Ethylene Carbonate Market Size, Share & Growth Report | 2032
Ethylene Carbonate Market Size, Share & Growth Report | 2032
Segments - Ethylene Carbonate Market by Form (Liquid and Solid), Application (Lubricants, Surface Coatings, Plasticizers, Lithium Battery Electrolytes, and Others), End-user (Healthcare, Oil & Gas, Automotive, Electronics, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024–2032
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| Report ID :AL-6528
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| 253 Pages
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Report Description
Ethylene Carbonate Market Outlook 2032
The global ethylene carbonate market size was USD 656.2 Million in 2023 and is projected to reach USD 1030.3 Million by 2032, expanding at a CAGR of 6.9% during 2024–2032. The market growth is attributed to the rising adoption of ethylene carbonate in industries such as automotive, electronics, pharmaceuticals, and textiles.
Growing ethylene carbonate use in the pharmaceutical industry is anticipated to boost the market in the coming years. Ethylene carbonate is used as a solvent and plasticizer in drug formulation to enhance the solubility and bioavailability of various active pharmaceutical ingredients (APIs). Additionally, the growing adoption of personalized medicine and targeted drug delivery systems further boosts the utilization of ethylene carbonate.
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According to the report published on April 17, 2024, personalized medicines constituted 21% of the total FDA-approved new molecular entities in 2014, whereas in 2023, they comprised 38% of the approved new molecular entities.
Impact of Artificial Intelligence (AI) on the Ethylene Carbonate Market
The use of artificial intelligence is likely to boost the ethylene carbonate market. AI-powered predictive maintenance systems optimize production schedules, minimize downtime, and reduce operational costs by forecasting equipment failures before they occur. Additionally, supply chain management systems powered by AI optimize inventory and improve logistics to ensure the timely delivery of ethylene carbonate products to customers across the globe.
Ethylene Carbonate Market Dynamics
Major Drivers
Increasing demand for lithium-ion batteries in electric vehicles (EVs) is expected to drive the market in the coming years. Ethylene carbonate is important in crafting high-performance electrolytes for these batteries to provide stability and efficacy. The global shift toward sustainable energy solutions and the rapid expansion of EV infrastructure are catalyzing this demand. Additionally, government incentives and regulations that promote the adoption of EVs and the rising production of EVs boost the market.
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According to the report published by the International Energy Agency, approximately 14 million new electric vehicles were sold globally in 2023.
Existing Restraints
Environmental concerns and regulatory challenges are hindering the market. Stringent regulations on chemical manufacturing and usage, particularly in developed regions, impose strict standards for emissions and waste disposal. Compliance with these regulations requires substantial investment in environmentally friendly technologies and processes, which increases operational costs for manufacturers. Moreover, the availability of substitutes such as propylene carbonate and dimethyl carbonate offer similar properties that further hamper the market.
Emerging Opportunities
Ongoing advancements and developments in ethylene carbonate production create immense opportunities for the players competing in the market. Manufacturers are exploring new production methods and refining existing processes to enhance efficiency, reduce costs, and improve product quality. These advancements enable manufacturers to scale up production, meet growing demand, and expand their consumer base. Additionally, the global shift toward personalized medicine and advanced drug delivery systems further increases the demand for ethylene carbonate as a critical ingredient in modern healthcare solutions.
Scope of the Ethylene Carbonate Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.
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Attributes |
Details |
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Report Title |
Ethylene Carbonate Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2023 |
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Historic Data |
2017 -2022 |
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Forecast Period |
2024–2032 |
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Segmentation |
Form (Liquid and Solid), Application (Lubricants, Surface Coatings, Plasticizers, Lithium Battery Electrolytes, and Others), and End-user (Healthcare, Oil & Gas, Automotive, Electronics, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Empower Materials; FUJIFILM Wako Pure Chemical Corporation; Huntsman International LLC; Mitsubishi Chemical Group; OUCC; and TOAGOSEI CO., LTD |
Regional Outlook
In terms of region, the global ethylene carbonate market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific held a major market share in 2023, due to the strong presence of the chemical manufacturing industries in the region. Additionally, the rapid expansion of the electronics and textile industries in the region contributes to the increasing demand for ethylene carbonate.
