New York, US, June 28, 2021 (GLOBE NEWSWIRE) -- Ethylene Carbonate Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Ethylene Carbonate Market Information by Form, Applications, End-Use Industry, and Region - Forecast till 2027”, the market is anticipated to reach USD 418 Million by 2027 at 5.7% CAGR.
Market Scope:
Ethylene carbonate is colorless, however it has a fairly yellowish solid appearance and a strong odor. It has a solvent property that includes greater polarity, a high boiling point, high polymer solubility, and no odor. Ethylene carbonate is becoming more popular these days due to its low toxicity in nature. Because of the high electrolyte production in lithium-ion batteries employing ethylene carbonate, the ethylene carbonate market is in great demand. Furthermore, electric vehicles are becoming increasingly popular due to their ease of maintenance, cost-effectiveness, fuel efficiency, and lower gasoline expenses.
Market Drivers
New products, such as lithium-sulfur batteries, are an excellent way for market players to expand their businesses. Demand for lithium batteries is predicted to rise as a result of increased use of ethylene carbonate electrolyte as a result of rising demand for electric vehicles due to rigorous government rules for environmental protection. It is used to remove carbon dioxide from gaseous mixtures containing considerable amounts of ethane and heavy hydrocarbons, which contributes to the global market's expansion. It's also utilized for olefin separation, which adds to its popularity in the oil and gas business.
Market Restraints:
The main factor is that ethylene carbonate market prices fluctuate often, which is expected to limit global market growth. Furthermore, by examining client desire, the global market has climbed to the electric car. As client demand grows on a daily basis, the market must boost its manufacturing and sales in all locations. For the ethylene carbonate market, this can be a difficult task.
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Competitive Landscape:
The major market players are working hard to boost production speeds in order to fulfil public demand and increase sales. As a result, the best corporations invest much in advertising in order to promote their products and increase sales on a global scale. Customers may choose products from the comfort of their own homes owing to the companies' online experiences. Another technique was to give the best deals on their items in order to boost sales.
The major player active in the global ethylene carbonate market are:
- OUCC
- Toagosei Co., Ltd
- Mitsubishi Chemical Corporation
- Zibo Donghai Industries Co., Ltd
- ALFA AESAR
- BASF SE Huntsman International LLC
- Merck KGaA
- New Japan Chemical Co., Ltd
- Shandong Senjie Cleantech Co., Ltd
- PANAX ETEC
- Tokyo Chemical Industry Co., Ltd
COVID-19 Analysis:
All global markets have been affected by the global lockout, and this market is one of them. Because of new social distance conventions and non-operational chemical plants, the pandemic has impacted numerous solvent manufacturing businesses.
In the current environment, some COVID-19 laws have been relaxed, and the market is establishing its enormous operations all over the world. The demand for plasticizers, lubricants, and Li-ion batteries is slowly increasing, and it will soon reach its target of 2024. Because the ethylene carbonate market has been closed for several months, the primary drivers will need to employ a variety of techniques to boost their business productivity and sales. Nowadays, public desire for more items is expanding, which is driving up ethylene carbonate market demand.
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Market Segmentation:
Ethylene carbonate is classified into two types: solid and liquid, according to segmental categories. Higher polarity, better solubility, higher boiling point, and less toxicity are among the characteristics of these two varieties, which help to boost demand in the global market. During the review period, the liquid form of ethylene carbonate is predicted to grow at a CAGR of over 6%.
By application, the ethylene carbonate products are vastly used in dyes, lithium battery electrolytes, fibre-processing agents, lubricants, surface coatings, chemical intermediates, plasticizers and many others.
The ethylene carbonate market has its services in various industries like automotive, textile, oil and gas, chemical, personal care and hygiene, agriculture, medical and many others.
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Regional Insights:
Asia-Pacific led the global market in 2017, thanks to the rise of major end-use industries in the region. Furthermore, the rising populations, increased disposable income, and economic progress of China and Taiwan promote market development. These factors are expected to boost demand for ethylene carbonate in the region during the projection period.
Markets in North America and Europe are likely to rise at considerable rates during the study period. The development in both of these regions is due to the increased manufacturing and sale of electric vehicles, as well as the rise of other end-use industries like as chemical, medical, and personal care and hygiene.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.