Dublin, March 13, 2024 (GLOBE NEWSWIRE) -- The "Ethylene Carbonate - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Ethylene Carbonate Market size is estimated at USD 1.03 billion in 2024, and is expected to reach USD 1.63 billion by 2029, growing at a CAGR of 9.58% during the forecast period (2024-2029).
Ethylene carbonate output and consumption have been affected by COVID-19. Due to lockdowns, production limits, and global economic recession, ethylene carbonate and other chemical demands have slowed. Ethylene carbonate and other chemicals are cheaper due to lower demand. After the pandemic, the ethylene carbonate demand increased because of lithium-ion batteries for electric cars and systems that store energy from renewable sources.
Key Highlights
- The ethylene carbonate market grew recently. With the increase in demand for electric vehicles (EV) and device manufacturing units, there is an increase in lithium battery and lithium consumption, resulting in positive growth for the ethylene carbonate market.
- Over the medium term, the factors affecting the ethylene carbonate market growth include the rising number of applications for intermediates in the chemical sector and the growing need for lithium batteries in the automobile sector.
- However, on the flip side, rising health hazards due to the toxicity of ethylene carbonate and replacement prospects by other substitutes are expected to hinder the market's growth.
- Asia-Pacific is expected to dominate the global market due to its highly developed electronics sector and high production of lithium-ion batteries.
Ethylene Carbonate Market Trends: Increasing Demand for Lithium Batteries
- Ethylene carbonate is a type of organic solvent utilized as a component in the electrolyte solution of lithium-ion batteries. The electrolyte solution is a crucial component of lithium-ion batteries because it provides the ionic conductivity that enables lithium ions to travel between the anode and cathode, allowing the battery to store and release energy.
- In addition to acting as a solvent, ethylene carbonate stabilizes the electrolyte solution, avoiding the production of lithium metal on the anode. It is crucial, as lithium metal can create short circuits and other battery performance difficulties. New and exciting industries with commercial and industrial uses have increased the need for lithium-ion batteries. In recent years, demand for lithium-ion batteries from the data center and material handling industries surged, particularly in developing countries.
- According to the International Energy Agency, global sales of battery-electric vehicles reached 4.7 million in 2021, a 135% increase over the previous year.
- Government limits on fossil fuel engines have led to a rapid increase in the demand for electric vehicles, which substantially impacts lithium batteries.
- The need for batteries is driven by the increasing number of electronic devices, the growing demand for mobile devices, the increase in energy-efficient sources, and technological breakthroughs in developed nations. During the forecast period, the ethylene carbonate market is anticipated to be driven by these reasons.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the market owing to its highly developed electronics sector and high production of lithium-ion batteries in China and Japan, coupled with continuous investments in the region over the years to advance lithium technology.
Ethylene Carbonate Industry Overview
The ethylene carbonate market is partially consolidated, with a few major players dominating a significant portion of the market. Some major companies include BASF SE, Huntsman International LLC, Mitsubishi Chemical Corporation, OUCC, and Merck KGaA.
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