The market in North America is projected to grow at a significant pace in the years to come. Government initiatives and incentives promoting sustainable energy to reduce carbon emissions boost demand for high-performance electrolytes, such as ethylene carbonate. Additionally, the increasing adoption of EVs in this region contributes to the heightened utilization of ethylene carbonate in the production of lithium batteries.
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As per the report released on December 18, 2023, approximately 918,500 electric vehicles were sold in the US in 2022.
Ethylene Carbonate Market Segment Insights
Form Segment Analysis
Based on form, the ethylene carbonate market is bifurcated into liquid and solid. The liquid segment is expected to expand at a significant growth rate in the coming years, due to the extensive use of liquid ethylene carbonate in lithium-ion batteries and other high-performance applications. The liquid form's superior solvency properties make it an ideal electrolyte solvent, enhancing battery efficiency and stability. The rapid expansion of the automotive industry and the rising adoption of EVs, particularly in regions with strong government incentives for green energy, further boost the segment.
Application Segment Analysis
On the basis of application, the global market is segregated into lubricants, surface coatings, plasticizers, lithium battery electrolytes, and others. The lithium battery electrolytes segment held a large market share in 2023, due to the exponential growth of the electric vehicle (EV) industry and the rising adoption of renewable energy storage systems. Ethylene carbonate is extensively used in lithium-ion battery electrolytes, enhancing battery performance, stability, and safety. Additionally, the increasing renewable energy projects, such as solar and wind farms, necessitated efficient energy storage solutions, thereby fueling the segment.
The surface coatings segment is anticipated to expand at a substantial CAGR during the forecast period, owing to their wide-ranging applications across various industries, such as automotive, construction, and electronics. The unique properties of ethylene carbonate make it an excellent solvent and binder in surface coating formulations. They offer benefits, such as enhanced adhesion, corrosion resistance, and durability. Additionally, the growing demand for high-quality surface coating boosts the demand for ethylene carbonate.
End-user Segment Analysis
Based on end-user, the ethylene carbonate market is segmented into healthcare, oil & gas, automotive, electronics, and others. The healthcare segment is projected to register a robust growth rate during the assessment years, due to the expanding area of applications of ethylene carbonate in the healthcare industry. The biocompatibility and solvency properties of ethylene carbonate make it ideal for use in medical devices and drug delivery systems. Moreover, they are widely used as solvents in the formulation of pharmaceutical drugs.
Segments
The ethylene carbonate market has been segmented on the basis of
Form
- Liquid
- Solid
Application
- Lubricants
- Surface Coatings
- Plasticizers
- Lithium Battery Electrolytes
- Others
End-user
- Healthcare
- Oil & Gas
- Automotive
- Electronics
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Empower Materials
- FUJIFILM Wako Pure Chemical Corporation
- Huntsman International LLC
- Mitsubishi Chemical Group
- OUCC
- TOAGOSEI CO., LTD
Competitive Landscape
Key players competing in the global ethylene carbonate market are Empower Materials; FUJIFILM Wako Pure Chemical Corporation; Huntsman International LLC; Mitsubishi Chemical Group; OUCC; and TOAGOSEI CO., LTD.
These companies use development strategies including mergers, acquisitions, partnerships, collaboration, and product launches to expand their consumer base worldwide.
