Ethylene Carbonate Market To Reach USD 448.4 Million By 2026| Reports And Data
July 16, 2019 - 10:03 AM EDT
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Ethylene Carbonate Market To Reach USD 448.4 Million By 2026| Reports And Data
Ethylene Carbonate Market Size – USD 280.4 Million in 2018, Market Growth - CAGR of 6%, Industry Trends
NEW YORK, July 16, 2019 (GLOBE NEWSWIRE) -- The versatility of application in the various industries and the unique feature of being the one of the few organic compounds that are highly aprotic solvents in nature are the key factors responsible for the high CAGR in the forecast period.
According to the current analysis of Reports and Data, the global Ethylene Carbonate market was valued at USD 0.28 Billion in 2018 and is expected to reach USD 0.45 Billion by year 2026, at a CAGR of 6%. The study covers the genre of chemicals and materials with special focus on the ethylene carbonate market. Ethylene Carbonate is an organic compound that holds the capacity of dissolving large amounts of electrolytes. It is a highly polar solvent in nature. The compound is said to have a melting point at a temperature of 39.5°C and a boiling point of 248°C.
The compound can be used in various industries such as, automotive, oil and gas, medical etc. The continuous research and development to expand the domains of application of ethylene carbonates has been one of the factors propelling the market and increasing its demand. The rising demand for lithium batteries electrolytes are accelerating the demand for ethylene carbonates in the market. In addition the government policies about the fuel economy is rising the demand for lithium ion batteries. This has been a key factor for the rise in the demand. The versatility of application is one of the main factors propelling the market.
Ethylene Carbonate is a highly polar solvent featuring high boiling point (up to a temperature of 248°C), low toxicity, no odor and high solubility for polymers are the key properties that make it an ideal solvent and therefore, an attractive option to several industries.
One unique property of Ethylene Carbonate is that it is an organic, highly aprotic solvent. This feature boosts the demand for this compound in several industries as they require compounds that do not have a hydrogen atom bound to either oxygen, nitrogen or fluorine.
The versatility of application in the several industries such as automotive, personal care, oil and gas etc. has spiraled the demand for ethylene carbonate market. This is the key factor driving the demand.
Lithium battery electrolytes dominate the market as there is a rising demand for high power and energy in batteries. This rise in the demand for lithium batteries electrolytes is accelerating the demand for ethylene carbonates in the market. It continues to grow at a CAGR of 6.3%. The rising demand for lithium battery electrolytes is one of the major factors propelling the market.
The continuous research and development to expand the domains of application of ethylene carbonates has significantly propelled the market, increasing its demand.
Despite the several factors driving the market, factors such as the scarcity of raw materials as well as regulations on the use of ethylene carbonate in various industries, are some of the major restraining factors affecting the growth of this market.
Asia Pacific dominates the market due to the growth in the oil and gas and automotive industries. It holds a market share of 41.8%. An exponential rise in the population in emerging countries such as China is held responsible for this rise in the market demand. The region continues to grow at a CAGR as high as 6.3%.
Along with Asia Pacific, North America and Europe are the two markets that are the regions dominating the market due to their technological advancements. North America is expected to continue rising at a CAGR of 6.4%. Similarly, European markets are expected to grow at a CAGR of 5.7%.
Automotive industry is the largest consumer of ethylene carbonate with the intention to reduce emission from vehicles.
Oil and Gas industry is expected to register the highest growth with a CAGR of 7%.
The key players of the market include Mitsubishi Chemicals, BASF SE, Huntsman, Asahi Kasei and Toagosei Co. Ltd.
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Source: GlobeNewswire PR
(July 16, 2019 - 10:03 AM EDT)
