Allied Market Research published a report, titled, "Ethylene Carbonate Market by Form (Solid and Liquid), Application (Lubricants, Surface Coatings, Plasticizers, Lithium Battery Electrolytes, and Others) and End-Use (Automotive, Oil & Gas, Medical, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global ethylene carbonate industry generated $288.0 million in 2019, and is projected to generate $418.5 million by 2027, witnessing a CAGR of 6.0% from 2020 to 2027.
Prime determinants of growth
Increase in demand in lithium-ion
electrolytes & lubricant applications and rise of the automotive industry
in Asia-Pacific drive the growth of the global ethylene carbonate
market. However, fluctuations in the prices of raw materials hinder the market
growth. On the other hand, rapid urbanization and adoption of new technologies
in lithium-ion batteries present new opportunities in the coming years.
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COVID-19 Scenario
- Owing to lockdown, manufacturing activities
for ethylene carbonate stopped across various countries. In addition,
supply and distribution activities are hampered.
- Many industrial activities in sectors such as
automotive, aerospace, and others came to abrupt halt. This resulted in a
significant decrease in demand for ethylene carbonate.
- The demand would be restored steadily as daily
operations in different end-use industries resume during the post-lockdown
period.
The solid segment to continue its
lead position during the forecast period
Based on form, the solid segment held
the highest market share in 2019, accounting for more than three-fifths of the
global ethylene carbonate market, and is projected to continue its lead
position during the forecast period. This is attributed to its usage as high
permittivity component of electrolytes in lithium and lithium-ion batteries.
However, the liquid segment is estimated to witness the highest CAGR of 6.3%
from 2020 to 2027, owing to extensive usage as an electrolyte in lithium-ion
batteries.
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The lubricants segment to maintain
its dominance in terms of revenue throughout the forecast period
Based on application, the lubricants
segment contributed to the largest market share, holding more than one-third of
the global ethylene carbonate market in 2019, and is expected to maintain its
dominance in terms of revenue throughout the forecast period. This is
attributed to its widespread usage in the automotive industry. However, the
lithium battery electrolytes segment is estimated to register the fastest CAGR of
6.6% from 2020 to 2027. This is due to rise of usage in electric vehicles and
focus on clean energy to lower down carbon emissions.
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North America to grow at the
fastest rate
Based on region, North
America is projected to portray the largest CAGR of 6.7% during the
forecast period, owing to shift in consumer preference toward synthetic
lubricants as they offer superior properties including thermal stability, wear
& tear protection, heavy load holding capacity, and low friction.
However, Asia-Pacific accounted for the highest share with nearly
half of the global ethylene carbonate market in 2019, and is expected to
continue its highest contribution by 2027. This is attributed to increased
automotive sector and increase in the electric vehicle industry.
Market players grabbing the largest
pie
- Asahi Kasei Corp.
- BASF SE
- Cole-Parmer Instrument Company, LLC.
- Empower Materials
- Huntsman Corporation
- Merck KGaA
- Mitsubishi Chemicals
- Prasol Chemicals Lts
- Thermo Fisher Scientific
- Vizag Chemicals International
Access Full Summary@ https://www.alliedmarketresearch.com/ethylene-carbonate-market-A07307
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