The global ethylene carbonate market is anticipated to grow at a considerable CAGR of 4.9% during the forecast period. The growing adoption and demand for electric vehicles (EVs) is boosting the demand for ethylene carbonate, as it is used in Lithium battery. Lithium-ion battery electrolytes are used as crucial materials in the production of rechargeable batteries for EV. Ethylene carbonate is extensively used in the manufacturing process of such electrolytes because of its highly polar attribute. According to the World Economic Forum, in 2021, EVs accounted for 4.2% of light vehicle sales in 2020, almost double 2019 2.5%. Additionally, countries including Norway, Iceland, and Sweden are accounted for 74.8%, 45% and 32.2%, respectively in 2020 for plug-in EV segment. Sales of EVs doubled in 2021 from the previous year to a new record of 6.6 million. Nearly 10% of global car sales were electric in 2021, four times the market share in 2019. This brought the total number of electric cars on the roads to about 16.5 million across the globe, triple the amount in 2018. Further, the global sales of electric cars have kept rising strongly in 2022, with 2 million sold in the first quarter, up 75% from the same period in 2021.
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As, Lithium carbonate’s main usage is as an originator to the lithium compounds that are utilized in the Li-ion batteries. Lithium compounds are used to make two components of the battery: the electrolyte and the cathode. Ethylene carbonate is a highly polar solvent and dissolves large amount of electrolyte, it is mainly used in lithium batteries electrolyte solution, hence boosting the market. For instance, in June 2021, Huntsman Corp. increased production of EV battery materials, which is its existing capacity for ULTRAPURE at its Conroe, Texas facility by mid-2023. ULTRAPURE, ethylene carbonate is critical to the reliable operation and long working life of lithium-ion batteries for EVs and electronics. Due to the increasing electric vehicles market the demand for ethylene carbonate is increasing during the forecast period.
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Market Coverage
- Segment Covered-
o By Form
o By Application
o By End-Use
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- including BASF SE, Fujifilm Wako Pure Chemical Corp., Merck Group, Mitsubishi Chemical Group Corp., Toagosei Co., Ltd. and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Ethylene Carbonate Market Report Segment
By Form
- Solid
- Liquid
By Application
- Lubricants
- Surface Coatings
- Lithium Battery Electrolyte
- Plasticizers
- Others
Global Ethylene Carbonate Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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