Westford,USA, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The global Ethylene Carbonate market size is expected to reach USD 888.56 million by 2030 and exhibit a CAGR of 6.8% in the forecast period (2023−2030), according to Skyquest's latest research report. The Growing demand for lithium-ion batteries, expanding electronics and electric vehicle industries, increasing use in electrolytes and solvents, environmental regulations favoring green chemicals, rising awareness of sustainable materials, expanding industrial applications, high dielectric constant, low toxicity, biodegradability, improved safety in battery technology, research, and development, government initiatives for clean energy, renewable energy storage, energy-efficient technologies, electrical grid development, enhanced solvency properties are fueling the market's growth.
According to SkyQuest's latest global research of the Ethylene Carbonate market, increasing demand for green and sustainable solvents, advanced battery technologies, recycling and circular economy initiatives, development of safer and more efficient electrolytes, innovation in lithium-ion battery designs, lithium recycling, and recovery processes, research in alternative applications, the regulatory focus on eco-friendly chemicals, eco-labeling and certifications, collaboration between chemical manufacturers and battery industry, market expansion in emerging economies, exploration of novel synthesis methods, cost-effective production techniques are the trends that aid in the market's growth.
Browse in-depth TOC on "Ethylene Carbonate Market"
- Pages - 157
- Tables - 120
- Figures -77
Ethylene carbonate (EC) is a cyclic carbonate compound with the chemical formula C3H4O3. It is a white, odorless solid with a melting point of 34-37 °C and a boiling point of 243 °C. EC is soluble in water and many organic solvents.
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Prominent Players in Ethylene Carbonate Market
- Dow Chemical
- BASF
- Covestro
- Mitsubishi Chemical
- DIC Corporation
- Sumitomo Chemical
- Tosoh Corporation
- Asahi Kasei
- Kaneka Corporation
- Showa Denko
- Ube Industries
- Kuraray
- Solvay
- Eastman Chemical
- Evonik Industries
- SABIC
- LyondellBasell
- Lotte Chemical
- Formosa Chemical & Fiber Corporation
- LG Chem
- Wacker Chemie
- Celanese
- Saudi Basic Industries Corporation (SABIC)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 521.03 Million |
| 2030 Value Projection | 888.56 Million |
| CAGR | 6.8% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Drums Packaging Demand to Grow Substantially in the Forecast Period
Drums dominated the global online market as they are commonly used for the packaging of ethylene carbonate, particularly for industrial and bulk applications. This dominance is due to their durability, ease of handling, and suitability for storing and transporting chemicals safely. Drums are favored when large quantities of ethylene carbonate are required for various industrial processes.
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Lithium Battery Electrolyte are the Leading Application Segment
In terms of application, lithium battery electrolytes are the leading segment as ethylene carbonate is a critical component in lithium-ion batteries, which are widely used in electric vehicles, portable electronics, and energy storage systems. The growth in electric vehicle adoption and renewable energy storage solutions has led to increased demand for lithium-ion batteries, hence boosting ethylene carbonate sales.
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. China, in particular, has a significant manufacturing capacity for lithium-ion batteries, which are major consumers of ethylene carbonate. This production capacity, along with a growing number of battery manufacturers, contributes to the region's dominance. Government initiatives and regulations promoting green energy and electric vehicles in China and other Asia-Pacific countries stimulate the demand for ethylene carbonate in energy storage applications.
A recent report thoroughly analyzes the major players operating within the Ethylene Carbonate market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Ethylene Carbonate.
Key Developments in Ethylene Carbonate Market
- Merck KGaA announced the launch of a new grade of ethylene carbonate, known as "Luminata EC-HV," which is specifically designed for high-voltage lithium-ion batteries. The product offers improved performance and safety characteristics, catering to the increasing demand for advanced battery technologies in electric vehicles and energy storage systems.
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Key Questions Answered in Ethylene Carbonate Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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