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Carbonate Market to witnessing a CAGR of 7.2% from 2021 to 2030, Escalation in demand for dimethyl carbonate in the textile industry
Carbonate Market
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Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global carbonate market. Moreover, the same region is expected to witness the fastest CAGR of 8.0% during the forecast period, owing to rapid technological development and rise in demand for environment friendly coating products.
Based on end use, the paints & coatings segment accounted for the largest share in 2020, contributing to nearly one-third of the global carbonate market, and is projected to maintain its lead position during the forecast period. This is due to polar characteristic and mineral wetting property of propylene carbonate that makes it suitable to be used in the coating industry for applications such as wire enamels, polyurethane production, and epoxies. However, the polymer segment is expected to portray the largest CAGR of 8.2% from 2021 to 2030, owing to rise in demand for packaging products.
Based on type, the glycerol segment held the highest market share in 2020, accounting for nearly one-third of the global carbonate market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to rise in concerns about sustainability and versatility of glycerol carbonates. Moreover, the dimethyl segment is projected to manifest the highest CAGR of 8.1% from 2021 to 2030, owing to its environmentally friendly characteristics.
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Leading Market Players
1. BASF SE
2. Huntsman International LLC
3. LyondellBasell Industries Holdings B.V.
4. Empower Materials
5. Anmol Chemicals Group
6. Kowa Company Ltd.
7. Shandong Lixing Chemical Co. Ltd.
8. ReactChem Co. Ltd.
9. SMC Global
10. TOAGOSEI Co. Ltd
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Covid-19 Scenario
The outbreak of the COVID-19 pandemic has had a slight negative impact on the growth of the global carbonates market, owing to its dependence on cosmetic & personal care, paints & coatings, textile, and polymer industries.
Propylene carbonate is used in cosmetics & personal care product formulations for dissolving or suspending other ingredients into cosmetic products. In addition, it is used to minimize the thickness of cosmetic and personal care formulations. Thus, temporary halt of manufacturing facilities in the cosmetics industry has hampered the growth of the carbonate market during the lockdown.
Also, key manufacturers in the cosmetic industry faced a supply-demand gap, especially in the initial period of the pandemic.
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