New York , Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global dimethyl carbonate market size is projected to expand at 10% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 7 billion by the end of 2035, up from a revenue of USD 2 billion in the year 2022. The major factor encouraging the market growth is growing demand for renewable and environmental energy sources owing to rising emission from fossil fuel. The annual global emissions of carbon dioxide (CO2) from burning fossil fuels are estimated to be over 33 billion tons (Gt). Of this, around 43% comes from coal, close to 34% from oil, and 20% from gas.
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Many researchers are focusing their efforts to address these issues primarily a result of the increased demand for renewable and ecologically friendly energy sources. An effective strategy has been the incorporation of renewable fuel additives including ethanol and methanol to gasoline. However, there are certain downsides to adding ethanol to gasoline, such as higher gasoline volatility and noticeable changes in the distillation curve. As a result, the demand for dimethyl carbonate is growing. Hence, with the growing production of gasoline from crude oil the market is growing. Nearly 79 million barrels of crude oil were produced by 98 nations in 2022, with five of those nations contributing nearly 51% of the total.
Dimethyl Carbonate Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- The Paints & coatings segment to garner the highest growth
- Market in North America to grow at the highest rate
Growing Demand for Smartphones to Boost the Growth of Global Dimethyl Carbonate Market
By 2023, there is projected to be about 5 billion smartphone users worldwide, which would mean that close to 84% of the world's population will be smartphone owners. These smartphones consist of lithium-ion battery. Due to its excellent solvation and low viscosity characteristics, DMC is among the most promising electrolyte solvent for lithium-ion batteries. Hence, with the rise the demand for smartphones, the market expansion for dimethyl carbonate is surging.
Dimethyl Carbonate Industry: Regional Overview
The global dimethyl carbonate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Demand for Electric Vehicles to Drive the Market Growth in Asia Pacific
The Asia Pacific market for dimethyl carbonate is set to gather the highest market share of approximately 35% over the projected period. The major factor to influence the market growth in this region is rising demand for electric vehicles. For instance, China had the greatest electric car sales in the Asia-Pacific region in 2022, with about 5 million electric vehicles sold. Most electric cars have lithium-ion batteries installed which is why the need for dimethyl carbonate is surging in this region.
Growth in Production of Aerospace to Influence the Market Expansion in North America
The North America for dimethyl carbonate is poised to capture the largest market share of about 24% over the projected timeframe. This growth of the market in this region is projected to be dominated by rising production of aerospace. Estimates show that the general aviation fleet in the United States widened in 2021 to close to 204,404 aircraft. As a result, the demand for lubricants is rising further influencing the use of dimethyl carbonate in the production of lubricants.
Dimethyl Carbonate Segmentation by End User
- Plastics
- Paints & Coatings
- Pharmaceuticals
The paints & coatings segment is projected to have noteworthy growth over the coming years. The major element to drive the segment growth is rising construction activities. Around the globe, there were anticipated to be 794,431 built-up areas (BUAs) in 2016. By 2022, it's estimated to hold about 849,406 people. Furthermore, 2 million new structures are predicted to be constructed by 2050. Hence, this sector is further demanding need for paints & coating which is additionally boosting the market growth.
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Dimethyl Carbonate Segmentation by Grade
- Industry
- Pharmaceutical
- Battery
The industry segment is set to experience the notable growth in the market over the forecast period. This growth of the segment is projected to be encouraged by rising demand for automotive owing to rising disposable income of the people. For instance, both the average worldwide household's spending and disposable income were predicted to increase by about 3% in 2022.
Dimethyl Carbonate Segmentation by Type
- Polycarbonate Synthesis
- Battery Electrolyte
- Solvents
- Reagents
A few of the well-known market leaders in the global dimethyl carbonate market that are profiled by Research Nester are Alfa Aesar, Connect Chemicals, Dongying Hi-tech Spring, Chemical Industry Co., Ltd., Guangzhou Tinci Materials Technology Co., Ltd., Haike Chemical Group, Hebei New ‘Chaoyang, Kishida Chemical Co. Ltd., Kowa Company Ltd., Lotte Chemical, Merck KGaA, and others.
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Recent Development in the Dimethyl Carbonate Market
- A new production facility will be built by Lotte Chemical as part of a goal to grow the business and develop high-quality organic solvents for lithium-ion battery electrolytes, such as dimethyl carbonate.
- To improve research and the capacity to develop and produce from its plant in Shizuoka, Japan, Merck announced an investment of 22.9 million US dollars. This strategy calls for the construction of new infrastructure to facilitate and hasten technological advancements in the field of electronics materials.
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