Earn with the DigitalOcean Affiliate Program or get a $200 Free Trial here 👉🏼
Written by amelia jems » Updated on: August 12th, 2024
The global ethylene carbonate market size was valued at USD 150.5 million in 2022. The industry is expected to expand from USD 165.2 million in 2023 to USD 344.3 million by 2030, exhibiting a CAGR of 11.1% over the study period.
Ethylene carbonate has emerged as an ideal solvent for different applications owing to its efficacy of providing high solubility and polarity against water. The market growth can be attributed to the growing demand for lithium-ion batteries and supercapacitors.
Fortune Business Insights™ provides this information in its research report, titled “Ethylene Carbonate Market, 2023-2030”.
List of Key Players Mentioned in the Report:
Segmentation:
Increasing Demand for Lithium Batteries to Augment the Battery Grade Segment Growth
In terms of grade, the market is divided into industrial grade, battery grade, and electronic grade. The battery grade segment is anticipated to expand at the fastest annual growth rate during the forecast period. The growth in the demand for lithium batteries in which the product is deployed as an electrolyte is fostering the battery grade segment growth.
Lithium Battery Electrolyte Segment to Secure Largest Share Due to Surging Demand for Lithium-ion Batteries
By application, the ethylene carbonate market is classified into polymers & resins, lubricants, semiconductor, lithium battery electrolyte, and others. The lithium battery electrolyte segment is expected to register the largest ethylene carbonate market share during the forecast period. The growing demand for lithium-ion batteries is boosting the lithium battery electrolyte segment growth.
Rise in Demand for Electric Vehicles to Propel the Automotive Segment Growth
With respect to end-use, the market is classified into industrial, healthcare, electronics, automotive, and others. The automotive segment is poised to dominate during the forecast period. The increasing demand for electric vehicles is bolstering the automotive segment's growth.
From the regional perspective, the market is segregated into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America.
Report Coverage
The report offers an in-depth analysis of the driving and restraining factors affecting the market growth. In addition, it focuses on the strategic initiatives undertaken by leading players to stand out from the competition. The report further provides a comprehensive coverage of the latest trends, the impact of the COVID-19 pandemic on market growth, and notable industry developments.
Drivers and Restraints:
Trend of Electrifying the Vehicle to Escalate Market Growth
Humongous investments in the electrification of the automotive industry to drive market expansion due to momentum toward clean energy. Moreover, due to the growth of the electric vehicle market, the demand for lithium-ion batteries has increased.
Despite such growth opportunities, the environmental concerns related to conventional production methods are poised to hinder the supply-demand equation during the mid-term forecast, impeding the ethylene carbonate market growth.
Regional Insights:
Asia Pacific Dominated Due to High Consumption of Products in the Electronics Industry
Asia Pacific accounted for the largest share in 2022. The high consumption of the product in electronics, lithium-ion batteries, and polymers is driving regional growth.
North America and Europe's ethylene carbonate market growth can be attributed to huge investments by producers of lithium batteries, which is poised to bolster the demand for lithium battery electrolytes over the next several years.
Information Source: https://www.fortunebusinessinsights.com/ethylene-carbonate-market-107266
Competitive Landscape:
Companies Focus on Investment Strategies to Strengthen Their Position
Shandong Shida Shenghua Chemical Group Co. Ltd., Shandong Haike Chemical Group, Huntsman International LLC, BASF, and Mitsubishi Chemical Group Corporation are some of the prominent companies in the market. Players are emphasizing different competitive strategies to reinforce their position. Some of these strategies include joint ventures, partnerships, and others. Several companies are also focusing on investment strategies and launching innovative ethylene carbonate solutions to enhance their position.
Key Industry Development:
December 2021 – BASF announced its investment plans for the expansion of its battery material business. The move is expected to help the company further strengthen its emphasis on battery materials and recycling and emerge as a separate mobile emissions catalyst.
We do not claim ownership of any content, links or images featured on this post unless explicitly stated. If you believe any content infringes on your copyright, please contact us immediately for removal ([email protected]). Please note that content published under our account may be sponsored or contributed by guest authors. We assume no responsibility for the accuracy or originality of such content.
Copyright © 2024 IndiBlogHub.com. Hosted on Digital Ocean
