CHICAGO , July 8, 2024 /PRNewswire/ -- The report "Ethylene Carbonate Market by Application (Lubricants, Lithium Battery Electrolyte, Plasticizers, Surface Coatings), End-Use Industry (Automotive, Oil & Gas, Industrial, Medical, Personal Care & Hygiene), and Region - Global Forecast to 2029", size is expected to grow from USD 0.8 billion in 2024 to USD 1.5 billion by 2029, at a CAGR of 14.4%, during the forecast period. Key drivers of the ethylene carbonate industry are rising demand across the Asia Pacific region and expanding usage in diverse applications such as lithium battery electrolytes, lubricants, coatings, and plasticizers.

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265 – Tables
40 – Figures
251 – Pages

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Ethylene carbonate in liquid form will dominate the global market throughout the forecast period.

The global ethylene carbonate market, segmented by form into solid and liquid categories, is poised for significant growth in the liquid segment during the forecast period. While the liquid segment held a smaller market share in 2023, it is projected to surpass the solid segment in the coming years. This growth is driven by increasing demand across various applications, including battery electrolytes, solvents, and chemical intermediates. Liquid ethylene carbonate finds extensive use in automotive, medical, chemical, and industrial industries, contributing to its rising popularity. These factors will drive robust demand growth for liquid ethylene carbonate in the forecast period.

Lithium battery electrolytes to dominate the global ethylene carbonate market during the forecast period.

The ethylene carbonate market is segmented by its applications into several key categories: lubricants, lithium battery electrolytes, plasticizers, surface coatings, and other uses. Among these, the lithium battery electrolytes segment is anticipated to lead the market by 2029. This dominant growth is primarily attributed to the rising global demand for electric vehicles (EVs), which heavily depend on lithium-ion batteries. These batteries use ethylene carbonate as a critical component in their electrolytes, essential for enhancing battery performance, longevity, and safety. The increasing adoption of EVs, driven by environmental regulations and consumer preference for sustainable transport, is expected to significantly boost the demand for ethylene carbonate in the coming years.

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Automotive segment to dominate the global ethylene carbonate market during the forecast period

The end-use industry has divided the market into automotive, industrial, medical, oil & gas, personal care & hygiene, and others. In 2023, the automotive segment held the largest market share and is projected to experience substantial growth in the forecast period. This growth is primarily driven by the rising sales of vehicles, particularly electric vehicles (EVs). Ethylene carbonate is utilized in automotive applications such as lubricants and protective coatings and as an electrolyte in lithium batteries. Moreover, the trend towards vehicle light-weighting has increased the demand for various plastics, including polycarbonates used in vehicle body manufacturing, thereby boosting the adoption of ethylene carbonate as a plasticizer. These factors are expected to drive significant demand growth in the forecast period.

The Asia Pacific region is poised to hold the top in the global ethylene carbonate market throughout the forecast period.

Asia Pacific is anticipated to lead the ethylene carbonate market during the forecast period. The regional market's expansion is driven by the increasing demand for ethylene carbonate applications across various end-use industries such as industrial, automotive, and oil and gas. A strong industrial base, supportive government policies for electric vehicles, and competitive labor costs are key factors bolstering the ethylene carbonate sector and attracting significant investment from major industry players in the region.

Key Players

Oriental Union Chemical Corporation (Taiwan), Huntsman (US), Shandong Shida Shenghua Chemical Group Co., Ltd. (China), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan) are some of the leading manufacturers of ethylene carbonate profiled in this report.

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