Gondia, India, Nov. 26, 2024 (GLOBE NEWSWIRE) -- As per the report published by IMIR Research Pvt. Ltd. In 2023, the Global Dimethyl Carbonate (DMC) Market was valued at USD 1,077.18 Million and is expected to reach USD 1,969.38 Million at the CAGR of 6.3% during 2024-2032.
The global dimethyl carbonate (DMC) market is expected to have vast growth prospects soon. Its demand would be highly increased for varied applications, such as electronics, pharmaceuticals, automobiles, and coatings, considering its properties as a non-toxic and environment-friendly solvent, fuel additive, and reagent. The market has also gained importance as an intermediate in the production of polycarbonate resins and lithium-ion batteries, which are used in most modern electronics and electric vehicles (EVs). The DMC market is expected to grow at a compound annual growth rate (CAGR) of more than 6% over the forecast period, thus being a dynamic and high-potential sector in the global chemicals industry.
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Figure: Global Dimethyl Carbonate (DMC) Market, 2020-2032, (USD Million)
Expansion of the Electronics and EV Sectors
Rapid expansion in the electronics and electric vehicle sectors are key drivers of demand for DMC worldwide. DMC is critical in the production of electrolytes for lithium-ion batteries, which power most electronic devices and electric vehicles. Strong pressure from the governments and the industries to embrace clean energy and sustainable transportation has significantly increased, which in turn increases the demand for lithium-ion batteries and consequently DMC. The production of batteries in the Asia-Pacific region is especially driving this market hugely, mainly from China, South Korea, and Japan.
Adoption in Pharmaceutical and Agrochemical Sectors
Apart from the conventional application, DMC is increasingly being applied as an intermediate for organic compounds synthesis in the pharmaceutical and agrochemical industries. The application of DMC as a methylating agent for pharmaceutical products encourages the production of APIs, which is a vital industry because of the need for health and management of diseases. The agrochemical industry, which is mainly devoted to crop protection and yield increase, therefore, presents an additional avenue for further growth with its role in synthesizing active compounds.
Competitive Landscape
The DMC market is highly competitive at the global level, where the players are working on strategic alliances, capacity expansions, and R&D to strengthen their market position. Some of the companies that are prominent in the DMC market include UBE Industries, Shandong Shida Shenghua Chemical Group, Merck KGaA, BASF SE, HaiKe Chemical Group, and Kowa Company Ltd. These players are investing in advanced production technologies that improve efficiency and reduce costs, promoting the use of sustainable production methods. Many of them are also actively searching for partnerships as they aim to develop carbon-neutral DMC synthesis methods while keeping within the objectives for sustainability and regulatory compliance.
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Recent Developments in the DMC Market
- Expansion and Diversification of Product Lines: A few major players of this market are investing significantly to expand their production facilities in China and Japan in order to gain from growing demand of DMC by the large-growth segments of battery and electronics. An example here would be Shandong Shida Shenghua Chemical, who has invested heavily in the production facilities in line with the enormous growth being witnessed from the demand of DMC in lithium-ion battery applications.
- Research into Carbon-Neutral DMC Production: As environmental concerns and issues continue to rise, companies such as BASF SE and Merck KGaA are working on creating eco-friendly DMC production. They are doing this by capturing carbon dioxide. This is in line with the shift of the industries towards sustainable production and has kept these companies ahead of other market players.
- Strategic Collaborations with Battery Manufacturers: The importance of DMC in battery manufacturing has led many companies to collaborate with battery manufacturers to ensure a stable supply of high-purity DMC for electrolyte production. This is particularly prevalent in the Asia-Pacific region, where demand for lithium-ion batteries continues to rise.
Market Segmentations
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The dimethyl carbonate (DMC) market in major regions of the world is growing significantly, and it is largely driven by the Asia-Pacific region, as the region witness’s strong demand from electronics, automotive, and battery sectors in China, Japan, and South Korea. The North American region also is growing significantly due to electric vehicles, energy storage, and eco-friendly solvent applications. The DMC demand in the European region is driven by stringent environmental regulations and an emphasis on sustainable production, particularly in the automotive and coatings segments. The market is further broadened by emerging markets from Latin America and Middle East & Africa. They come because of surging industrialization, an increase in automotive products, and use in more pharmaceuticals and agrochemicals.
Key Players and Competitor
- Shandong Haike Chemical Industry Group Co. Ltd.
- Kowa American Corp.
- Shandong Wells Chemicals Co. Ltd.
- Qingdao Aspirit Chemical Co. Ltd.
- Shandong Feiyang Chemical Co. Ltd.
- Haike Chemical Group
- Kindun Chemical Co.Limited
- Hefei TNJ Chemical Industry Co.Ltd.
- Arrow Chemical Group Corp.
- Dongying City Longxing Chemical Co. Ltd.
- Hebei New Chaoyang Chemical Stock Co.Ltd.
- Shandong Depu Chemical Industry Science & Technology Co. Ltd.
- Dongying Hi-tech Spring Chemical Industry Co. Ltd
- Aarsha Chemicals Private Limited
- Tongling Jintai Chemical Industrial
- UBE Industries
- Tangshan Chaoyang Chemical Co. Ltd.
- Mitsubishi Chemical Corporation
- Tokyo Chemical Industry Co. Ltd.
- Merck KGaA
- Linyi Evergreen Chemical Co. Ltd.
- Akzo Nobel N.V.
- Alfa Aesar
- Taizhou Lingyu Chemical Co. Ltd.
- Sigma-Aldrich Co. LLC
- Dongying Jintan Chemical Co. Ltd.
- Luxi Chemical Group Co.Ltd.
- Dongying Xinyuan Chemical Co. Ltd.
- Dongying City Shuangma Chemical Co. Ltd.
- Dongying Dafeng Chemical Co. Ltd.
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Regional Snapshots
By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. Asia-Pacific countries, which are holding the major share in the current market, countries such as China, Japan, and South Korea are setting the trends. The Asian-Pacific is influenced by the strong manufacturing in this region because of the huge manufacturing sector, wherein all the regions manufacture electronic equipment, automobile parts, and renewable source of energy systems. There is a very high growth in the application of energy storage systems and increased electric vehicle production in the Asia-Pacific region; thus, the requirement for DMC specifically lithium-ion is exponentially increasing in this category. There is also China's pursuit for renewable energy and clean technologies, leading to the growth of consumption for battery electrolytes as well as other industrial applications.
North America also emerges as a growth driver for DMC. The demand for DMC in the automobile and electronic sectors is increasingly growing in the US and Canada. The significant demand for electric vehicles in the US market creates a new trend of demand for lithium-ion batteries, which become one of the major users of DMC in EVs and other storage systems of renewable energy sources. This also goes in quite well with the developing culture of embracing DMC for production purposes in various industries; that is, to give some examples, plastics' and paint and coatings ‘solver'.
The second is Europe, with Germany, France, and the U.K. being the main drivers of growth in that region, thanks to their emphasis on sustainable technology and green energy. Strong environmental policy in Europe has been laid down by the European Union through strict regulations on emissions and promoting electric mobility in the automotive and renewable sectors, which have led to the integration of DMC. The push for a circular economy, ensuring materials get reused and recycled, boosts DMC demand for greener solvents in pharmaceuticals, agrochemicals, and coatings in Europe.
The demand for sustainable solutions in the global scenario will create a gradual growth market in regions such as Latin America and the Middle East & Africa, primarily due to growing industrial activities and renewable energy investments. In total, the DMC market grows in tandem with clean energy, electric mobility, and sustainable industrial practices worldwide.
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