Ethylene Carbonate Market | Key players operating in the market include Oriental Union Chemical Corp, Huntsman, BASF, Mitsubishi Chemical, Toagosei

According to recent market research "Ethylene Carbonate Market by Application (Lubricants, Lithium Battery Electrolyte, Plasticizers, Surface Coatings), End-Use Industry (Automotive, Oil & Gas, Industrial, Medical, Personal Care & Hygiene) and Region - Global Forecast to 2027", size is expected to grow from USD 473 million in 2022 to USD 901 million by 2027, at a CAGR of 13.7%, during the forecast period. The major factors driving the ethylene carbonate industry include its increasing demand from the Asia Pacific and growing consumption in various applications such as lithium battery electrolytes, lubricants, coatings, and plasticizers.

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The ethylene carbonate industry has been segmented based on form into solid and liquid. The liquid segment accounted for the smaller share of the market in 2021. However, it is going to overtake the lead during the forecast period. The growth in this segment is attributed to the increasing demand from various applications including battery electrolytes, solvents, chemical intermediates, among others. Ethylene carbonate in liquid form is extensively used in these applications to cater end use industries such as automotive, medical, chemical, and industrial. These factors are expected to drive the demand for liquid ethylene carbonate during the forecast period.

The ethylene carbonate industry has been segmented based on application into lubricants, lithium battery electrolytes, plasticizers, surface coatings, and others. The lithium battery electrolytes segment is projected to hold the largest share by 2027. The growth in this segment is attributed to the increasing sales of electric vehicles across the globe. According to International Energy Agency, the global sales of electric vehicles have doubled in 2021 as compared to 2020. A similar growth trend is expected to continue during the forecast period, driving the demand for battery electrolytes, and in turn of ethylene carbonate.

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The global ethylene carbonate market size is expected to grow from USD 473 million in 2022 to USD 901 million by 2027, at a CAGR of 13.7%, during the forecast period. The market is driven mainly by the demand expansion of ethylene carbonate in automotive industry. It is employed in a plethora of applications, including in automotive plastics manufacturing, in surface coatings, and in Li-ion battery electrolytes. With the sales of automotive revitalizing after Covid-19 pandemic, the demand for ethylene carbonate is projected to grow considerably during the forecast period.

Rising demand for chemical resistant and durable parts from industrial sector has provided a push to the demand for ethylene carbonate as a plasticizer. Furthermore, the rising demand for polycarbonates and lubricants in the emerging Asia Pacific region, owing to a shift in consumer preference toward high-quality products is propelling the growth of the ethylene carbonate market. However, factors such as political instability between China and Taiwan and volatile raw material prices could affect market growth.

Oriental Union Chemical Corporation (Taiwan), Huntsman (US), BASF (Germany), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan) are the leading ethylene carbonate players, globally. Asahi Kasei (Japan), New Japan Chemical Co. Ltd (Japan), Shandong Shida Shenghua Chemical Group (China) and Zibo Donghai Industries Co. Ltd. (China), Shandong Senjie Cleantech Co. Ltd (China), among others, are the key ethylene carbonate manufacturers in Asia Pacific. These companies have established their brands, and ethylene carbonate produced by these companies is consumed domestically. It is also supplied to various countries such as China, Japan, New Zealand, Australia, and others within the Asia Pacific region. Partnerships, expansions, and mergers & acquisitions have been the most dominating strategy adopted by major players from 2017 to 2021, which helped them to innovate their offerings and broaden their customer base.

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Mitsubishi Chemical Holdings is one of the largest company in the market. The company has a diversified product portfolio catering to the manufacture of solvents used in lubricants and polymer production process. It also offers ethylene carbonate for battery electrolyte application. Its offerings are claimed to be of high quality with low impurity levels and moisture, meeting the stringent quality standards. Also, the company is actively investing in technological developments to enhance its product offerings. In January 2021, Mitsubishi Chemical announced an investment of US$ 9.6 Million to boost the production of electrolytes for lithium-ion batteries. The investment was projected to be used in upgradation of equipment at its plants in the US, the UK, and China and reach a global annual capacity of 90 KT by 2023.

Huntsman accounted for a significant share in the market owing to its vast experience in the manufacturing of ethylene carbonate. It has a broad product portfolio, huge production capability, and a robust sales, logistics, and technical service network. The company offers ethylene carbonate for various applications such as high polar solvents, plasticizers, surface coatings, chemical intermediates, lubricants, and electrolytes. The company is currently investing in advanced production technologies and carbonate derivatives to meet the customer's demand. In June 2021, the company announced the expansion of its ULTRAPURE Ethylene Carbonate production at its Conroe, Texas plant to cater to the growing demand for batteries in electric vehicle operations.

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