Ethylene Carbonate Market Research Report 2023-2028 | Size, Share & Growth
According to the global ethylene carbonate market report by IMARC Group, the market reached a value of US$ 311.3 Million in 2022, and it is projected to reach a value of US$ 434.1 Million by 2028, exhibiting a CAGR of 5.5% during 2023-2028.
Ethylene carbonate (EC) with the molecular formula (C3H4O3), also known as glycol carbonate or carbonic acid ethylene, is a clear, colorless, and odorless solvent that is solid at room temperature. It is a polar solvent with low toxicity, solubility, and high boiling point. It is produced by the reaction between ethylene oxide (EO) and carbon dioxide (CO2). It is used in fiber processing agents, capacitor electrolytes, lithium battery electrolytes, strip solvents, lubricants, soil-hardening agents, organic solvents, raw materials, and medical products. As a result, ethylene carbonate is widely adopted in the pharmaceutical, oil and gas, and automotive sectors across the globe.
What Are The Key Factors Driving In The Ethylene Carbonate Market?
The market is primarily driven by the expanding automotive sector and the rising demand for lithium-ion batteries, lubricants, and greases for the smooth functioning of automotive engines. In addition, the widespread adoption of lithium-ion batteries (LIB) in electric vehicles (EVs), tablets, mobile phones, and medical equipment are contributing to the market growth.
Moreover, the rising product adoption in photochromic treatments to enhance the visual acuity of individuals represents another major growth-inducing factor. Besides this, the increasing use of EC as a solvent in the oil and gas industry to reduce viscosity during high temperature or extreme pressure drilling operations is providing a positive thrust to the market growth. Furthermore, the increasing investment in research and development (R&D) activities conducted by key players is also creating a favorable market outlook.
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Who Are The Key Players/Companies In The Ethylene Carbonate Market?
BASF SE, FUJIFILM Wako Pure Chemical Corporation, Huntsman Corporation, Merck KGaA, Mitsubishi Chemical Holdings Corporation, Otto Chemie Private Limited, Shandong Senjie Cleantech Co. Ltd., Thermo Fisher Scientific, Toagosei Co. Ltd., Tokyo Chemical Industry Co. Ltd, Vizag Chemicals International and Zhengzhou Meiya Chemical Products Co. Ltd.
The report has been segmented the market into following categories:
Breakup by Form:
Breakup by Application:
- Surface Coatings
- Lithium Battery Electrolytes
Breakup by End Use Industry:
- Oil & Gas
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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