According to the new market research report “Ethylene Carbonate Market by Application (Lubricants, Lithium Battery Electrolytes, Plasticizers, Surface Coatings), By End-Use Industry (Automotive, Oil & Gas, Industrial, Medical, Personal Care & Hygiene), and Region – Global Forecast to 2025″, The global ethylene carbonate market size is expected to grow from USD 319 million in 2020 to USD 439 million by 2025, at a CAGR of 6.6%, during the forecast period. The major factors driving the ethylene carbonate industry include its increasing demand from APAC and growing consumption in various applications such as lithium battery electrolytes, lubricants, coatings, and plasticizers.
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The ethylene carbonate industry has been segmented based on application into lubricants, lithium battery electrolytes, plasticizers, surface coatings, and others. The lubricant segment accounted for the larger share of the market in 2019. The growth in this segment is attributed to the increasing demand from various end-use industries such as industrial and automotive. They are used in automotive engines as cooling and cleaning agents. These factors are expected to drive the demand for ethylene carbonates during the forecast period.
The market has been segmented based on the end-use industry into automotive, industrial, medical, oil & gas, personal care & hygiene, and others. The automotive segment accounted for the largest share of the market in 2019 and is expected to witness significant growth during the forecast period. The increase in this segment is attributed to different requirements by manufacturers, such as reduced emissions of volatile organic compounds (VOCs) and durable protective surface coating on vehicles. The motorization rate has increased over the last five years because of the rise in the disposable income of people and industrial growth across the globe. These factors are expected to drive demand during the forecast period.
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The global ethylene carbonate market size is projected to reach USD 439 million by 2025, at a CAGR of 6.6% 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 (OUCC) accounted for the largest share in the overall ethylene carbonate market. It supplies ethylene carbonate, ethylene glycols, ethylene oxide, gas oxygen, gas nitrogen, liquid nitrogen, liquid argon, monoethanolamine, polyethylene glycol, polyoxyethylene lauryl ether, and methoxy polyethylene glycols to Taiwan and other countries in APAC. The company operates an ethylene carbonate manufacturing plant in Taiwan to supply ethylene carbonate to various end-use industries of the country. OUCC’s ethylene carbonate plant has the world’s largest production capacity, which uses carbon dioxide as a key raw material.
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.
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