Global Ethylene Carbonate Market Insights Forecasts to 2033

• The Global Ethylene Carbonate Market Size was estimated at USD 561.8 Million in 2023
• The Market Size is Expected to Grow at a CAGR of around 6.44% from 2023 to 2033
• The Worldwide Ethylene Carbonate Market Size is Expected to Reach USD 1048.5 Million by 2033
• North America is expected to Grow the fastest during the Forecast Period.

The Global Ethylene Carbonate Market Size is anticipated to exceed USD 1048.5 Million by 2033, Growing at a CAGR of 6.44% from 2023 to 2033. The increasing application of ethylene carbonate in lithium battery electrolytes and lubricants is driving the market growth for ethylene carbonate.

Market Overview

The ethylene carbonate market refers to the chemical compound used in various industries such as automotive, industrial, medical, and more. Ethylene carbonate is an excellent solvent for a variety of uses due to its high polarity and high solubility against water. It is utilized as a polar solvent in the production of surface coatings, resins, and lubricants, among other products. Ethylene carbonate is a highly polar solvent that dissolves a variety of electrolytes and is utilized in the electrolyte solutions of lithium batteries and as a raw material for the production of lubricants. Environmentally benign alternatives, such as those based on ethylene carbonate, have been developed in response to strict laws and standards governing the use of hazardous phthalates as plasticizers. More than 90% of plasticizers are used in PVC products, and demand for these items is predicted to increase significantly over the coming years. This offers a lucrative market growth opportunity for ethylene carbonate.      

Report Coverage

This research report categorizes the ethylene carbonate market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the ethylene carbonate market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the ethylene carbonate market.

Driving Factors

The growing need for ethylene carbonate for the production of lithium-ion battery electrolytes for enhancing the performance and stability of the batteries is propelling market growth. Further, the expanding automotive manufacturing and increasing use of bio-based plasticizers significantly contribute to driving the ethylene carbonate market. In addition, the awareness about the use of sustainable energy sources that leads to the adoption of vehicle batteries is contributing to promoting the ethylene carbonate market.

Restraining Factors

The usage of hazardous raw materials for the manufacturing of ethylene carbonate is challenging the market. Further, the volatility in oil & gas prices may hamper the market for ethylene carbonate.

Market Segmentation

The ethylene carbonate market share is classified into form, application, and end-use.

• The solid segment dominated the market with the largest share of the ethylene carbonate market in 2023.

Based on the form, the ethylene carbonate market is classified into solid and liquid. Among these, the solid segment dominated the market with the largest share of the ethylene carbonate market in 2023. This is attributed to the longer shelf life and ability to withstand higher temperatures without undergoing chemical changes. The solid form of ethylene carbonate is in transparent crystalline form that finds application as an intermediate in the synthesis of polycarbonate diols and as a cross-linking agent in the production of super absorbent polymers, gas washing, and oil field separation processes.

• The lubricants segment held the largest market share of the global ethylene carbonate market in 2023.

Based on the application, the ethylene carbonate market is classified into lubricants, surface coatings, lithium battery electrolyte, plasticizers, and others. Among these, the lubricants segment held the largest market share of the global ethylene carbonate market in 2023. As a lubricant additive, ethylene carbonate is used as a cleaning and cooling agent in the automotive sector to improve its performance and reduce friction and wear. The widespread usage of lubricant additives in various industries is propelling the market in the lubricants segment.

• The automotive segment dominated the market with the highest revenue share in 2023.

Based on the end-use, the ethylene carbonate market is classified into automotive, industrial, oil & gas, medical, and others. Among these, the automotive segment dominated the market with the highest revenue share in 2023. Ethylene carbonate is crucially used in EVs as an electrolyte for batteries and automotive lubricants, surface coatings, and automotive plastics manufacturing. The rising use of ethylene carbonate in the automotive industry is driving market growth.

Regional Segment Analysis of the Ethylene Carbonate Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the ethylene carbonate market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the ethylene carbonate market over the predicted timeframe. The on going research and development efforts emphasize improving the performance and safety of lithium-ion batteries and other energy storage technologies which drive innovation, thereby propelling market growth. Further, the growing usage of ethylene carbonate in diverse end-use sectors including oil & gas, automotive, industrial, and medical is propelling the market expansion.

North America is expected to grow at the fastest CAGR growth of the ethylene carbonate market during the forecast period. The growing need for ethylene carbonate owing to increasing application in lithium battery electrolytes and lubricants is driving the market demand. Further, the presence of major corporations in the automotive and chemical sectors contributed to propel the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the ethylene carbonate market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Mitsubishi Chemical Corporation
• Huntsman International LLC
• TAOGOSEI CO. LTD.
• Shandong Shida Shenghua Chemical Group
• New Japan Chemical Co. Ltd.
• Zibo Donghai Industries Co. Ltd.
• Oriental Union Chemical Corporation
• FUJIFILM Wako Pure Chemical Corporation
• Empower Materials
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2024, Dow announced the intent to invest in ethylene derivatives capacity on the U.S. Gulf Coast, including the production of carbonate solvents, critical components to the supply chain of lithium-ion batteries.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the ethylene carbonate market based on the below-mentioned segments:

Global Ethylene Carbonate Market, By Form

• Solid
• Liquid

Global Ethylene Carbonate Market, By Application

• Lubricants
• Surface Coatings
• Lithium Battery Electrolyte
• Plasticizers
• Others

Global Ethylene Carbonate Market, By End-use

• Automotive
• Industrial
• Oil & Gas
• Medical
• Others

Global Ethylene Carbonate Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa