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The ethylene carbonate market size is estimated to grow at a CAGR of 6.79% between 2022 and 2027. The ethylene carbonate market size is forecast to increase by USD 124.77 million. The growth of the market depends on several factors, including growing automotive production, increasing demand for plasticizers, and rising demand for lubricants.
This ethylene carbonate market report extensively covers market segmentation by application (lubricants, lithium battery electrolytes, solvents, photochromatic, and others), type (solid and liquid), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing automotive production is notably driving the market growth, although fluctuating crude oil prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing automotive production is notably driving the ethylene carbonate market growth. Due to its excellent properties such as low toxicity and high dielectric constant, ethylene carbonate is increasingly being used as a protective surface coating for vehicles in response to growing environmental concerns regarding vehicle pollution. Large amounts of ethylene carbonate are used to improve the smoothness of automobile bodies. Ethylene carbonate has a high dielectric strength and is increasingly used in the automotive industry to ensure safety and protection against electric shocks in the manufacture of components such as spark plugs, ignition wire harnesses, and battery terminals.
This will boost the demand for ethylene carbonate during the forecast period. In addition, ethylene carbonate is used to clean and cool vehicle engines. Additionally, China, Germany, India, France, Italy, South Korea, Japan, and the United States use ethylene carbonate as a protective coating and lubricant for automobiles. These countries are global manufacturing powerhouses in the automotive industry. As a result, increased automotive production will drive the demand for ethylene carbonate over the forecast period.
The increasing demand for electric vehicles is a key trend influencing the ethylene carbonate market growth. Growing consumer preference for electric vehicles as a result of rising global warming concerns is threatening demand for traditional gasoline-powered, mechanically steered vehicles. Tesla, BMW, and Ford are among the companies that have started producing electric vehicles that can fiercely compete with conventional cars. Electric vehicles are also produced by BYD, Beijing Electric Vehicle, ZhiDou, Shanghai Auto, and Zotye due to the high dielectric strength of ethylene carbonate and its increasing use in the automotive industry to ensure safety and protection against electric shock in the production of spark plugs, ignition cable assemblies, and battery terminals.
Germany, the United States, and Japan are major manufacturers of electric vehicles. In lithium batteries, ethylene carbonate is used as a component of the high dielectric constant electrolyte. As a result, increasing demand for electric vehicles will drive global demand for lithium batteries, which will have a positive impact on the growth of the ethylene carbonate market during the forecast period.
The fluctuating crude oil prices are challenging the ethylene carbonate market growth. The oil and gas industry is a major supplier of petrochemicals. Prices of petrochemical products are greatly affected by fluctuations in crude oil prices. Rising crude oil prices will increase the prices of petrochemicals such as ethylene alcohol, urea, and methanol. This price volatility is forcing the industry to switch to bio-based fuels, which poses one of the biggest challenges for the global ethylene carbonate market. Raw materials such as ethylene alcohol, urea, and methanol are produced from crude oil.
Fluctuations in crude oil prices, therefore, have a direct impact on raw material costs. Fluctuations in oil prices due to reduced supply and the US shale gas boom are reducing demand for the feedstock used to make ethylene carbonate. As a result, fluctuating crude oil prices will hamper the expansion of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Ethylene Carbonate Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Actylis: The company is involved in core chemical businesses with various segments such as inorganic products, acrylic monomers, chemical products, and industrial gas. One of the primary chemical products offered by the vendor includes Ethylene Carbonate (1305000).
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the lubricants segment will be significant during the forecast period. This segment includes plasticizers, pharmaceuticals, industrial parts, and surface coatings. Ethylene carbonate is a plasticizer used in the manufacture of polymers. Plasticizers are added to polymers during manufacturing to improve their solubility, dielectric strength, charge storage capacity, dielectric constant, absorption efficiency, etc. As a result, increasing demand for plasticizers will drive demand for ethylene carbonate throughout the forecast period.
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The lubricants segment was valued at USD 85.81 million in 2017 and continued to grow until 2021. Ethylene carbonate is a reactive intermediate in the production of lubricants and greases. Lubricants that enable efficient operation of industrial machinery and automobile engines. Earlier, the lubricants segment dominated the global market due to its extensive application in multiple end-use industries including automotive, industrial, and oil and gas sectors. Increasing the use of these lubricants in the automotive industry and manufacturing engines for collecting, cooling, and cleaning engines are expected to increase the demand for the ethylene carbonate market during the forecast period.
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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The increasing use of ethylene carbonate in the North American region is due to high demand in the automotive industry and expanding oil and gas production. The United States is the largest crude oil producer in North America. Increased crude oil production in the United States is expected to be one of the key factors driving the growth of the ethylene carbonate market during the forecast period.
From 2020 to early 2021, the COVID-19 pandemic caused a number of disruptions to the global ethylene carbonate market. The pandemic negatively impacted most of the global industrial operations, causing significant downtime, delivery delays, and manufacturing difficulties. The COVID-19 outbreak in 2020 has caused some refineries across the world to cut production or announce temporary shutdowns. These shutdowns negatively impacted the demand for ethylene carbonate for solvent applications, hampering the potential growth of the market in 2020 and early 2021. However, the governments of several countries announced a series of economic packages to help industrial units return to normal in late 2020 and early 2021. In the coming future, additional investments will help put the local economy back on a growth track. These initiatives caused companies to resume production. This will have a positive impact on the growth of the global ethylene carbonate market during the forecast period.
The ethylene carbonate market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global ethylene carbonate market as part of the global commodity chemicals market within the global chemicals market. The global commodity chemicals market includes companies primarily producing industrial and basic chemicals including, but not limited to, plastics, synthetic fibers, films, basic paints and pigments, explosives, and petrochemicals. The market does not include chemical companies that produce diversified chemicals, fertilizers and pesticides, industrial gases, and specialty chemicals.
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Ethylene Carbonate Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.79% |
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Market growth 2023-2027 |
USD 124.77 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.45 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 30% |
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Key countries |
US, Canada, China, Japan, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Actylis, Asahi Kasei Corp., ATAMAN Kimya AS, Ereztech LLC, FUJIFILM Holdings Corp., Haihang Industry Co. Ltd., Huntsman Corp., Merck KGaA, Mitsubishi Chemical Holdings Corp., NATIONAL ANALYTICAL CORP, Oriental Union Chemical Corp., Otto Chemie Pvt. Ltd., Shandong Lixing Advanced Material Co. Ltd., Shandong Senjie Cleantech Co. Ltd., Spectrum Laboratory Products Inc., Toagosei Co. Ltd., Tokyo Chemical Industry Co. Ltd., Vizag Chemical International, Zhengzhou Alfa Chemical Co. Ltd., and Zhengzhou Meiya Chemical Products Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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