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On June 8, 2021, Huntsman International LLC, a leading chemical manufacturer, announced its acquisition of Gabriel Performance Products (Gabriel). Gabriel, a specialty chemical manufacturer in North America, specializes in producing specialty additives and epoxy curing agents for coatings, adhesives, sealants, and composites. This strategic move enriches the company's portfolio by adding a range of chemicals, including ethylene carbonate, in substantial quantities.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Ethylene Carbonate Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Ethylene Carbonate Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Ethylene Carbonate Market - Supply Chain
4.5. Global Ethylene Carbonate Market Forecast
4.5.1. Ethylene Carbonate Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Ethylene Carbonate Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Ethylene Carbonate Market Absolute $ Opportunity
5. Global Ethylene Carbonate Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Ethylene Carbonate Market Size and Volume Forecast by Applications
5.3.1. Lubricants
5.3.2. Surface Coatings
5.3.3. Plasticizers
5.3.4. Lithium Battery Electrolytes
5.3.5. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Ethylene Carbonate Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Ethylene Carbonate Market Size and Volume Forecast by End Users
6.3.1. Healthcare
6.3.2. Oil & Gas
6.3.3. Automotive
6.3.4. Electronics
6.3.5. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Ethylene Carbonate Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Ethylene Carbonate Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Ethylene Carbonate Demand Share Forecast, 2019-2026
8. North America Ethylene Carbonate Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Ethylene Carbonate Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Ethylene Carbonate Market Size and Volume Forecast by Applications
8.4.1. Lubricants
8.4.2. Surface Coatings
8.4.3. Plasticizers
8.4.4. Lithium Battery Electrolytes
8.4.5. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Ethylene Carbonate Market Size and Volume Forecast by End Users
8.7.1. Healthcare
8.7.2. Oil & Gas
8.7.3. Automotive
8.7.4. Electronics
8.7.5. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Ethylene Carbonate Demand Share Forecast, 2019-2026
9. Latin America Ethylene Carbonate Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Ethylene Carbonate Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Ethylene Carbonate Market Size and Volume Forecast by Applications
9.4.1. Lubricants
9.4.2. Surface Coatings
9.4.3. Plasticizers
9.4.4. Lithium Battery Electrolytes
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Ethylene Carbonate Market Size and Volume Forecast by End Users
9.7.1. Healthcare
9.7.2. Oil & Gas
9.7.3. Automotive
9.7.4. Electronics
9.7.5. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Ethylene Carbonate Demand Share Forecast, 2019-2026
10. Europe Ethylene Carbonate Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Ethylene Carbonate Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Ethylene Carbonate Market Size and Volume Forecast by Applications
10.4.1. Lubricants
10.4.2. Surface Coatings
10.4.3. Plasticizers
10.4.4. Lithium Battery Electrolytes
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Ethylene Carbonate Market Size and Volume Forecast by End Users
10.7.1. Healthcare
10.7.2. Oil & Gas
10.7.3. Automotive
10.7.4. Electronics
10.7.5. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Ethylene Carbonate Demand Share Forecast, 2019-2026
11. Asia Pacific Ethylene Carbonate Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Ethylene Carbonate Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Ethylene Carbonate Market Size and Volume Forecast by Applications
11.4.1. Lubricants
11.4.2. Surface Coatings
11.4.3. Plasticizers
11.4.4. Lithium Battery Electrolytes
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Ethylene Carbonate Market Size and Volume Forecast by End Users
11.7.1. Healthcare
11.7.2. Oil & Gas
11.7.3. Automotive
11.7.4. Electronics
11.7.5. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Ethylene Carbonate Demand Share Forecast, 2019-2026
12. Middle East & Africa Ethylene Carbonate Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Ethylene Carbonate Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Ethylene Carbonate Market Size and Volume Forecast by Applications
12.4.1. Lubricants
12.4.2. Surface Coatings
12.4.3. Plasticizers
12.4.4. Lithium Battery Electrolytes
12.4.5. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Ethylene Carbonate Market Size and Volume Forecast by End Users
12.7.1. Healthcare
12.7.2. Oil & Gas
12.7.3. Automotive
12.7.4. Electronics
12.7.5. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Ethylene Carbonate Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Ethylene Carbonate Market: Market Share Analysis
13.2. Ethylene Carbonate Distributors and Customers
13.3. Ethylene Carbonate Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Empower Materials
13.4.2. FUJIFILM Wako Pure Chemical Corporation
13.4.3. Huntsman International LLC
13.4.4. Mitsubishi Chemical Group
13.4.5. OUCC
13.4.6. TOAGOSEI CO., LTD
Methodology
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