030 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market rivalry is heavily influenced by a number of variables, including the needs of various industries, geographic location, market leaders and major participants, as well as the skills and production capacities of these organizations. To increase their market share, manufacturers are concentrating on expanding their product lines while also leaning towards sustainable production.
Mitsubishi Chemical Corporation
Zibo Donghai Industries Co., Ltd
BASF SE Huntsman International LLC
New Japan Chemical Co., Ltd
Shandong Senjie Cleantech Co., Ltd
Tokyo Chemical Industry Co., Ltd
In February 2022: Lotte Chemical announced the building of a new factory in Daesan, South Korea, for the production of high-purity organic solvents like ethylene carbonate, which are used in electric vehicle batteries as part of its USD 502 million investment in the sustainable speciality materials industry.
In May 2021: Lotte Chemical, a significant chemical firm with headquarters in South Korea, said that it would produce electrolyte organic solvents at high-purity ethylene oxide facilities in order to manufacture ingredients for electric vehicle batteries. Over 30% of electrolytes are made up of organic solvents; imports are heavily reliant on this region. The firm said that the board has approved spending 210 billion won, or USD 185 million, to develop a facility that will manufacture organic solvents used in electrolytes such as dimethyl carbonate and ethylene carbonate by the second half of 2023. Lithium ions are helped by organic solvents to move between the cathode and anode with ease.
Ethylene Carbonate Form Outlook
Ethylene Carbonate Application Outlook
Lithium Battery Electrolytes
Fiber Processing Agents Dyes
Ethylene Carbonate End Use Industry Outlook
Oil & Gas
Personal Care & Hygiene
Ethylene Carbonate Regional Outlook
Rest of Europe
Rest of Asia-Pacific
Rest of the World
|Market Size 2022||USD 0.46 billion|
|Market Size 2023||USD 0.51 billion|
|Market Size 2030||USD 1.03 billion|
|Compound Annual Growth Rate (CAGR)||9.18% (2023-2030)|
|Historical Data||2019 & 2021|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Form, Applications, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia Pacific, Middle East & Africa, and Latin America|
|Countries Covered||U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Argentina, Mexico, South Africa, Turkey, GCC.|
|Key Companies Profiled||OUCC, Toagosei Co., Ltd, Mitsubishi Chemical Corporation, Zibo Donghai Industries Co., Ltd, ALFA AESAR,BASF SE Huntsman International LLC, Merck KGaA, New Japan Chemical Co., Ltd, Shandong Senjie Cleantech Co., Ltd, PANAX ETEC, Tokyo Chemical Industry Co., Ltd|
|Key Market Opportunities||Introduction of New Products like Lithium-sulfur Batteries|
|Key Market Dynamics||Rising Need for Ethylene Carbonate in the Production of Lithium-ion Battery Electrolytes|
Ethylene Carbonate Market Size was valued at USD 0.51 billion in 2022
The market is further expected to grow at a CAGR of 9.18%
Asia Pacific had a dominant share in the market
OUCC, Toagosei Co., Ltd, Mitsubishi Chemical Corporation, Zibo Donghai Industries Co., Ltd, ALFA AESAR,BASF SE Huntsman International LLC, Merck KGaA, New Japan Chemical Co., Ltd, Shandong Senjie Cleantech Co., Ltd, PANAX ETEC, Tokyo Chemical Industry Co., Ltd
automotive, medical, chemical, and industrial, EC in solid form is frequently used