Ethylene Carbonate Market Size, Share & Trends Analysis Report By Form (Solid, Liquid), By End-use, By Application (Lubricants, Lithium Battery Electrolyte), By Region, And Segment Forecasts, 2023 - 2030

Ethylene Carbonate Market Size, Share & Trends Analysis Report By Form (Solid, Liquid), By End-use, By Application (Lubricants, Lithium Battery Electrolyte), By Region, And Segment Forecasts, 2023 - 2030

Ethylene Carbonate Market Growth & Trends

The global ethylene carbonate market size is expected to reach USD 887.1 million by 2030, registering a CAGR of 6.7% during the forecast period, as per a new report by Grand View Research, Inc. The growth is majorly driven by the rising demand for electrolytes in lithium-ion batteries using ethylene carbonate as a major ingredient for production as a solvent.

The utilization of ethylene carbonate in lithium-ion batteries is experiencing an increase in demand due to its extensive use in electric vehicles. The growing awareness of environmental concerns has led to the adoption of electric vehicles. The widespread usage of electric vehicles in countries such as the U.S., France, China, Japan, Germany, and the UK has resulted in the use of Li-ion batteries, thereby boosting the demand for ethylene carbonate.

The product is also used as a solvent in the production of plastics, coatings, and adhesives. It can also serve as an intermediate in the synthesis of various organic compounds, including pharmaceuticals, polymers, and specialty chemicals.Additionally, it is used as an additive or co-solvent in lubricant formulations to enhance their performance and properties.

Asia Pacific dominated the market with a revenue share of more than 36% in 2022. Several countries in Asia Pacific, such as China, Japan, and South Korea are at the forefront of electric vehicle production and deployment. These countries have witnessed a surge in the manufacturing and consumption of lithium-ion batteries, which are essential components of electric vehicles.

Ethylene Carbonate Market Report Highlights

• Solid was the dominating form in 2022 accounting for a revenue share of over 52%, as it is less prone to degradation compared to its liquid form. Also, it is less prone to spillage, leakage, or evaporation, reducing the risk of accidents or losses during storage and transportation
• In 2022, lubricants emerged as a key application segment contributing over 32% of the revenue share. The product functions as a viscosity modifier and anti-wear agent in lubricants
• Automotive end-use is predicted to grow at the highest CAGR of 7.0% during the forecast period, owing to its extensive usage in the surface coatings of vehicles along with its ever-increasing demand as a major component in the production of EV batteries
• The Asia Pacific region is projected to dominate the market in the coming years owing to its growing adoption in several end-use industries including automotive and industrial in the region

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