Dimethyl Carbonate Market to exceed $738.2mn by 2024
In 2015, the global polycarbonate business generated revenue over USD 14 billion and is estimated to surpass USD 22 billion by the end of 2024, with projected growth more than 5%.
Business growth is mainly attributed to the increasing automotive and electronic gadgets including cell phones and other appliances on account of increasing customer disposable income and upgrading lifestyles. High light transmission, creep modulus, electrical insulation, thermal resistance and dimensional stability are some PC physical characteristics which makes them preferred in vehicle parts.
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Growing paints & coatings industry mainly due to escalating construction sector will positively influence the global dimethyl carbonate market. The product is an economic and offers superior solubility characteristics. In 2015, paints & coatings industry generated revenue more than USD 110 billion and is forecast to touch USD 165 billion by 2024, with close to 4% growth. Increasing paints & coatings demand owing to its broad application spectrum in construction, automotive parts and industrial will consequently propel the dimethyl carbonate market.
Global dimethyl carbonate market share is experiencing inclining growth in the past few years owing to its environment friendly chemical regulations and its competitive price. Its manufacturing technology requires to undergo various stringent guidelines formulated by the license providers, this may hamper industry growth during the forecast period. Furthermore, difficulty synced with technology implementation may further obstruct growth.
However, increasing product capability to substitute ethanol as a fuel additive, mainly due to its low toxicity, low vapor pressure and high boiling point will complement industry growth significantly. It also exhibits valued added emission characteristics making it desirable to find application in transportation fuel.
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Global dimethyl carbonate market size is set to reach USD 738.2 million by 2024, with estimated gains at 6.6% CAGR. In 2015, dimethyl carbonate market share for polycarbonate generated revenue roughly around USD 200 million. Inclining growth in the electronics and automotive industry accompanied with rising product usage will boost DMC market in the coming years.
Solvent applications will expand at over 6% CAGR from 2016 to 2024. The product offers high solubility, evaporation rate and odor, which makes it suitable to find usage in paints & coatings industry. In addition, the product can be used in architectural coatings, architectural coatings and steel drum linings owing to boost business growth.
Asia Pacific, particularly led by India China and Indonesia, dominated the dimethyl carbonate market size in 2015. The regional growth was mainly propelled by growing end user industries, including construction and electronics, particularly due to increasing consumer disposable income.
In 2015, the global dimethyl carbonate market was moderately fragmented. Some of the product manufacturer contributing the industry share includes AkzoNobel, EMD Millipore Corporation, UBE Industries, HaiKe Chemical Group, Tangshan Chaoyang Chemical and Dongying City Longxing.
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