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Ethylene Carbonate Market - By Form (Solid, Liquid), Application (Lithium Battery Electrolytes, Plasticizers, Surface Coatings, Lubricants), End-Use Industry (Automotive, Oil & Gas, Pharmaceuticals) & Forecast, 2024 – 2032

  • Report ID: GMI8348
  • Published Date: Feb 2024
  • Report Format: PDF

Ethylene Carbonate Market Size

Ethylene Carbonate Market was valued at around USD 536.38 million in 2023 and is anticipated to register a CAGR of over 13.8% between 2024 and 2032. Ethylene Carbonate, a high-quality solvent and electrolyte in the production of lithium-ion batteries, has seen increased demand due to the expanding electric vehicle market and growing energy storage solutions. The rise in environmental awareness and the push for sustainable energy sources have further propelled the demand for lithium-ion batteries, consequently boosting the market. Thus, the industry growth is expected to attain a market value of over USD 1.71 billion by 2032.

Ethylene Carbonate Market

Moreover, Ethylene Carbonate finds applications in the pharmaceutical and agrochemical sectors as a solvent and reaction medium, contributing to its market expansion. Its unique properties, such as high boiling point, low toxicity, and excellent solubility, make it a preferred choice in these industries. Additionally, the chemical industry employs Ethylene Carbonate in the synthesis of polycarbonates and as a stabilizer for PVC. The Asia-Pacific region, with its burgeoning industrial activities, has emerged as a key market for Ethylene Carbonate, while North America and Europe also contribute significantly to the overall market growth.

The production of ethylene carbonate relies on specific precursor chemicals, the prices of which can be subject to unpredictable fluctuations in the global market. The instability in the cost of raw materials poses a substantial risk for manufacturers and stakeholders within the ethylene carbonate industry, impacting overall production costs and profit margins. Sudden spikes or declines in the prices of essential inputs can create financial uncertainties and make it challenging for companies to maintain a stable pricing strategy. The volatility in raw material prices can be influenced by various factors such as geopolitical tensions, supply chain disruptions, and fluctuations in global commodity markets. Economic conditions and shifts in demand for key raw materials also contribute to this challenge. Consequently, companies operating in the ethylene carbonate industry need to implement robust risk management strategies, including forward contracts and inventory optimization, to mitigate the impact of raw material price volatility.

Ethylene Carbonate Market Trends

One prominent trend is the escalating demand driven by the burgeoning electric vehicle sector and the increasing need for energy storage solutions. As the world shifts towards sustainable energy practices, the demand for lithium-ion batteries, for which ethylene carbonate is a crucial component, continues to surge. This market trend is further propelled by environmental consciousness and regulatory measures promoting cleaner energy alternatives. Additionally, the pharmaceutical and agrochemical sectors are embracing ethylene carbonate for its versatile applications as a solvent and reaction medium, contributing to the compound's market growth.

Furthermore, there is a notable trend of ongoing research and development activities aimed at exploring novel applications and improving production processes. Innovations in ethylene carbonate formulations and synthesis techniques are anticipated to enhance its efficiency and widen its scope of applications.

Ethylene Carbonate Market Analysis

Ethylene Carbonate Market Size, By Form, 2021 - 2032 (USD Million)

Based on form, the market is divided into liquid & solid. Liquid held the dominant market share of USD 536.38 million in 2023. This prevalence is attributed to the extensive applications of liquid ethylene carbonate, especially in the production of lithium-ion batteries. The liquid state facilitates its use as a high-quality solvent and electrolyte, essential components in the manufacturing of batteries for electric vehicles and energy storage solutions. The expanding electric vehicle market, coupled with the growing demand for sustainable energy storage, has propelled the dominance of liquid Ethylene Carbonate in the market.

Ethylene Carbonate Market Revenue Share, By Application, (2023)

Based on application, the market is categorized into lithium battery electrolytes, plasticizers, surface coatings, lubricants and other. Lithium battery electrolytes accounted for over 34% market share in 2023 and is projected to grow through 2032. The escalating demand for lithium-ion batteries, driven by the rapid growth of the electric vehicle market and increased adoption of energy storage solutions, significantly propels the market share of ethylene carbonate in this segment. As a crucial component in battery electrolytes, Ethylene carbonate plays a pivotal role in enhancing the performance and efficiency of lithium-ion batteries.

Based on end-use industry, the market is categorized into automotive, oil & gas, pharmaceuticals and other. The automotive industry emerges as a dominant player, capturing a significant share of the market. Ethylene Carbonate's role in lithium-ion batteries, pivotal for electric vehicles and hybrid cars, drives its substantial market presence in the automotive sector. As the global automotive landscape shifts towards sustainable and cleaner energy solutions, the demand for Ethylene Carbonate in this industry is poised for continued growth.

