According to the new market research report “Dimethyl Carbonate Market by Application (Polycarbonate Synthesis, Battery Electrolyte, Solvents, Reagents), End-Use Industry (Plastics, Paints & Coatings, Pharmaceuticals), Grade (Industry, Pharmaceutical, Battery), Region – Global Forecast to 2024″, is projected to grow from USD 895 million in 2019 to USD 1,207 million by 2024, at a CAGR of 6.2% from 2019 to 2024. The increasing demand for polycarbonates and lithium-ion batteries is expected to drive the global dimethyl carbonate market.
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The market for dimethyl carbonate is growing rapidly in countries such as China, Japan, Germany, and the US. The consumption of dimethyl carbonate in Europe and North America has increased after declaring it as a VOC exempt solvent. Moreover, the eco-friendly nature of DMC has accelerated the adoption of it in different applications.
Based on end-use industry, the dimethyl carbonate market is segmented into plastics, paints & coating, pharmaceutical, batteries, agrochemicals, and others. The paints & coatings segment is projected to grow at the highest growth rate owing to the increasing adaptation of green solvents instead of halogenation ones, due to environmental concerns.
By application, the dimethyl carbonate market is segmented into polycarbonate synthesis, battery electrolyte, solvents, reagents, and others. The battery electrolyte segment is expected to grow at a significant rate during the forecast period, due to the increasing use of dimethyl carbonate in battery electrolyte for lithium-ion batteries.
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The dimethyl carbonate market is projected to grow from USD 895 million in 2019 to USD 1,207 million by 2024, at a CAGR of 6.2% from 2019 to 2024. The increasing demand for polycarbonates and lithium-ion batteries is expected to drive the global dimethyl carbonate market.
Ube Industries Ltd. (Japan), Merck KGaA (Germany), Kowa Company Ltd. (Japan), Kishida Chemical Co. Ltd. (Japan), Lotte Chemical (Korea), Shandong Shida Shenghua Chemical Group Co., Ltd. (China), Guangzhou Tinci Materials Technology Co., Ltd. (China), Haike Chemical Group (China), Arrow Chemical Group Corp. (China), and Panax Etec (Korea) are some of the leading players operating in the dimethyl carbonate market. These players have adopted the strategies of expansions and joint ventures to enhance their position in the market.
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Ube Industries, in March 2016, announced a joint venture with CNSG Anhui Hong Sifang Co., Ltd. (China) to license its technology to manufacture dimethyl carbonate. CNSG Anhui Hong Sifang Co., Ltd. will construct a manufacturing facility in Hefei, China, to produce DMC that will have an annual production capacity of about 100,000 tons. Additionally, it will establish a joint-venture to manufacture and market high purity DMC with an annual production capacity of 10,000 tons of DMC. The joint venture will receive a share of DMC from CNSG Anhui Hong Sifang and produce high-purity DMC. The joint venture will help Ube Industries market its products to manufacturers of electrolytes for lithium-ion batteries (LIBs) in the Chinese market. Some products will be supplied to AET Electrolyte Technologies (Zhangjiagang) Co., Ltd., a subsidiary of the Ube Industries Group with electrolyte manufacturing operations in Zhangjiagang, Jiangsu Province, China.
Shandong Shida Shenghua Chemical Group Co. Ltd., in December 2017, announced that it signed a cooperation agreement with a new energy research institute on hydrogen fuel cells and lithium-ion battery business. This development is likely to boost their effort to manufacture high purity solvent.
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