The Global Ethylene Carbonate Market size is expected to reach $970.4 million by 2030, rising at a market growth of 8.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 3,188.3 hundred Tonnes, experiencing a growth of 7.4% (2019-2022).
EC is used to formulate drug delivery systems, particularly in controlled-release drug formulations. It can act as a co-solvent or plasticizer to control the release rate of active pharmaceutical ingredients (APIs) from drug delivery devices. This helps ensure precise and sustained drug delivery to patients. Hence, the medical segment would register approximately 1/4th share of the market by 2030. Ethylene carbonate manufactures implantable medical devices, including drug-eluting stents and biodegradable implants. It helps control the release of drugs from these devices, lowering the risk of complications and improving patient outcomes. EC can be found in pharmaceutical formulations, including oral and topical medications. It serves as a solvent or co-solvent to improve the bioavailability and solubility of poorly soluble drugs, improving their therapeutic efficacy. Some of the factors impacting the market are rising demand for EC in lithium-ion battery electrolyte, increase in the use of bio-based plasticizers, and volatility in raw material's prices.
The transition to renewable energy sources, such as wind and solar power, has increased demand for energy storage solutions. Lithium-ion batteries are essential for storing and efficiently distributing renewable energy, further driving the need for EC in their manufacturing. Research and development efforts are ongoing to improve the performance and safety of lithium-ion batteries. EC is favored in these efforts due to its ability to enhance the electrolyte's ionic conductivity and stability, resulting in batteries with higher energy density, faster charging capabilities, and longer lifespan. Major EV manufacturers and battery producers are investing in constructing large-scale battery manufacturing facilities, often called giga factories. These facilities have significantly increased the demand for lithium-ion battery components, including EC. As the need for electric vehicles, renewable energy storage, and advanced battery technologies continues to rise, the ethylene carbonate market is expected to experience sustained growth in the coming years.
Additionally, Some regions and governments have introduced regulations and policies encouraging bio-based materials and promoting sustainability. These policies further support the growth of bio-based plasticizers and their use in combination with ethylene carbonate. Bio-based plasticizers and their combinations with ethylene carbonate find applications in various industries, including food packaging, medical devices, and consumer goods. This diversity of applications contributes to market growth. Companies are investing in green technologies and sustainable material development, including exploring innovative plasticizer formulations that incorporate ethylene carbonate. Overall, the shift toward bio-based plasticizers, along with the compatibility and performance enhancement provided by ethylene carbonate, has contributed to the growth of the ethylene carbonate market.
However, volatility in raw material prices can create uncertainty in the ethylene carbonate market, making it challenging for businesses to make long-term investment decisions. Market participants may hesitate to expand production capacity or invest in new product development when prices are unpredictable. Customers of ethylene carbonate may adjust their purchasing decisions and inventories in response to fluctuating prices. This can lead to demand fluctuations that manufacturers must navigate. Regulatory changes related to raw material sourcing or environmental regulations can also influence the cost structure of ethylene carbonate production. Manufacturers must stay compliant with evolving regulations, which can further affect costs. These aspects will hamper the growth of the market.
Form Outlook
On the basis of form, the ethylene carbonate market is segmented into solid and liquid. The liquid segment acquired a substantial revenue share in the ethylene carbonate market in 2022. In its liquid form, the product finds application in lubricants and polymers. It is extensively utilized to produce high-density plastics that exhibit excellent resistance to impact and chemical degradation. By combining liquid ethylene carbonate with substances such as diethyl carbonate, ethene oxide, and propylene oxide, specialized materials can be created to meet specific requirements. Furthermore, the product's liquid form plays a vital role in the manufacturing process of lithium-ion battery electrolytes.
Application Outlook
Based on application, the ethylene carbonate market is fragmented into lubricants, surface coatings, lithium battery electrolyte, plasticizers, and others. In 2022, the lubricants segment held the highest revenue share in the ethylene carbonate market. This is attributed to the extensive usage of lubricants in multiple industries, including oil & gas, automotive, industrial, and others. The product is used as an additive or co-solvent in lubricant formulations to enhance their performance and properties. Additionally, it improves the lubricity and film-forming capabilities of the lubricant, reducing friction and wear between moving parts. Ethylene carbonate helps to prevent metal-to-metal contact and minimize the risk of surface damage and component failure by forming a protective film on the metal surfaces.
