The Global Ethylene Carbonate Market is expected to be worth USD 290 million in 2021, rising to USD 389 million by 2026, at a CAGR of 6.1 percent over the same time period. The growing demand for ethylene carbonate is primarily driven by its use in lithium battery electrolyte and lubricant applications.
The Impact of COVID-19 on the Global Ethylene Carbonate Market
Ethylene carbonate is mostly used as a raw material in the manufacture of lubricants. Many polymers, resins, plasticizers, adhesives, and sealants use it as a solvent. It’s also used as an electrolyte in a variety of batteries, including lithium-ion batteries. As a result, the impact of COVID-19 on major end-use industries like plastics, battery manufacturing, and construction is expected to have a direct impact on the ethylene carbonate market.
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Market Dynamics of Ethylene Carbonate market
Increasing demand for lithium battery electrolytes and lubricants
The widespread use of lithium-ion batteries in electric vehicles is driving up demand for ethylene carbonate in lithium-ion battery electrolytes. Currently, the transportation system is heavily reliant on oil as a fuel source. Almost 70% of all oil is used in transportation vehicles. This reliance has raised concerns among environmentalists and economists alike. Electric vehicles are becoming more popular as people become more aware of environmental issues. The widespread use of electric vehicles in countries such as the United States, France, China, Japan, Germany, and the United Kingdom has inevitably resulted in the increased adoption of Li-ion batteries, which is increasing demand for ethylene carbonate. In the transportation and manufacturing industries, lubricants are frequently used. They are used to collect, clean, and cool the engine in vehicle engines. They assist in decreasing engine wear and tear caused by metal-on-metal contact. In the manufacturing of lubricants and greases, ethylene carbonate is utilised as a reactive intermediate.
Price volatility in raw materials is a constraint
Ethylene is one of the most commonly manufactured organic molecules. It is a critical component of the petrochemical industry. It is made from a number of petroleum-based feedstocks, including naphtha, in steam-cracking machines. Ethylene is used to make a number of important derivatives, including ethylene oxide, which is needed to make ethylene carbonate.
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The price and availability of raw materials are important elements in influencing the end product’s cost structure. Ethane and propane are utilised as raw ingredients in the production of ethylene carbonates. The majority of these materials are crude oil-based derivatives that are susceptible to commodity price swings. This causes ethylene carbonate raw material costs to fluctuate.
Key Market Players
The major vendors in the ethylene carbonate market include Linde Oriental Union Chemical Corporation (Taiwan), Huntsman (US), BASF (Germany), Mitsubishi Chemical (Japan), Toagosei Co., Ltd. (Japan), Asahi Kasei (Japan), New Japan Chemical Co. Ltd (Japan), Shandong Shida Shenghua Chemical Group (China), Zibo Donghai Industries Co. Ltd. (China), and Shandong Senjie Cleantech Co. Ltd (China).
Drivers and Restraints in the Global Ethylene Carbonate Market
The examination of several aspects that contribute to the market’s growth has been included in the research report. It consists of market trends, restraints, and drivers that have a positive or negative impact on the market. This section also discusses the many sectors and applications that may have an impact on the market in the future. The data is based on current trends as well as historical milestones. This section also includes a breakdown of production volume on the global market and by kind from 2016 to 2027. The volume of production by region from 2016 to 2027 is discussed in this section. The research includes pricing analysis for each kind from 2016 to 2027, each manufacturer from 2016 to 2021, each area from 2016 to 2021, and the global price from 2016 to 2027.
Recent Happenings
Huntsman Corporation stated in January 2021 that its cooperation with distributor partner Azelis Americas CASE, LLC in the United States and Azelis Canada, Inc. in Canada would be expanded. This expansion deal is intended to lead the company’s Advanced Materials distribution across the United States and Canada.
Mitsubishi Chemical Holdings amalgamated its three group firms, Mitsubishi Chemical Corporation (MCC), Mitsubishi Plastics (MPI), and Mitsubishi Rayon (MRC), into one company in April 2017, resulting in mutual resource sharing and expanded business experience in Asia, Europe, and the United States.
See Also : https://nightinnovations.com/bicomponent-fiber-market-forecast-2022-2028/
