Ethylene Carbonate Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

The global Ethylene Carbonate Market is estimated to witness a rise in revenue from US$ 303.2 Mn in 2021 to US$ 450.5 Mn by 2027. The market is registering growth at a CAGR of 6.6% during the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 6.3% during the forecast period. 

Ethylene carbonate is an organic compound with the formula (CH2O)2CO, which is primarily used as a raw material in the production of lubricants and as a solvent for many resins, polymers, and plasticizers. Generally, ethylene carbonate is colorless and odorless in nature and is only slightly soluble in water. Ethylene Carbonate is also being increasingly used as an electrolyte in lithium-ion batteries. Ethylene carbonate is used in various oil and gas processes as it provides low toxicity in nature. Moreover, due to its superior properties such as low toxicity, non-flammability, and low vapor pressure, it eliminates harmful deposits and minimizes corrosion. Furthermore, the usage of ethylene carbonate is economical as they provide low-cost metal complexing in a readily biodegradable form. 

The demand for ethylene carbonate is mainly driven by its growing demand for lithium-ion electrolytes and significant industrial growth in the Asia Pacific. Continuous increasing application of li-ion batteries in multiple sectors is expected to create the demand for ethylene carbonate in the near future as they have electrolytes that are typically a mixture of organic carbonates such as ethylene carbonate. Moreover, the industrial sector is one of the major drivers of the global ethylene carbonate market, and with such a rise in the industrial sector in the Asia Pacific, the ethylene carbonate market will witness considerable growth in the region. Also, manufacturing has emerged as one of the high-growth sectors in the Asia Pacific. However, the cost of raw material used in the production of ethylene carbonate has experienced volatility in recent years, impacting the global ethylene carbonate market. The price of basic chemicals has experienced an increase due to which the overall cost of ethylene carbonate is also on the rise.

Report Summary

The study of the global ethylene carbonate market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the ethylene carbonate industry for the period 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the Global Ethylene Carbonate Market across 15 Chapters and 208 pages. The report includes data presentation across 66 tables and 85 statistical figures. The research report also provides Porter’s five forces analysis wherein the bargaining power of buyers and competitive rivalry is high. 

The subsequent section provides details of the market analysis based on different segments such as grade, form, application, industry, and region. The report includes a detailed study of the value chain of the industry. It includes raw material providers, manufacturers, distributors, and end-users. The report also covers extensively the key competitors in the market for ethylene carbonate. 

COVID-19 impact on Global Ethylene Carbonate Market 

The global ethylene carbonate market is expected to witness a slight decline of approx. -0.2% in 2020, post the outbreak of the COVID-19 pandemic. A slowdown in the chemical production practices with the outbreak of COVID-19 has been disrupting global trade. The whole value chain ranging from raw material supply and manufacturing to marketing has been affected by the COVID-19 pandemic. Besides, the decrease in the end-use applications of ethylene carbonate especially in lubricants, due to the COVID-19 pandemic is also affecting the growth of the ethylene carbonate market. Moreover, the fall-off in the purchasing of new equipment in the manufacturing industry and automotive, backed by the decline in the purchasing power has certainly impacted the manufacturing of ethylene carbonate globally. Though a substantial growth in the global ethylene carbonate market can be expected in 2021 and subsequent years backed by the resurgence of manufacturing activities globally. 

Key Takeaways from the Global Ethylene Carbonate Market Report

• Based on grade, the industry-grade segment is estimated to have the highest market share during the forecast period. Whereas, the battery-grade segment is projected to grow at the highest CAGR during the forecast period owing to increasing demand for high-quality ethylene carbonate for lithium-ion batteries.
• On the basis of form, the solid segment dominated the market in 2021 and is further projected to continue its lead position during the forecast period owing to its usage in more applications as a high permittivity component of electrolytes in lithium and lithium-ion batteries. Moreover, the liquid segment is projected to grow at the highest CAGR during the forecast period owing to extensive usage as an electrolyte in lithium-ion batteries.
• In terms of application, the lubricant segment is estimated to have the highest market share during the forecast period due to its growing usage in industrial, oil & gas, and automotive end-use industries. In the automotive sector, lubricants are used as cooling and cleaning agents. Whereas, the chemical intermediate segment is projected to grow at the highest CAGR during the forecast period.
• Based on industry, the automotive segment is estimated to have the highest market share during the forecast period because the automotive industry is the largest consumer of ethylene carbonate with the intention to reduce emissions from vehicles. Moreover, the rising demand for electric vehicles will also drive the demand for ethylene carbonate. Furthermore, the oil & gas segment is projected to grow at the highest CAGR during the forecast period.
• Based on region, Asia Pacific contributes the highest share in the global ethylene carbonate market owing to its increasing usage in various end-use industries such as oil & gas, automotive, industrial and medical. China and Japan are the major contributors to the growth of the regional market. Moreover, the funding for the automotive sector and the supportive government initiatives for the industrial sector will upsurge the market growth in the region.

Competitive Landscape

The key players in the global ethylene carbonate market are BASF SE, Huntsman International LLC, Merck KGaA, Mitsubishi Chemical Corporation, Toagosei Co., Ltd., Sigma-Aldrich, Lixing Chemical, Tokyo Chemical Industry Co., Ltd and OUCC among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview

Global Ethylene Carbonate Market is segmented based on grade, form, application, industry, and region. The industry trends in the global ethylene carbonate market are sub-divided into different categories in order to get a holistic view of the global marketplace. 

Following are the different segments of the Global Ethylene Carbonate Market:

By Grade segment of the Global Ethylene Carbonate Market is sub-segmented into:

• Battery Grade
• Industry Grade

By Form segment of the Global Ethylene Carbonate Market is sub-segmented into:

• Solid
• Liquid

 By Application segment of the Global Ethylene Carbonate Market is sub-segmented into:

• Lithium Battery Electrolytes
• Capacitor Electrolytes
• Resist Strip Solvents
• Fiber Processing Agents
• Lubricants
• Soil Hardening Agents
• Organic Solvents
• Plasticizers
• Surface Coatings
• Chemical Intermediates
• Dyes
• Others

By Industry segment of the Global Ethylene Carbonate Market is sub-segmented into:

• Healthcare & Pharmaceuticals
• Automotive
• Chemicals
• Oil & Gas
• Textile
• Personal Care & Hygiene
• Agriculture
• Others

By Region segment of the Global Ethylene Carbonate Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America