End-use Outlook
By end-use, the ethylene carbonate market is classified into automotive, industrial, oil & gas, medical, and others. In 2022, the automotive segment registered the highest revenue share in the ethylene carbonate market. Ethylene carbonate is a key component in the electrolyte formulation of lithium-ion batteries used in EVs and hybrid vehicles. These batteries are essential for storing and delivering electrical energy to power the vehicle. Ethylene carbonate, other solvents, and lithium salts help create a stable and conductive electrolyte, allowing for the efficient movement of lithium ions between the battery's anode and cathode during charging and discharging cycles. The development of the electric vehicle industry is a significant driver of ethylene carbonate's use in the automotive industry.
Regional Outlook
Region-wise, the ethylene carbonate market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region witnessed the largest revenue share in the ethylene carbonate market. The enlargement is attributed to the growing adoption of electric vehicles and the increasing demand for energy storage systems in the region. Additionally, factors such as a strong industrial base, supportive government policies, and the availability of cost-effective labor incentivize major market players to invest in the region. Moreover, the region is prominent in producing lithium-ion battery electrolytes and EV lithium-ion batteries. This is expected to drive the market growth in the coming years. China's thriving automotive industry, driven by the growing demand for electric vehicles (EVs), has significantly contributed to the increased consumption of ethylene carbonate. China has emerged as one of the leading EVs and lithium-ion batteries manufacturers, further boosting the demand for the product.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mitsubishi Chemical Holdings Corporation, FUJIFILM Wako Pure Chemical Corporation, Huntsman Corporation, Thermo Fisher Scientific, Inc., BASF Se, Cole-Parmer Instrument Company (Antylia Scientific), Oriental Union Chemical Corp., Asahi Kasei Corporation, Empower Materials, Inc. (Axess Corporation), and Merck KGaA.
Scope of the Study
Market Segments covered in the Report:
By End-Use (Volume, Hundred Tonnes, USD Thousands, 2019-2030)
- Automotive
- Oil & Gas
- Industrial
- Medical
- Others
By Form (Volume, Hundred Tonnes, USD Thousands, 2019-2030)
By Application (Volume, Hundred Tonnes, USD Thousands, 2019-2030)
- Lubricants
- Lithium Battery Electrolyte
- Surface Coatings
- Plasticizers
- Others
By Geography (Volume, Hundred Tonnes, USD Thousands, 2019-2030)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Companies Profiled
- Mitsubishi Chemical Holdings Corporation
- FUJIFILM Wako Pure Chemical Corporation
- Huntsman Corporation
- Thermo Fisher Scientific, Inc.
- BASF SE
- Cole-Parmer Instrument Company(Antylia Scientific)
- Oriental Union Chemical Corp.
- Asahi Kasei Corporation
- Empower Materials, Inc. (Axess Corporation)
- Merck KGaA
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Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Ethylene Carbonate Market, by End-Use
- 1.4.2 Global Ethylene Carbonate Market, by Form
- 1.4.3 Global Ethylene Carbonate Market, by Application
- 1.4.4 Global Ethylene Carbonate Market, by Geography
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.3 Porter's Five Forces Analysis
Chapter 4. Global Ethylene Carbonate Market by End-Use
- 4.1 Global Automotive Market by Region
- 4.2 Global Oil & Gas Market by Region
- 4.3 Global Industrial Market by Region
- 4.4 Global Medical Market by Region
- 4.5 Global Others Market by Region
