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Dimethyl Carbonate Market 2024: Size Overview, Growth Projections, and Future Insights Report
Dimethyl Carbonate Global Market Report 2024
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According to The Business Research Company's, The dimethyl carbonate market size has grown strongly in recent years. It will grow from $1.08 billion in 2023 to $1.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to demand for sustainable solvents, focus on renewable chemicals, biomedical research applications, specialty chemicals demand, shift towards green chemistry.
The dimethyl carbonate market size is expected to see strong growth in the next few years. It will grow to $1.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to demand for battery electrolytes, automotive sector integration, advancements in biomedical applications, energy storage solutions demand. Major trends in the forecast period include regional market expansion, growing environmental awareness, shift towards green chemistry, stringent environmental regulations,substitute for harmful solvents.
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Market Drivers and Trends:
A rise in the pharmaceutical sector is expected to boost the growth of the dimethyl carbonate (DMC) market going forward. Pharmaceuticals refer to drugs or medicinal products that are used for the prevention, diagnosis, and treatment of diseases and medical conditions in humans. Dimethyl carbonate is used as a solvent and reagent in the production of pharmaceutical intermediates. As the pharmaceutical sector expands, there is likely to be an increased demand for these intermediates, driving the demand for dimethyl carbonate. For instance, in November 2022, as per the data published by the India Brand Equity Foundation, an Indian-based trust, India's domestic pharmaceutical business was worth $42 billion in 2021 and was expected to grow to $65 billion by 2024 and $120-$130 billion by 2030. Therefore, the rise in the pharmaceutical sector is driving the growth of the dimethyl carbonate (DMC) market.
Product innovation is a key trend gaining popularity in the dimethyl carbonate market. Major players in the dimethyl carbonate market are channelling their resources to develop innovative products to remain competitive in the market. For instance, in July 2021, Asahi Kasei, a Japan-based chemicals company, completed its first licensing deal for a technology package to produce high-purity ethylene carbonate (EC) and high-purity dimethyl carbonate (DMC), utilizing CO2 as one of the primary feedstocks. This license will aid in meeting the growing demand for high-purity EC and DMC, which are used as components of the electrolyte solution of lithium-ion batteries (LIBs) utilized in smartphones and electric cars.
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Major Key Players of the Market:
Shandong Haike Chemical Industry Group Co. Ltd., Kowa American Corp., Shandong Wells Chemicals Co. Ltd., Qingdao Aspirit Chemical Co. Ltd., Shandong Feiyang Chemical Co. Ltd., Haike Chemical Group, Kindun Chemical Co.Limited, Hefei TNJ Chemical Industry Co.Ltd., Arrow Chemical Group Corp., Dongying City Longxing Chemical Co. Ltd., Hebei New Chaoyang Chemical Stock Co.Ltd., Shandong Depu Chemical Industry Science & Technology Co. Ltd., Dongying Hi-tech Spring Chemical Industry Co. Ltd, Aarsha Chemicals Private Limited, Tongling Jintai Chemical Industrial, UBE Industries, Tangshan Chaoyang Chemical Co. Ltd., Mitsubishi Chemical Corporation, Tokyo Chemical Industry Co. Ltd., Merck KGaA, Linyi Evergreen Chemical Co. Ltd., Akzo Nobel N.V., Alfa Aesar, Taizhou Lingyu Chemical Co. Ltd., Sigma-Aldrich Co. LLC, Dongying Jintan Chemical Co. Ltd., Luxi Chemical Group Co.Ltd., Dongying Xinyuan Chemical Co. Ltd., Dongying City Shuangma Chemical Co. Ltd., Dongying Dafeng Chemical Co. Ltd.
Dimethyl Carbonate Market 2024 Key Insights:
• The dimethyl carbonate market size is expected to see strong growth in the next few years. It will grow to $1.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Surging Demand For Lithium-Ion Batteries Fuels Dimethyl Carbonate Market Growth
• Dimethyl Carbonate Market Embraces Product Innovation With Asahi Kasei's Pioneering Technology
• Asia-Pacific was the largest region in the dimethyl carbonate market in 2023
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