The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Ethylene Carbonate Market.
It was estimated prior to this unanticipated outbreak that the Ethylene Carbonate Market was expected to grow at a CAGR of 6.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
The major factors such as increase in demand for lithium ion battery and lubricants in the automobile and electronics industries, rapid urbanization and increase in the standard of living, growing automobile sector are the major factors expected to raise the demand for lubricants, in which ethylene carbonate is used as a solvent. In addition, the growing demand for electric vehicles is likely to fuel the growth of the ethylene carbonate market during the forecast period.
Ethylene Carbonate being an organic compound is classified as carbonate ester of carbonic acid and ethylene glycol. It is a transparent crystalline solid, which is practically odorless and colorless, and to some extent soluble in water at room temperature.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the application type, the market is segmented as lithium battery electrolytes, lubricants, and plasticizers. Lithium ion battery is expected to witness significant growth rate in the market and it is widely used in electronic gadgets such as tablets, mobile phones, and medical equipment. A large quantity of electrolytes is dissolved in ethylene carbonate, which is mainly used in lithium ion batteries’ electrolyte solution, fueling the market growth during the forecast period.
In terms of regions, North America is estimated to witness significant growth over the forecast period with the U.S. and Canada being the major countries with lucrative growth opportunities in the region’s market. The preference of consumers shifting towards synthetic lubricants can be attributed to the excellent features of ethylene carbonate such as wear & tear protection, heavy load holding & low friction, and thermal stability, which is likely to boost the growth of the industry in the regional market. On the other hand, the European ethylene carbonate market is expected to register significant growth rate with Germany, the UK, and France being the leading countries accounting for an increase in product demand. Increasing sales of electric car is further expected to drive the growth of the regional market during the forecast period.
Some of the key players in the ethylene carbonate market are-