Chapter 5. Global Ethylene Carbonate Market by Form
- 5.1 Global Solid Market by Region
- 5.2 Global Liquid Market by Region
Chapter 6. Global Ethylene Carbonate Market by Application
- 6.1 Global Lubricants Market by Region
- 6.2 Global Lithium Battery Electrolyte Market by Region
- 6.3 Global Surface Coatings Market by Region
- 6.4 Global Plasticizers Market by Region
- 6.5 Global Others Market by Region
Chapter 7. Global Ethylene Carbonate Market by Region
- 7.1 North America Ethylene Carbonate Market
- 7.1.1 North America Ethylene Carbonate Market by End-Use
- 7.1.1.1 North America Automotive Market by Country
- 7.1.1.2 North America Oil & Gas Market by Country
- 7.1.1.3 North America Industrial Market by Country
- 7.1.1.4 North America Medical Market by Country
- 7.1.1.5 North America Others Market by Country
- 7.1.2 North America Ethylene Carbonate Market by Form
- 7.1.2.1 North America Solid Market by Country
- 7.1.2.2 North America Liquid Market by Country
- 7.1.3 North America Ethylene Carbonate Market by Application
- 7.1.3.1 North America Lubricants Market by Country
- 7.1.3.2 North America Lithium Battery Electrolyte Market by Country
- 7.1.3.3 North America Surface Coatings Market by Country
- 7.1.3.4 North America Plasticizers Market by Country
- 7.1.3.5 North America Others Market by Country
- 7.1.4 North America Ethylene Carbonate Market by Country
- 7.1.4.1 US Ethylene Carbonate Market
- 7.1.4.1.1 US Ethylene Carbonate Market by End-Use
- 7.1.4.1.2 US Ethylene Carbonate Market by Form
- 7.1.4.1.3 US Ethylene Carbonate Market by Application
- 7.1.4.2 Canada Ethylene Carbonate Market
- 7.1.4.2.1 Canada Ethylene Carbonate Market by End-Use
- 7.1.4.2.2 Canada Ethylene Carbonate Market by Form
- 7.1.4.2.3 Canada Ethylene Carbonate Market by Application
- 7.1.4.3 Mexico Ethylene Carbonate Market
- 7.1.4.3.1 Mexico Ethylene Carbonate Market by End-Use
- 7.1.4.3.2 Mexico Ethylene Carbonate Market by Form
- 7.1.4.3.3 Mexico Ethylene Carbonate Market by Application
- 7.1.4.4 Rest of North America Ethylene Carbonate Market
- 7.1.4.4.1 Rest of North America Ethylene Carbonate Market by End-Use
- 7.1.4.4.2 Rest of North America Ethylene Carbonate Market by Form
- 7.1.4.4.3 Rest of North America Ethylene Carbonate Market by Application
- 7.2 Europe Ethylene Carbonate Market
- 7.2.1 Europe Ethylene Carbonate Market by End-Use
- 7.2.1.1 Europe Automotive Market by Country
- 7.2.1.2 Europe Oil & Gas Market by Country
- 7.2.1.3 Europe Industrial Market by Country
- 7.2.1.4 Europe Medical Market by Country
- 7.2.1.5 Europe Others Market by Country
- 7.2.2 Europe Ethylene Carbonate Market by Form
- 7.2.2.1 Europe Solid Market by Country
- 7.2.2.2 Europe Liquid Market by Country
- 7.2.3 Europe Ethylene Carbonate Market by Application
- 7.2.3.1 Europe Lubricants Market by Country
- 7.2.3.2 Europe Lithium Battery Electrolyte Market by Country
- 7.2.3.3 Europe Surface Coatings Market by Country
- 7.2.3.4 Europe Plasticizers Market by Country
- 7.2.3.5 Europe Others Market by Country
- 7.2.4 Europe Ethylene Carbonate Market by Country
- 7.2.4.1 Germany Ethylene Carbonate Market
- 7.2.4.1.1 Germany Ethylene Carbonate Market by End-Use
- 7.2.4.1.2 Germany Ethylene Carbonate Market by Form
- 7.2.4.1.3 Germany Ethylene Carbonate Market by Application
- 7.2.4.2 UK Ethylene Carbonate Market
- 7.2.4.2.1 UK Ethylene Carbonate Market by End-Use
- 7.2.4.2.2 UK Ethylene Carbonate Market by Form
- 7.2.4.2.3 UK Ethylene Carbonate Market by Application
- 7.2.4.3 France Ethylene Carbonate Market
- 7.2.4.3.1 France Ethylene Carbonate Market by End-Use
- 7.2.4.3.2 France Ethylene Carbonate Market by Form
- 7.2.4.3.3 France Ethylene Carbonate Market by Application
