Ethylene Carbonate Market, By Application (Lithium Batteries, Lubricants, Medical Products, Intermediates and Agents, Other Applications (Photochromic Applications)), By End-User Industry (Automotive, Pharmaceuticals, Oil and Gas, Other End-user Industries), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Ethylene carbonate is a clear, colorless crystalline solid which is used in numerous industries. It is a cyclic carbonate ester of ethylene glycol. Known for its high dielectric strength, ethylene carbonate ensures safety in the automotive industry. Ethylene carbonate is an essential component in various industries, ranging from oil and gas to plasticizers. Its properties include low friction, heavy load holding, and thermal stability. Moreover, it is also used as a raw material for organic synthesis. Liquid ethylene carbonate is widely used in the production of high density plastics and as an electrolyte for lithium-ion batteries.
Market Dynamics:
Increasing demand for lithium batteries is expected to boost ethylene carbonate market growth. So increasing penetration of electric vehicle will also favor the market growth. According to the International Energy Agency (IEA), after a decade of rapid growth, the global electric car stock reached 10 million units in 2020, a 43% increase over 2019 and a 1% stock share. In 2020, battery-electric vehicles accounted for two-thirds of new electric car registrations and two-third of the stock. Moreover, growing demand from oil and gas and plastic industry is further propelling market growth.
However, the ethylene carbonate market faces certain challenges such as a rise in the health hazards due to its toxicity, this in turn restricting market growth.
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