Press release
What's Driving The Ethylene Carbonate Market Growth? | Mitsubishi Chemical, Huntsman, BASF SE, Oriental Union Chemical Corporation, and Toagosei
Ethylene Carbonate Market
Rapid urbanization and increasing standard of living has led to the growth of automobile industry. 85 million conventional vehicles have been sold in 2018, growth in automobile sector will result in increased demand of lubricants, as ethylene carbonate is used as a solvent in lubricants, which may foster the ethylene carbonate market demand.
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Electric vehicles market growth was accounted at over 70% in 2018, lithium ion batteries are prominently used in electric cars, its light weight and less charging time makes it more efficient than conventional lead batteries. Increasing demand of electric vehicle will eventually foster the ethylene carbonate market growth.
Company Profiles:
• Mitsubishi Chemical
• Huntsman
• BASF SE
• Oriental Union Chemical Corporation
• Toagosei Co., Ltd
• Asahi Kasei
• New Japan Chemical
• Alfa Aesar
• Alchem Chemical Company
• Zibo Donghai Industries
Lithium ion batteries are widely used in electronic gadgets like mobile phones, tablets, medical equipment. The lithium ion battery market accounts for USD 35 billion in 2018 and is expected to reach USD 110 billion by 2026. Ethylene carbonate dissolves large amount of electrolyte and is mainly used in lithium ion battery electrolyte solution, which in turn stimulates the ethylene carbonate market size.
By Application, 2014-2025 (Tons) (USD Million)
• Lithium battery electrolytes
• Lubricants
• Plasticizers
By End-Use , 2014-2025 (Tons) (USD Million)
• Automotive Industry
• Oil & Gas Industry
• Industrial Sector
• Others
North America led by Canada and the U.S. ethylene carbonate market size are is likely to have a significant growth up to 2025. The North America synthetic oil market accounts for USD 785 million in 2018.Shifting of consumer preference towards synthetic lubricants owing to their superior properties which includes wear & tear protection, thermal stability, heavy load holding & low friction may stimulate the regional industry growth.
Europe ethylene carbonate market demand led by Germany, France and UK may witness significant gains over the projected time span. Growing electric car sales, during the of first quarter of 2019, was expanded by 40% to 99,150 cars, owing to global environmental initiatives like Paris agreement, several countries are implying strict emission rules which may increase the demand for electric vehicles, thereby driving the regional industry growth. which may drive the demand for ethylene carbonate industry.
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Asia Pacific ethylene carbonate market size led by China, India and Japan will see a significant growth over the forecast timeframe. Increased demand of lubricants owing to growth in automobile sector in countries like India, china and Taiwan will foster the demand for this product. In 2018, 950,000 units of electric vehicles have been sold in China. Increased environmental awareness among people and various government subsidies provided to curb environmental issues may drive the electric car sales in the region, which may drive the product demand.
Global ethylene carbonate market share is fragmented. Companies like Mitsubishi Chemical, Huntsman, BASF SE, Oriental Union Chemical Corporation, and Toagosei are the key players in this market. Shell Lubricants partnered with Mahindra to sell lubricants under a new brand name Maxima, the lubricants include engine oil, transmission oil and axle oil. Various manufacturers are engaged in R&D and joint ventures which may foster the industry growth.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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