- 7.2.4.4 Russia Ethylene Carbonate Market
- 7.2.4.4.1 Russia Ethylene Carbonate Market by End-Use
- 7.2.4.4.2 Russia Ethylene Carbonate Market by Form
- 7.2.4.4.3 Russia Ethylene Carbonate Market by Application
- 7.2.4.5 Spain Ethylene Carbonate Market
- 7.2.4.5.1 Spain Ethylene Carbonate Market by End-Use
- 7.2.4.5.2 Spain Ethylene Carbonate Market by Form
- 7.2.4.5.3 Spain Ethylene Carbonate Market by Application
- 7.2.4.6 Italy Ethylene Carbonate Market
- 7.2.4.6.1 Italy Ethylene Carbonate Market by End-Use
- 7.2.4.6.2 Italy Ethylene Carbonate Market by Form
- 7.2.4.6.3 Italy Ethylene Carbonate Market by Application
- 7.2.4.7 Rest of Europe Ethylene Carbonate Market
- 7.2.4.7.1 Rest of Europe Ethylene Carbonate Market by End-Use
- 7.2.4.7.2 Rest of Europe Ethylene Carbonate Market by Form
- 7.2.4.7.3 Rest of Europe Ethylene Carbonate Market by Application
- 7.3 Asia Pacific Ethylene Carbonate Market
- 7.3.1 Asia Pacific Ethylene Carbonate Market by End-Use
- 7.3.1.1 Asia Pacific Automotive Market by Country
- 7.3.1.2 Asia Pacific Oil & Gas Market by Country
- 7.3.1.3 Asia Pacific Industrial Market by Country
- 7.3.1.4 Asia Pacific Medical Market by Country
- 7.3.1.5 Asia Pacific Others Market by Country
- 7.3.2 Asia Pacific Ethylene Carbonate Market by Form
- 7.3.2.1 Asia Pacific Solid Market by Country
- 7.3.2.2 Asia Pacific Liquid Market by Country
- 7.3.3 Asia Pacific Ethylene Carbonate Market by Application
- 7.3.3.1 Asia Pacific Lubricants Market by Country
- 7.3.3.2 Asia Pacific Lithium Battery Electrolyte Market by Country
- 7.3.3.3 Asia Pacific Surface Coatings Market by Country
- 7.3.3.4 Asia Pacific Plasticizers Market by Country
- 7.3.3.5 Asia Pacific Others Market by Country
- 7.3.4 Asia Pacific Ethylene Carbonate Market by Country
- 7.3.4.1 China Ethylene Carbonate Market
- 7.3.4.1.1 China Ethylene Carbonate Market by End-Use
- 7.3.4.1.2 China Ethylene Carbonate Market by Form
- 7.3.4.1.3 China Ethylene Carbonate Market by Application
- 7.3.4.2 Japan Ethylene Carbonate Market
- 7.3.4.2.1 Japan Ethylene Carbonate Market by End-Use
- 7.3.4.2.2 Japan Ethylene Carbonate Market by Form
- 7.3.4.2.3 Japan Ethylene Carbonate Market by Application
- 7.3.4.3 India Ethylene Carbonate Market
- 7.3.4.3.1 India Ethylene Carbonate Market by End-Use
- 7.3.4.3.2 India Ethylene Carbonate Market by Form
- 7.3.4.3.3 India Ethylene Carbonate Market by Application
- 7.3.4.4 South Korea Ethylene Carbonate Market
- 7.3.4.4.1 South Korea Ethylene Carbonate Market by End-Use
- 7.3.4.4.2 South Korea Ethylene Carbonate Market by Form
- 7.3.4.4.3 South Korea Ethylene Carbonate Market by Application
- 7.3.4.5 Singapore Ethylene Carbonate Market
- 7.3.4.5.1 Singapore Ethylene Carbonate Market by End-Use
- 7.3.4.5.2 Singapore Ethylene Carbonate Market by Form
- 7.3.4.5.3 Singapore Ethylene Carbonate Market by Application
- 7.3.4.6 Malaysia Ethylene Carbonate Market
- 7.3.4.6.1 Malaysia Ethylene Carbonate Market by End-Use
- 7.3.4.6.2 Malaysia Ethylene Carbonate Market by Form
- 7.3.4.6.3 Malaysia Ethylene Carbonate Market by Application
- 7.3.4.7 Rest of Asia Pacific Ethylene Carbonate Market
- 7.3.4.7.1 Rest of Asia Pacific Ethylene Carbonate Market by End-Use
- 7.3.4.7.2 Rest of Asia Pacific Ethylene Carbonate Market by Form
- 7.3.4.7.3 Rest of Asia Pacific Ethylene Carbonate Market by Application
- 7.4 LAMEA Ethylene Carbonate Market
- 7.4.1 LAMEA Ethylene Carbonate Market by End-Use
- 7.4.1.1 LAMEA Automotive Market by Country
- 7.4.1.2 LAMEA Oil & Gas Market by Country
- 7.4.1.3 LAMEA Industrial Market by Country
- 7.4.1.4 LAMEA Medical Market by Country
- 7.4.1.5 LAMEA Others Market by Country
