The
Global Ethylene Carbonate Market size is
projected to reach USD 439 million by 2025, at a CAGR of 6.6% during the
forecast period. The market is driven mainly by the application expansion
achieved through the improved quality of ethylene carbonate & lithium
batteries electrolytes, lubricants, coatings, and plasticizers in various
end-use industries such as automotive, industrial, electronics, medical and
others, globally.
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Oriental Union Chemical Corporation
(Taiwan), Huntsman (US), BASF (Germany), Mitsubishi Chemical (Japan), and
Toagosei Co., Ltd. (Japan), among others, are the leading ethylene carbonate
manufacturers, globally. These companies have established their brands, and
ethylene carbonate produced by these companies is consumed domestically. It is
supplied further to various countries such as China, Japan, New Zealand, Australia,
and others within the Asia Pacific region.
Lubricants to dominate the global
ethylene carbonate market during the forecast period
The ethylene carbonate industry has
been segmented based on application into lubricants, lithium battery
electrolytes, plasticizers, surface coatings, and others. The lubricant segment
accounted for the larger share of the market in 2019. The growth in this
segment is attributed to the increasing demand from various end-use industries
such as industrial and automotive. They are used in automotive engines as
cooling and cleaning agents. These factors are expected to drive the demand for
ethylene carbonates during the forecast period.
Automotive end-use industry segment
to dominate the global ethylene carbonate market during the forecast period
The market has been segmented based
on the end-use industry into automotive, industrial, medical, oil & gas,
personal care & hygiene, and others. The automotive segment accounted for
the largest share of the market in 2019 and is expected to witness significant
growth during the forecast period. The increase in this segment is attributed
to different requirements by manufacturers, such as reduced emissions of
volatile organic compounds (VOCs) and durable protective surface coating on
vehicles. The motorization rate has increased over the last five years because
of the rise in the disposable income of people and industrial growth across the
globe. These factors are expected to drive demand during the forecast period.
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Huntsman
accounted for the second-largest share in the market owing to the vast
experience in the manufacturing of ethylene carbonate, broad product portfolio,
huge production, sales, logistics, and technical service network. The company
is highly focused on R&D and operates facilities in over 30 countries. It
offers ethylene carbonate for various applications such as chemical
intermediates, surface coatings, wood binder resins, lubricants, plasticizers,
and electrolytes. The company is currently investing in advanced production
technologies and carbonate derivatives to meet the customer’s demand.
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