According to a new report published by Report Ocean, titled, “Ethylene Carbonate Market by Form, Application, and End-use: Opportunity Analysis and Industry Forecast, 2020–2027,” the ethylene carbonate market was valued at $288.0 million in 2019, and is anticipated to generate $418.5 million by 2027. The market is projected to experience growth at a CAGR of 6.0% from 2020 to 2027.
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Ethylene carbonate is used in various oil & gas processes such as the acidizing, rehabilitation, and finishing processes. It bonds with the rust, scale, and particulates found in wells and complexes the metal ions, forming a soluble salt. This salt can be easily pumped from the well. Moreover, it decomposes the carbonates and viscosity improving chemicals due to its good acidification property. Thus, the use of the product ensures economical cleaning by providing low-cost metal complexing in a readily biodegradable form. It can be used with hydrochloric or sulfamic acids to prevent iron precipitation in cleaning operations or water flooding. It effectively eliminates harmful deposits and minimizes corrosion due to its superior properties such as low odor, low toxicity, low vapor pressure, and non-flammability.
The global ethylene carbonate market is segmented into form, application, end-use, and region. Depending on form, the market is bifurcated into solid and liquid. The solid segment dominated the market in 2019, however, liquid segment is expected to grow during the forecasted period. Based on application, the market is divided intolubricants, surface coatings, plasticizers, lithium battery electrolytes, and others. The lubricant segment dominated the market in 2019, however, lithium battery electrolyte is expected to grow at a higher CAGR during the forecast period. Based on end-use, the market is categorized into automotive, oil & gas, medical, and others. The oil & gas sector dominated the market in 2019; however, the automotive sector is expected to grow at faster pace during the forecast period. Based on region, the ethylene carbonate market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2019 while Asia-Pacific is attributed to the rising demand for ethylene carbonate applications from various end-use industries, including industrial, automotive, and oil & gas.
The key players operating in the market areAsahi Kasei Corp., Asahi Kasei Corp., BASF SE, Cole-Parmer Instrument Company, LLC., Empower Materials, Huntsman Corporation, Merck KGaA, Mitsubishi Chemicals, Prasol Chemicals Lts, Thermo Fisher Scientific, and Vizag Chemicals International. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition.
The COVID-19 outbreak has led to disruptions in logistics and supply chain worldwide. The lockdowns led to shutdown of major industrial activities including, automotive, oil & gas, aerospace, chemicals, plastics, and textiles manufacturing. This has led to slow-down in growth of the ethylene carbonate market. Moreover, increase in number of COVID patients, regarded as second wave, in many regions is also further expected to restrain the ethylene carbonate market growth.
Key findings of the study
The ethylene carbonate market size is provided in terms of revenue.
By region, Asia-Pacificis projected to grow at the highest CAGR of approximately 48.8%, in terms of revenue, during the forecast period.
By application, the lubricants segment is anticipated to grow with CAGR 36.9%, in terms of revenue, during the forecast period.
By end-use, the automotive and oil & gas segments dominated the market with a revenue share of over 53.0% and 15.4% in 2019.The report provides acomprehensive analysis of the factors that drive and restrain the ethylene carbonate market growth.
The qualitative data in this report aims at the market trends, dynamics, and developments in the ethylene carbonate industry.
The ethylene carbonate market forecast and estimations are based on factors impacting the market growth.