Ethylene Carbonate Market Size, Share, Growth Analysis, By Form(Solid, and Liquid), By Application(Lubricants, Surface Coatings), By End Use(Automotive, Industrial), By Grade(Battery Grade, Industrial Grade) - Industry Forecast 2024-2031

Ethylene Carbonate Market size was valued at USD 487.40 Million in 2021 and is poised to grow from USD 521.03 Million in 2022 to USD 888.56 Million by 2030, at a CAGR of 6.8% during the forecast period (2023-2030).

The ethylene carbonate market is highly competitive, with the presence of several prominent players operating worldwide. These companies engage in strategies such as mergers and acquisitions, partnerships, collaborations, and product launches to strengthen their market position and expand their product portfolios. The ethylene carbonate market is characterized by intense competition among several key players. These companies strive to maintain their market position by focusing on product innovation, strategic partnerships, and expansion into new geographic regions. 'Huntsman Corporation (US)', 'BASF SE (Germany)', 'Mitsubishi Chemical Corporation (Japan)', 'Merck KGaA (Germany)', 'Shandong Shida Shenghua Chemical Group Co., Ltd. (China)', 'Thermo Fisher Scientific Inc. (US)', 'Oriental Union Chemical Corporation (Taiwan)', 'New Japan Chemical Co., Ltd. (Japan)', 'Zhangjiagang Guotai-Huarong Chemical New Material Co., Ltd. (China)', 'Daicel Corporation (Japan)', 'LyondellBasell Industries Holdings B.V. (Netherlands)', 'China National Bluestar (Group) Co., Ltd. (China)', 'Panax Etec (South Korea)', 'Dongying City Longxing Chemical Co., Ltd. (China)', 'Tokyo Chemical Industry Co., Ltd. (Japan)', 'Nippon Shokubai Co., Ltd. (Japan)', 'Kishida Chemical Co., Ltd. (Japan)', 'Jiangsu Zhongneng Chemical Technology Co., Ltd. (China)', 'KPX Green Chemical Co., Ltd. (South Korea)', 'Guangzhou Tianma Group Tianma Chemical Co., Ltd. (China)'

The automotive industry continues to be a major driver for the ethylene carbonate market. Ethylene carbonate finds extensive use in lubricants, solvents, and as an additive in the production of plastics used in automobiles. The growth of the automotive sector, especially in emerging economies, has boosted the demand for ethylene carbonate in 2022.

Research and Development Initiatives: The ethylene carbonate market is witnessing ongoing research and development activities to enhance its properties, expand its application scope, and explore potential sustainable alternatives. Innovations in the field of green chemistry and advancements in lithium-ion battery technology are driving these trends.

In 2022, Asia Pacific emerged as the dominant region in the ethylene carbonate market, capturing a revenue share of over 35.0%. This regional dominance can be attributed to several factors, including a strong industrial base, favorable government policies, and the availability of low labor costs. These factors attract major players in the ethylene carbonate market to invest in the region and establish their operations. Additionally, Asia Pacific leads in the production of lithium-ion battery electrolytes, as well as the manufacturing of electric vehicle (EV) lithium-ion batteries. The increasing demand for EVs and the growing focus on renewable energy sources in the region further drive the demand for ethylene carbonate.