Dimethyl Carbonate Market on an Upward Growth Trajectory—Projected to Reach USD 1,198.6 Million by 2027 | BlueWeave

Delhi NCR, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Dimethyl carbonate is mainly fueled by the growth of industrialization, robust demand in paints, and the electronics industry. In addition, the growing demand for lithium-ion batteries in the production of electronic vehicles has proliferated the growth of the dimethyl carbonate market….

A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global dimethyl carbonate market was worth USD 796.8 Million in 2020 and is further projected to reach USD 1,198.6 Million by 2027, at a CAGR of 6.4% during the forecast period (2021-2027). The dimethyl carbonate market is primarily supported by the growing industrialization, robust demand in paints, and the electronic sector. In addition, the increasing demand for lithium-ion batteries in the production of electronic vehicles has favored the growth of the dimethyl carbonate market. Additionally, dimethyl carbonate market has been growing due to environmental concerns regarding the emission of volatile organic compounds.

Multiple Industrial Application Supported the Growth of Global Dimethyl Carbonate Market
Since dimethyl carbonate (DMC) possesses properties like strength, transparency, chemical resistance, and heat resistance, its production has boomed globally. The ever-increasing demand in the automotive and electronics industries play a key role in driving the growth of the dimethyl carbonate market. It is regarded as a better alternative to solvents used in paints and coatings since it has no environmental impact and does not emit volatile organic compounds. As per the solvent selection guide, it falls into the greenest "recommended" bracket and is seen as a potential replacement for methyl ethyl ketone, ethyl acetate, methyl isobutyl ketone, and most other ketones. Growing demand for water-based, eco-friendly paints and coatings is driving the market for dimethyl carbonate in the paints and coatings industry, creating a lucrative opportunity in the dimethyl carbonate market.

Dimethyl as a Fuel Additive Powering Market Growth
Dimethyl carbonate was developed as a gasoline additive as a result of technological breakthroughs and the drive for a greener tomorrow. Petrol has raised the levels of pollutants in the atmosphere. Furthermore, fossil fuels are running out, and oil and petroleum costs are expected to grow in the coming year, further harming the environment. Thus, new and better alternative fuels or additives has become necessary for conventional hydrocarbon fuels development to overcome these problems. In the same circumstances, dimethyl carbonate, which is used as an oxygenated fuel and as an additive, has shown promise as a renewable alternative to conventional hydrocarbon fuels for reducing pollution from internal combustion engines. The properties listed above are the most important aspects that will likely drive the dimethyl carbonate market forward.

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Polycarbonate Made Up of DMC to Dominate the Market in the Coming Years
Polycarbonate is widely used in a variety of industries including automotive, electronics, building & construction, consumer goods, and others. Increasing demand in the automotive and electronics industries is likely to boost the dimethyl carbonate market growth due to qualities, such as strength, transparency, chemical resistance, and heat resistance. Moreover, dimethyl carbonate market growth has been driven by growth in the automotive industry in countries such as China, India, and Japan. Further, the growing demand for inexpensive and cost-effective consumer products like smartphones, laptops, power banks, smart home devices, smart speakers, and others drives the growth of the dimethyl carbonate market.

Impact of COVID-19 on the Global Dimethyl Carbonate Market

COVID-19 has negatively affected the growth of the global dimethyl carbonate market. IEA data indicates that EV sales fell by 39% in China in Q1 2020 due to a drop in dimethyl carbonate usage in lithium-ion batteries. The rising delay, growing uncertainties, and reduced availability of pivotal raw materials adversely affected the growth of the global dimethyl carbonate market. The initial impact of the pandemic resulted in the shutdown of operations across various industries, resulting in a sharp decline for the end-user sector. Additionally, the Indian Paint Association declared that paint companies witnessed no sales in April 2020 in India due to lockdown, which has hampered the market's growth.
With EV sales increasing rapidly and DMC manufacturing companies preparing to ramp up production in anticipation of demand growth, the demand for dimethyl carbonate is expected to rise in the coming years. Balaji Amines, one of the leading Indian organic chemical manufacturers, announced in February 2021, that the company will start production of dimethyl carbonate (DMC) from FY2022 amid growing demand. Moreover, in July 2021, Tenneco announced that it has joined a consortium of automotive suppliers, vehicle and fuel manufacturers, chemical companies, Fraunhofer institutes, and universities to explore synthetic fuels (e-fuels). The major focus of the consortium is on DMC, methyl formate (MeFo), and oxymethylene ethers (OME). Recovery of the market is , however, halted by the ongoing shipping crisis and an energy crisis in Europe and China. Additionally, the emergence of a new variant of the COVID-19, Omicron, is expected to further slowdown the recovery of the market. Nevertheless, the growing sales of EVs are expected to support the recovery of the market in the coming years.

Global Dimethyl Carbonate Market: Regional insights

The global dimethyl carbonate market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Growing demand for superior top-quality paints that are eco-friendly and provide homes with a pleasing appearance is contributing to the Asia Pacific dimethyl carbonate market's year-over-year (YoY) growth. Furthermore, China is the world's largest maker of lithium-ion batteries, accounting for more than 60% of global output, thus boosting the growth of the dimethyl carbonate market. In November 2021, SK Innovation Co. Ltd.'s battery unit announced it would invest $2.53 billion in a new electric vehicle (EV) battery production facility in China. It is also worth noting that Asia-Pacific is home to many of the major industry players because of abundant resources and growing demand from end-user industries.

The leading players in the Dimethyl Carbonate Market are Alfa Aesar, Thermo Fisher Scientific (US), Ube Industries Ltd. (Japan), Merck KGaA (Germany), Shandong Shida Shenghua Chemical Group Co., Ltd. (China), HaiKe Chemical Group Ltd. (China), Arrow Chemical Group Corp. (China), Tokyo Chemical Industry Co., Ltd. (Japan), Tongling Jintai Chemical Industrial Co., Ltd. (China), Tangshan Chaoyang Chemical Co., Ltd., (China), and Kowa India Pvt. Ltd.

The market competitors compete on the basis of product quality as well as new and cost-effective manufacturing processes that can improve yield and optimize the process for more and better output.

Recent Developments:

• In May 2021, Lotte Chemical, a South Korean chemical firm, began manufacturing electrolyte organic solvents with ethylene oxide for use in electric vehicle batteries.

• In July 2020, India’s Balaji Amines announced that it expects to commission phase 1 of its new Greenfield Chemicals Complex in 2021. The nationwide lockdown, however, delayed the project construction. The expansion of the plant was primarily prompted by the increasing demand for dimethyl carbonate in India.

Scope of the Report:

 Don’t miss the business opportunity of the global dimethyl carbonate market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global dimethyl carbonate market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global dimethyl carbonate market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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