- 7.4.2 LAMEA Ethylene Carbonate Market by Form
- 7.4.2.1 LAMEA Solid Market by Country
- 7.4.2.2 LAMEA Liquid Market by Country
- 7.4.3 LAMEA Ethylene Carbonate Market by Application
- 7.4.3.1 LAMEA Lubricants Market by Country
- 7.4.3.2 LAMEA Lithium Battery Electrolyte Market by Country
- 7.4.3.3 LAMEA Surface Coatings Market by Country
- 7.4.3.4 LAMEA Plasticizers Market by Country
- 7.4.3.5 LAMEA Others Market by Country
- 7.4.4 LAMEA Ethylene Carbonate Market by Country
- 7.4.4.1 Brazil Ethylene Carbonate Market
- 7.4.4.1.1 Brazil Ethylene Carbonate Market by End-Use
- 7.4.4.1.2 Brazil Ethylene Carbonate Market by Form
- 7.4.4.1.3 Brazil Ethylene Carbonate Market by Application
- 7.4.4.2 Argentina Ethylene Carbonate Market
- 7.4.4.2.1 Argentina Ethylene Carbonate Market by End-Use
- 7.4.4.2.2 Argentina Ethylene Carbonate Market by Form
- 7.4.4.2.3 Argentina Ethylene Carbonate Market by Application
- 7.4.4.3 UAE Ethylene Carbonate Market
- 7.4.4.3.1 UAE Ethylene Carbonate Market by End-Use
- 7.4.4.3.2 UAE Ethylene Carbonate Market by Form
- 7.4.4.3.3 UAE Ethylene Carbonate Market by Application
- 7.4.4.4 Saudi Arabia Ethylene Carbonate Market
- 7.4.4.4.1 Saudi Arabia Ethylene Carbonate Market by End-Use
- 7.4.4.4.2 Saudi Arabia Ethylene Carbonate Market by Form
- 7.4.4.4.3 Saudi Arabia Ethylene Carbonate Market by Application
- 7.4.4.5 South Africa Ethylene Carbonate Market
- 7.4.4.5.1 South Africa Ethylene Carbonate Market by End-Use
- 7.4.4.5.2 South Africa Ethylene Carbonate Market by Form
- 7.4.4.5.3 South Africa Ethylene Carbonate Market by Application
- 7.4.4.6 Nigeria Ethylene Carbonate Market
- 7.4.4.6.1 Nigeria Ethylene Carbonate Market by End-Use
- 7.4.4.6.2 Nigeria Ethylene Carbonate Market by Form
- 7.4.4.6.3 Nigeria Ethylene Carbonate Market by Application
- 7.4.4.7 Rest of LAMEA Ethylene Carbonate Market
- 7.4.4.7.1 Rest of LAMEA Ethylene Carbonate Market by End-Use
- 7.4.4.7.2 Rest of LAMEA Ethylene Carbonate Market by Form
- 7.4.4.7.3 Rest of LAMEA Ethylene Carbonate Market by Application
Chapter 8. Company Profiles
- 8.1 Mitsubishi Chemical Holdings Corporation
- 8.1.1 Company Overview
- 8.1.2 SWOT Analysis
- 8.2 Huntsman Corporation
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Segment and Regional Analysis
- 8.2.4 Research & Development Expense
- 8.2.5 SWOT Analysis
- 8.3 Thermo Fisher Scientific, Inc.
- 8.3.1 Company Overview
- 8.3.2 Financial Analysis
- 8.3.3 Segmental and Regional Analysis
- 8.3.4 Research & Development Expenses
- 8.3.5 SWOT Analysis
- 8.4 BASF SE
- 8.4.1 Company Overview
- 8.4.2 Financial Analysis
- 8.4.3 Segmental and Regional Analysis
- 8.4.4 Research & Development Expense
- 8.4.5 SWOT Analysis
- 8.5 Cole-Parmer Instrument Company, LLC (Antylia Scientific) (GTCR LLC)
- 8.5.1 Company Overview
- 8.5.2 SWOT Analysis
- 8.6 Oriental Union Chemical Corp.
- 8.6.1 Company Overview
- 8.6.2 Financial Analysis
- 8.6.3 Segmental and Regional Analysis
- 8.6.4 Research & Development Expenses
- 8.7 Asahi Kasei Corporation
- 8.7.1 Company Overview
- 8.7.2 Financial Analysis
- 8.7.3 Segmental and Regional Analysis
- 8.7.4 Research & Development Expenses
- 8.8 Empower Materials, Inc. (Axess Corporation)
- 8.8.1 Company Overview
- 8.8.2 SWOT Analysis
- 8.9 FUJIFILM Wako Pure Chemical Corporation (Fujifilm Holdings Corporation)
- 8.9.1 Company Overview
- 8.9.2 Financial Analysis
- 8.9.3 Segmental and Regional Analysis
- 8.9.4 Research & Development Expenses
- 8.9.5 SWOT Analysis
- 8.10. Merck KGaA
- 8.10.1 Company Overview
- 8.10.2 Financial Analysis
- 8.10.3 Segmental and Regional Analysis
- 8.10.4 Research & Development Expense
- 8.10.5 SWOT Analysis
Chapter 9. Winning imperatives of ethylene carbonate market