Asia Pacific Ethylene Carbonate Market Size, 2021 - 2032 (USD Million)

Asia Pacific dominated the global ethylene carbonate market in 2023. It generated a revenue of USD 183.9 million in 2023. The region's robust market presence is attributed to the rapid industrialization, burgeoning population, and increasing economic activities. As a key driver of the global economy, Asia-Pacific has witnessed a remarkable surge in demand for electric vehicles, energy storage solutions, and various industrial applications, all of which contribute significantly to the demand for ethylene carbonate. China, in particular, plays a central role in shaping the regional and global market dynamics. The country's robust manufacturing sector, coupled with a strong emphasis on electric mobility and renewable energy, propels the consumption of ethylene carbonate. Additionally, the supportive government policies and investments in sustainable technologies further fuel the market's growth in the region.

Ethylene Carbonate Market Share

Ethylene Carbonate Market Company Share, (2023)

The competitive landscape of the ethylene carbonate industry is characterized by the presence of key players vying for market share and strategic positioning. Companies such as BASF SE, Huntsman International LLC, and Merck KGaA stand out as major global players, leveraging their extensive research and development capabilities, technological expertise, and diversified product portfolios. These industry giants are actively involved in catering to the increasing demand for Ethylene Carbonate, particularly in applications like lithium-ion batteries, where the compound plays a critical role.

Additionally, Mitsubishi Chemical Corporation and Toagosei Co., Ltd. contribute significantly to the competitive dynamics. Their global presence and comprehensive product offerings bolster their influence in the market. Empower Materials, with its focus on advanced materials, contributes to the competitive landscape by offering specialized solutions, particularly in the development of high-quality electrolytes for lithium-ion batteries.

Regional players such as Shandong Lixing Advanced Materials Co., Ltd., Shandong Senjie Cleantech Co., Ltd., and Oriental Union Chemical Corporation, represent the growing influence of the Asia-Pacific region in the ethylene carbonate industry. These companies play a crucial role in catering to the surging demand in the region, driven by factors like industrialization, advancements in technology, and a focus on clean energy solutions.

Ethylene Carbonate Market Companies

Major players operating in the ethylene carbonate industry include:

  • Alfa Aesar
  • Dubi Chem
  • Empower Materials
  • Huntsman International LLC
  • Merck KGaA
  • Mitsubishi Chemical Corporation
  • Oriental Union Chemical Corporation
  • Shandong Lixing Advanced Materials Co., Ltd.
  • Shandong Senjie Cleantech Co., Ltd.
  • TCI America
  • Toagosei Co., Ltd.

Ethylene Carbonate Industry News

  • In February 2022, LOTTE Chemical revealed significant investments in the Daesan Petrochemical Complex aimed at enhancing its position in eco-friendly and specialty materials. The company signed an investment memorandum of understanding (MOU) at the Chungnam Provincial Hall with Chungcheongnam-do and Seosan-si for the construction and expansion of plants. LOTTE Chemical's plan includes the establishment of a facility dedicated to manufacturing high-purity ethylene carbonate (EC) and dimethyl carbonate (DMC), essential components for lithium-ion batteries. The initiative underscores LOTTE Chemical's strategic commitment to bolstering its competitiveness in the production of eco-friendly materials, particularly those vital to the advancement of lithium-ion battery technology.
  • In October 2023, BASF expanded its ethylene oxide capacity in Belgium, alleviating pressure on Germany's ethylene carbonate prices.

The ethylene carbonate market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Kilo Tons) from 2018 to 2032, for the following segments:

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Market, By Form

  • Liquid
  • Solid

Market, By Application

  • Lithium Battery Electrolytes
  • Plasticizers
  • Surface Coatings
  • Lubricants
  • Other

Market, By End-Use Industry

  • Automotive
  • Oil & Gas
  • Pharmaceuticals
  • Other

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA


Authors: Kunal Ahuja, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Global industry size for ethylene carbonate was USD 540 million in 2023 and is anticipated to witness over 13.8% CAGR between 2024 and 2032, due to the rising need for high-quality solvent and electrolytes in the production of lithium-ion batteries.

Ethylene carbonate industry from the liquid form segment reached a revenue of USD 536.38 million in 2023, attributed to the extensive application, especially in the production of lithium-ion batteries.

The lithium battery electrolytes application segment accounted for over 34% of the ethylene carbonate market share in 2023 and is projected to grow through 2032, driven by the rapid growth of the EV sector and increased adoption of energy storage solutions

Asia Pacific market size was USD 183.9 million in 2023, led by the rapid industrialization, burgeoning population, and increasing economic activities in the region

Ethylene Carbonate Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 12
  • Tables & Figures: 250
  • Countries covered: 22
  • Pages: 300
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