IMARC Group has recently released a new research study “Ethylene Carbonate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Ethylene Carbonate Industry?
The global ethylene carbonate market size reached US$ 311.3 Million in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 434.1 Million by 2028, exhibiting a growth rate (CAGR) of 5.5% during 2023-2028.
What is a Ethylene Carbonate?
Ethylene carbonate (EC) with the molecular formula (C3H4O3), also known as glycol carbonate or carbonic acid ethylene, is a clear, colorless, and odorless solvent that is solid at room temperature. It is a polar solvent with low toxicity, solubility, and high boiling point. It is produced by the reaction between ethylene oxide (EO) and carbon dioxide (CO2). It is used in fiber processing agents, capacitor electrolytes, lithium battery electrolytes, strip solvents, lubricants, soil-hardening agents, organic solvents, raw materials, and medical products. As a result, ethylene carbonate is widely adopted in the pharmaceutical, oil and gas, and automotive sectors across the globe.
What are the major market drivers in the Ethylene Carbonate Market?
The market is primarily driven by the expanding automotive sector and the rising demand for lithium-ion batteries, lubricants, and greases for the smooth functioning of automotive engines. In addition, the widespread adoption of lithium-ion batteries (LIB) in electric vehicles (EVs), tablets, mobile phones, and medical equipment are contributing to the market growth.
Moreover, the rising product adoption in photochromic treatments to enhance the visual acuity of individuals represents another major growth-inducing factor. Besides this, the increasing use of EC as a solvent in the oil and gas industry to reduce viscosity during high temperature or extreme pressure drilling operations is providing a positive thrust to the market growth. Furthermore, the increasing investment in research and development (R&D) activities conducted by key players is also creating a favorable market outlook.
Global Ethylene Carbonate Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Ethylene Carbonate Companies:
Huntsman Corporation, Merck KGaA, Mitsubishi Chemical Holdings Corporation, Otto Chemie Private Limited, BASF SE, FUJIFILM Wako Pure Chemical Corporation, Shandong Senjie Cleantech Co. Ltd., Thermo Fisher Scientific, Toagosei Co. Ltd., Tokyo Chemical Industry Co. Ltd, Vizag Chemicals International and Zhengzhou Meiya Chemical Products Co. Ltd.
The report has segmented the market on the basis of form, application, end use industry and region.
Breakup by Form:
- Solid
- Liquid
Breakup by Application:
- Lubricants
- Surface Coatings
- Plasticizers
- Lithium Battery Electrolytes
- Others
Breakup by End Use Industry:
- Automotive
- Oil & Gas
- Pharmaceutical
- Others
Breakup by Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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